Copper Surges Ahead of Iron Ore as Mining Giants Shift Focus

The mining giants BHP and Rio Tinto are shifting their focus from iron ore to copper, marking a significant change in the industry. For the first time, copper has become the biggest earnings source for BHP, generating $18.19 billion in underlying EBITDA during FY26.

Copper now accounts for 54% of BHP's group earnings, while iron ore contributes 46%. The growth is attributed to higher prices and production, which drove underlying profit up 30% to $13.2 billion.

Rio Tinto is also moving in the same direction, with copper and aluminium producing 56% of its first-half underlying earnings. Copper alone contributed 39%, while iron ore EBITDA slipped 1%.