BHP Rides Copper Bonanza to Record Profits

BHP's full-year profit has surged to $US9.8 billion, up 9% from last year, driven by a copper bonanza that has seen prices hit record highs.

The resources giant reported a 15% lift in revenues to $US58.8 billion, with the company paying out a total of $US8.7 billion in dividends for the year.

Copper is 'the engine driving BHP's growth', according to its CEO Brandon Craig, who notes that the metal has contributed more than half of the company's underlying earnings and generated significant free cash flow.

BHP's copper production is expected to increase up to 40% by 2035, with the company citing a well-defined project pipeline in Chile, Australia, and Argentina.