Copper Surge Lifts BHP's Profits to Record High

Australian mining giant BHP has reported a solid rise in annual profits, thanks to surging copper prices. The company's net profit climbed 9% from a year earlier to $9.8 billion in the financial year to June 30.

Copper is a key metal for the global energy transition and artificial data centers, with demand expected to grow to more than 50 million tons by 2050. BHP is the world's biggest copper producer and plans to expand output of the red metal by about 40% by 2035.

Copper prices were 26% higher on average in the 2026 financial year, making it the star commodity for the company. Copper has eclipsed iron ore as the biggest earner for BHP, generating more than half of the group's operating profit for the first time.