BHP Smashes Profit Forecasts on Record Copper Prices

BHP Group Limited exceeded expectations and delivered strong full-year earnings, beating profit forecasts. The world's largest miner reported record copper prices boosted its portfolio, pushing the orange metal ahead of iron ore as the main profit driver. Copper delivered record underlying EBITDA of $18.19 billion, representing 54% of group EBITDA.

Chief Executive Officer Brandon Craig said, 'Copper is the engine that is driving BHP's growth.' He added, 'For the first time, Copper contributed more than half our Underlying EBITDA and generated significant free cash flow, which means our copper growth is self-funding.'

BHP produced about 2 million tons of copper for a second consecutive year and said its pipeline across Chile, Australia and Argentina could lift attributable copper production by about 40% to roughly 2 million tons a year by fiscal 2035.