Copper Powers Profit Rise at Mining Giant BHP
Copper prices lifted BHP’s profit and dividend as record ore volumes and lower unit costs offset inflation and supply disruptions.
- On Tuesday, BHP reported a 30% increase in full-year underlying profit to $13.2 billion, driven by record copper prices as revenue jumped 15% to $58.8 billion.
- "Copper is the engine room that is driving BHP growth," CEO Brandon Craig said, noting the metal contributed more than half of underlying EBITDA earnings for the first time.
- Workers at Port Hedland downed tools earlier this month in a second planned stoppage, marking the first major industrial action at the site in a quarter-century.
- Craig said the company does not expect the industrial action to impact performance, while RBC Capital Markets lowered its share price target to $57, down 11.4% from current levels.
- Copper demand is set to surge as energy-hungry AI data centre buildouts intensify competition for high-grade assets, with BHP projecting its pipeline could lift production up to 40% by 2035.
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BHP's full-year profit tops estimates as copper outstrips iron ore for first time (BHP:NYSE)
BHP rose after the world's biggest miner by market value reported better-than-expected full-year earnings, as prices for copper, now its main profit engine, surged to record highs.
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Copper powers profit rise at mining giant BHP
Net profit climbed 9 percent from a year earlier to US$9.8 billion in the financial year to June 30, said the resources group, the world's biggest miner by market value. Revenue rose 14.6 percent to US$58.8 billion. BHP is the world biggest copper producer and plans to expand output of the red metal by about 40 percent by 2035, the group said in a statement. The miner also reported record iron ore production and a strong result in coal, but copp…
The BHP Group recorded a 9% increase in annual net profit and an even greater gain in recurrent profit, as copper prices — now its main result engine — shot at historical peaks. Exclusive material for subscribers. To have full access, access the link of the material and register.
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