BHP Group reported a 30% year-over-year increase in full-year profit on Thursday, driven by a surge in copper prices to decade highs, while its shares rose in early trading.
The world’s largest listed miner said net profit attributable to shareholders rose to $16.8 billion for the 12 months ended June 30, up from $12.9 billion a year earlier. Revenue climbed 11% to $71.8 billion, supported by higher copper and nickel prices, though iron ore earnings softened amid weaker Chinese demand.
Copper prices have rallied this year, reaching record levels in May on expectations of increased demand from renewable energy and electric vehicle sectors. BHP’s copper production rose 3% to 1.2 million tonnes, while iron ore output fell 2% to 249 million tonnes due to operational challenges and lower grades at its Western Australia operations.
The company maintained its final dividend at $1.41 per share, unchanged from the prior year, signaling confidence in its cash flow despite market volatility. BHP’s shares were up 1.2% in early Australian trading, outperforming the broader market.
Analysts noted that while copper remains a key earnings driver, the outlook for iron ore remains tied to China’s property sector recovery, which has been slower than anticipated. BHP’s results underscore the divergent trends across its core commodities, with copper benefiting from structural demand while iron ore faces cyclical headwinds.
