BHP Copper Business Drives Record Earnings in Fiscal 2026

BHP, the world's largest copper producer, saw its copper business emerge as the largest contributor to its earnings before interest, tax, depreciation and amortization (EBITDA) for fiscal 2026. The company produced 1.95 million tonnes of copper during the year ended June, a 3% decrease from the previous year.

Copper prices averaged 26% higher in fiscal 2026 compared to the previous year, with the second half seeing a near 40% surge in prices. Strong demand and supply fundamentals are driving copper prices, particularly in electrification and data centers sectors.

BHP's EBITDA from its copper business surged 48% to a record high of $18.2 billion for the year. The company's total underlying EBITDA rose 27% on year to $32.9 billion, while revenue increased 15% to $58.8 billion.

The global demand for copper is expected to grow at around 2.8% in 2026, driven by solid production growth and a compelling narrative for copper-intensive sectors. However, the market may remain tight due to robust demand outlook and potential supply deficits.