BHP Copper Production Surpasses Iron Ore for First Time in History
BHP Group presented its FY 2026 results on August 18, marking a fundamental transformation in its business mix as copper overtook iron ore to contribute more than half of group earnings for the first time in the company's history.
The company reported record production across major assets, sector-leading margins of 59%, and a self-funded growth pathway that could lift copper output by 50% by the mid-2030s. CEO Brandon Craig and CFO Vandita Pant outlined operational and financial achievements, including underlying EBITDA of $32.9 billion for fiscal 2026, representing a 27% increase year-over-year.
The copper segment delivered the standout performance, contributing 54% of group EBITDA with a 70% margin, marking the first time copper has exceeded iron ore's contribution to group earnings. This shift reflects both stronger copper prices and operational improvements that have positioned BHP as the world's largest copper producer.
The company returned $8.7 billion to shareholders through dividends, representing a 66% payout ratio, the highest dividend in four years. BHP also unlocked $6.3 billion in capital through strategic transactions, with a pathway to approximately $10 billion.