Australian resources giant BHP reported on Tuesday a sharp rise in its half-year net profit, driven by strong demand for copper as the world seeks to expand electrical power networks.
BHP, the world’s largest copper producer, has increased output by around 30 per cent over the past four years, including from its vast Escondida mine in Chile.
“This is allowing us to maximise earnings from the recent surge in copper prices as well as gold,” BHP chief executive Mike Henry said.
Copper demand is being fuelled by countries expanding electricity infrastructure to harness renewable energy, making the red metal BHP’s largest contributor to overall earnings, Henry noted.
“With four compelling growth options across Chile, Argentina, Arizona and South Australia, we are well positioned to capture the forecast higher long-term copper prices,” he added.
The company also reported record first-half shipments of iron ore from Western Australia.
Overall revenue climbed 10.8 per cent year-on-year to US$27.9 billion in the six months to 31 December, while profit surged 27.7 per cent to US$5.64 billion.
Looking ahead, BHP expects global economic growth of around three per cent in 2026.
“China’s economy remains resilient after meeting its roughly five-percent target last year, while India continues to outperform,” Henry said. “We are optimistic that the economic backdrop is supportive for our key commodities.”
