BHP Soars on Record Copper Prices, Surpassing Iron Ore for First Time

Copper prices have soared to record highs over the past 12 months, driven by rapid expansion of artificial intelligence data centers and accelerating global clean energy transition. BHP Group's full-year results show a 30% year-over-year increase in underlying profit to $13.2 billion, with copper operations delivering an operating profit of $18.19 billion.

BHP CEO Brandon Craig stated that 'copper is the engine driving BHP's growth,' and highlighted the metal's importance in the company's strategy. Copper demand is projected to grow from 34 million tonnes per year currently to over 50 million tonnes by 2050.

The shift towards copper as a key revenue source marks a significant milestone for BHP, which has traditionally relied on iron ore. The company's strong balance sheet and aggressive expansion plans are underpinning its confidence in the copper market outlook for the next decade.