Commodities
BHP Sees 30% Profit Jump as Copper Surges Past Iron Ore
Australian mining giant BHP has reported a significant increase in underlying annual profit, thanks to its pivot towards copper. The company's underlying profit rose by 30% in the past year, outperforming iron ore and cementing copper as the new top earner for BHP.
The surge in copper prices has been a major factor in BHP's improved earnings, with the red metal overtaking iron ore as its most profitable commodity. The company's copper smelting and refining operations at Olympic Dam in South Australia have contributed significantly to this success.