BHP: the world’s largest copper producer

Attractive self-funded growth to come

The world needs more copper, and BHP has the assets, options and capability to help supply it.  

We have a well-defined pipeline of growth projects across Chile, Australia and Argentina to deliver meaningful copper growth. Across all BHP commodities, we aim to deliver compound annual production growth on a copper‑equivalent basis from our current organic growth plans of around 3-4 per cent a year from FY2027 through to FY2035². That includes growth in our copper business of around 5 per cent per year to FY2035.

Importantly, our copper growth program is entirely self-funded at consensus prices. Once these projects ramp up, they will drive meaningful production growth and deliver significant incremental cash flows.  

Copper demand continues to grow

The world’s demand for copper is being reshaped by powerful long-term trends.  

Demand is expected to grow from ~34 million tonnes per annum in 2026 to >50 million tonnes per annum by 2050 – driven by traditional economic growth (home building, electrical equipment and household appliances), energy transition (renewables and electric vehicles) and digital (artificial intelligence and data centres). Current expectations are that copper demand associated with investment in data centres could grow around sixfold between 2024 and 2050, up to around 3 million tonnes per annum. 

For further insight on the copper market, read our in-depth analysis of copper demand drivers at BHP Insights (September 2024). 

Broad-based demand is supporting commodity growth

Large amounts of capital are flowing into artificial intelligence, data centres and the energy transition while countries and companies are increasingly focused on energy and food security, supply chain resilience and industrial capacity. 

This means demand today for commodities – such as copper – is much more broad-based than during China’s boom in the late 2000s. If global progress develops along these pathways, as we expect, mining will be required more than ever.  

As the world’s biggest miner, this provides significant opportunities for BHP.   

Resilient portfolio, disciplined performance

BHP’s diversified portfolio provides resilience through changing market conditions. Our combination of world-class copper, iron ore, steelmaking coal and potash assets supports strong cash generation, sector-leading margins and the flexibility to continue investing through the cycle.  

That resilience is supported by a strong track record of disciplined capital allocation, operational excellence and a consistent focus on cost control.  

Our portfolio of large-scale, long-life assets has helped us generate strong returns across commodity cycles, while our track record of meeting guidance and improving productivity provides confidence in our ability to deliver future growth and value for shareholders.

Footnotes

1. Based on BHP’s FY26 total copper production and FY27 total copper production guidance on a consolidated basis relative to latest publicly available full year copper production volumes and guidance disclosed by competitors and Wood Mackenzie data on the same basis. Competitors include: Anglo American, Antofagasta, Codelco, Freeport, Glencore, Rio Tinto, Southern Copper, Teck. 
2. See footnote around forward-looking production information, assumptions and copper equivalent methodology on page 37 of the FY26 results presentation here.

'Expanding the world's largest copper business' footnotes

1. Potential FID as early as end of CY2026 for Vicuña Stage 1.  
2. Total production out of the facility. Average after ramp-up- FY34 to FY43 Escondida New Concentrator specific production. ‘PCF’ refers to ‘pre-commitment funding’ approved by the BHP Board for BHP share.  
3. Represents potential production output from Spence Chalcopyrite Leach project (SCPY) and ripios dump projects, plus Cerro Colorado restart. Refer to slide 40 for details.  
4. BHP declared an ASX Mineral Resource for Resolution of 1.86 billion tonnes at 1.52% copper for the first time in FY26.

'BHP's copper capex program is self funded' and 'Vandita Pant quote' footnotes

1. Post-tax, unlevered free cash flow for BHP’s copper assets, after subtracting dividends paid to non controlling interests. Segment and asset level free cash flow excludes centrally managed interest and taxes reported under Group and Unallocated (G&U).  
2. Escondida, Pampa Norte and Copper SA potential production inclusive of the growth programs outlined in slide 40– “Best suite of organic copper projects”. Vicuña JV cash flows included on an attributable basis (50%) based on potential production and timelines disclosed in the Vicuña Integrated Technical Report 2026. As at 30 June 2026, BHP has not declared any Mineral Reserves for Vicuña and most Mineral Resources are inferred. Antamina JV (33.75%) and Resolution JV (45%) cash flows included on an attributable basis. BHP declared a Mineral Resource for Resolution of 1.86Bt at 1.52% copper in its resources and reserves statement for the first time in FY26.  
3. FY27-31 free cash flow considers prices based on an average of FY27-30 consensus price and long-term consensus commodity price forecasts from UBS as of May 2026; copper US$5.40/lb and gold US$4,077/oz. FY32-35 free cash flow considers prices based on long-term commodity price forecasts from UBS as of May 2026; copper US$4.76/lb and gold US$3,354/oz.