BHP Copper Profits Soar Amid Global Demand Boom

Australia's BHP, the world's largest copper producer, reported a significant increase in annual profit driven by surging copper prices. The mining giant's net profit climbed 9% to US$9.8 billion in the financial year to June 30.

BHP's revenue rose 14.6% to US$58.8 billion, with copper being the star commodity and expected to remain so due to its role in the global energy transition and AI data centres.

The company plans to expand copper output by about 40% by 2035, as global demand is projected to grow to over 50 million tonnes by 2050. BHP's chief executive Brandon Craig noted that 'copper is the engine that is driving BHP's growth.'