BHP has delivered a strong full-year financial performance for fiscal 2026, driven by record Western Australia Iron Ore (WAIO) shipments, strong operational cost controls, and a historic contribution from its copper portfolio.
The mining giant reported attributable profit of US$9.8 billion (AU$13.86 billion) for the full year ended June 30, up 9 per cent year over year from US$9 billion.
For the first time in the company’s history, copper became its primary earnings engine, contributing 54 per cent of total underlying earnings at a record US$18 billion-plus.
BHP produced approximately two million tonnes of copper for the second consecutive year, cementing its status as the world’s largest producer of the red metal. The strong operational cash flow enabled net debt to fall to US$8.7 billion, comfortably below the company’s target range.
“Copper is the engine that is driving BHP’s growth,” said BHP CEO Brandon Craig.
“For the first time, copper contributed more than half our Underlying EBITDA and generated significant free cash flow, which means our copper growth is self-funding.”
BHP said its net operating cash flow increased 17 per cent due to the combination of strong operational performance and cost management, and higher realised prices.
The company Invested US$10.3 billion in capital and exploration projects primarily across Chile, Canada and Australia. This included US$4.7 billion in copper as it progressed its growth programs at Escondida and Copper SA.
Shareholders will receive a fully franked final dividend of 99 US cents per share, bringing total cash returns announced for 2026 to US$1.72 per share (US$8.7 billion), the highest payout in four years.
Looking ahead, BHP is advancing plans to increase its copper production by up to 40 per cent by FY35 across Chile, Australia, and Argentina. In iron ore, the company announced the Ministers North development in the Pilbara to maintain WAIO output above 305 million tonnes per annum.
Meanwhile, Stage 1 of the Jansen potash project in Canada reached 84 per cent completion, targeting first production in mid-2027.
“BHP is well set for what comes next,” Craig said.
“We have significant opportunity to further lift performance across our assets and a clear pathway for growth. We are committed to keeping people safe, delivering our projects and generating strong returns for shareholders.”
