--- title: "BHP's profits soared by 30%, with copper business surpassing iron ore for the first time as the largest source of profit" description: "The world's largest mining company BHP has been rewarded for betting on a surge in copper demand, with net profit in the first half of the fiscal year increasing by nearly 30% year-on-year. The copper" type: "news" locale: "en" url: "https://longbridge.com/en/news/276092142.md" published_at: "2026-02-17T03:59:50.000Z" --- # BHP's profits soared by 30%, with copper business surpassing iron ore for the first time as the largest source of profit > The world's largest mining company BHP has been rewarded for betting on a surge in copper demand, with net profit in the first half of the fiscal year increasing by nearly 30% year-on-year. The copper business contributed 51% of the company's EBITDA, surpassing other businesses for the first time to become the largest source of profit. Strong demand from the energy and automotive sectors continues to drive up copper prices, validating the strategic value of this transformation The world's largest mining company, BHP, has reaped rewards from its bet on soaring copper demand, with net profit for the first half of the fiscal year increasing by nearly 30% year-on-year, making copper business the company's largest source of profit for the first time. The Australian mining giant announced on Tuesday that for the six months ending December 31 last year, revenue rose 11% year-on-year to $27.9 billion, and profit attributable to shareholders increased by 28% to $5.6 billion. The performance exceeded analysts' expectations, and the company's stock price opened up 5.3%. CEO Mike Henry stated that this performance is a "milestone" for BHP, with the copper business contributing 51% of the company's underlying earnings before interest, taxes, depreciation, and amortization (EBITDA), surpassing other businesses for the first time as the largest source of profit. Strong demand from the energy and automotive sectors continues to drive up copper prices, validating the strategic value of this transformation. BHP will distribute an interim dividend of 73 cents per share, equivalent to a 60% payout ratio. ## Copper Business Becomes Profit Pillar Copper has become the core driver of growth in the global mining sector. BHP's performance this time marks the success of the company's strategic transformation, with the copper business contributing 51% to underlying EBITDA, making it the largest source of profit for the first time. Saranga Ranasinghe from Moody's stated that copper has now become a "strong profit pillar" for BHP. She pointed out that BHP has raised its copper production guidance amid a reduction in market supply, which will support stronger future cash flows as higher production coincides with tighter market conditions. Last month, BHP raised its copper production growth expectations, aiming for an annual output of 2.5 million tons by the mid-2030s. Henry stated that multiple projects have "added substantial content" to this goal. ## Abandoning Large Acquisitions for Smaller Deals Increasing exposure to copper business was once at the core of BHP's strategy. The company attempted to merge with Anglo American at the end of last year but was unsuccessful. A similar logic also drove the recent conclusion of negotiations between Rio Tinto and Glencore. However, Henry stated during a media conference call that BHP currently "does not feel any urgent need" to pursue further acquisition opportunities. He noted that transactions aligned with the company's growth strategy are only "very limited in scope." In the absence of large mergers and acquisitions, BHP has relied on smaller deals to maintain its position as the world's largest copper producer, including the acquisition of Australian company OZ Minerals and the Chilean Vicuña project. Canadian Lundin Mining stated this week that its joint venture with BHP on the Chilean Vicuña project is progressing rapidly, with plans to invest $7.1 billion in the initial development phase. BHP has also benefited from soaring prices of by-products from copper mining, including gold, silver, and uranium. These non-core products contributed approximately $2 billion in revenue in the first half of the year The company has signed a $4.3 billion agreement with Canada's Wheaton Precious Metals to supply silver from the Antamina mine in Peru, taking advantage of the significant rise in the price of this metal. This transaction is part of BHP's asset optimization plan. In December last year, the company sold a stake in the Western Australia power network to Global Infrastructure Partners for $2 billion, which is part of its plan to unlock $10 billion of undervalued assets in its business ### Related Stocks - [BHP.US - BHP](https://longbridge.com/en/quote/BHP.US.md) - [BHP.UK - BHP Group Plc](https://longbridge.com/en/quote/BHP.UK.md) - [DBB.US - Invesco DB TR Base Metals ETF](https://longbridge.com/en/quote/DBB.US.md) - [BHP.AU - BHP Group Ltd](https://longbridge.com/en/quote/BHP.AU.md) - [PICK.US - ISHRS MSCI Glb Slct Met & Mining](https://longbridge.com/en/quote/PICK.US.md) - [XME.US - SPDR S&P Mtls & Mng](https://longbridge.com/en/quote/XME.US.md) ## Related News & Research | Title | Description | URL | |-------|-------------|-----| | 铜价上涨推动了澳大利亚必和必拓集团的利润大幅增长 | 必和必拓，澳大利亚最大的资源公司，报告称上半年净利润增长 27.7%，达到 56.4 亿美元，这得益于电力需求推动的铜需求上升。该公司在四年内将铜产量提高了 30%，目前铜已成为其最大的盈利贡献者。必和必拓还创下了铁矿石出货量的纪录，整体收 | [Link](https://longbridge.com/en/news/276084150.md) | | 美股夜盘异动：必和必拓夜盘涨 3.20%，强劲业绩与超预期股息助力股价飙升 | 必和必拓夜盘涨 3.20%；USA Rare Earth 夜盘涨 0.49%，成交额达到 21.74 万美元；Critical Metals 夜盘涨 0.97%，成交额达到 11.5 万美元；MP Materials 夜盘涨 0.28%，成 | [Link](https://longbridge.com/en/news/276088007.md) | | 塑造铜价走势的三大力量 | 铜价在 2025 年上涨 41% 后，2026 年初表现强劲，受需求激增、供应短缺及关税政策影响，市场波动加剧。标准普尔全球预测，至 2040 年铜需求将增长 50%，达到 4,200 万公吨，主要受 AI 数据中心、电动车及可再生能源电网 | [Link](https://longbridge.com/en/news/275775898.md) | | 库存攀升及淡水河谷产量超预期加剧供应担忧 铁矿石期货价格三连跌 | 随着中国库存持续增加以及巴西矿业巨头淡水河谷产量高于预期，市场对供应过剩的担忧加剧，铁矿石价格连续第三天下跌。周五，铁矿石期货跌 1.7%，至每吨 97.90 美元，且有望连续第五周下跌。若成真，将是自 6 月以来最长的连跌走势。数据显示， | [Link](https://longbridge.com/en/news/275858598.md) | | 必和必拓的 Vicuna 在阿根廷宣布了 180 亿美元的矿业投资计划 | 必和必拓的 Vicuna Corp 宣布了一项 180 亿美元的投资计划，旨在阿根廷北部的矿业项目，重点关注铜、黄金和白银。初始的 70 亿美元将分配给位于圣胡安的 Josemaria 和 Filo del Sol 项目，资本投放时间为 2 | [Link](https://longbridge.com/en/news/276077837.md) | --- > **Disclaimer**: This article is for reference only and does not constitute any investment advice.