Copper Surpasses Iron Ore as BHP's Top Profit Driver

Copper has surpassed iron ore as BHP's largest profit contributor for the first time on a full-year basis, generating around $18 billion in underlying earnings.

This milestone marks a significant shift in the industry and highlights the growing importance of copper in meeting the world's increasing demand for renewable energy and electric vehicles.

BHP estimates that global copper demand will rise from 34 million tonnes per year to over 50 million tonnes by 2050, driven by electrification, grids, infrastructure, defence, and AI-related power demand.

The company also notes that the world will require around 10 million tonnes of additional new copper supply over the next decade to keep pace with growing demand.