A deliberately diversified portfolio

BHP is a diversified miner with a portfolio of world-class assets in iron ore, copper, steelmaking coal and, soon, potash.

Our diversification is a strength. It means we can deliver strong cash flow through the cycle, supporting our investment in growth and our commitment to attractive shareholder returns.

Operational excellence and financial discipline are our hallmarks. We have delivered margins averaging above 50%³ for over 25 years and have returned over US$110 billion to shareholders over the past decade. 

Our diversification positions us to deliver value and returns for shareholders now and well into the future.

Copper is key to BHP's growth 

Copper is a big and growing part of our business.

In the first half of FY2026, copper made up more than half of our underlying earnings¹ for the first time. We are on track to produce between 1.9-2.0 million tonnes of copper in FY2026.

Earnings by commodity⁴

We have a clear pathway to grow our copper production into the 2030s, with some of the best copper growth options in the world – in Chile, Argentina, Australia and the United States.

That's important because global copper demand is expected to grow from around 34 million tonnes a year today to more than 50 million tonnes a year by 2050. 

That’s because more copper is needed to support population growth, the energy transition and digitalisation and the AI revolution. We believe copper demand in data centres alone could grow six-fold to nearly three million tonnes a year by 2050.

Given the global demand outlook and apparent copper supply constraints, we anticipate the copper market will remain tight over the next few years. We estimate the world will require 10 million tonnes of additional, new copper supply, to be able to balance demand by 2035.

As the world's largest copper producer, with clear growth plans, BHP is well positioned to generate value in the global copper market now and well into the future.

Global copper supply challenge...

... as copper demand is set to rise

Source: BHP analysis

¹ Relating to BHP’s Underlying EBITDA for the six months to 31 December 2025
² For the six months to 31 December 2025
3 Average Underlying EBITDA margin (excluding third party products).
⁴ Percentage contribution to Group Underlying EBITDA, excluding Group and unallocated items for FY24 onwards.

BHP's copper assets and growth options

BHP produces copper from our operated assets at Escondida, Spence, Copper South Australia and has a 33.75 per cent share in Antamina. We are advancing attractive brownfield growth plans at Escondida, Spence and Copper South Australia.

We also have exciting greenfield growth opportunities in Argentina through our 50/50 Vicuña joint venture with Lundin Mining and in the United States through our 45 per cent interest in Resolution Copper with Rio Tinto.