Stability + growth = value
We have a clear and simple strategy. We are delivering strong, stable operational and financial results and have a clear path to grow production. Our stability, and our growth, positions us to create value – both now, and far into the future.
BHP is the world’s largest copper producer. In the four years ending 2025 we have grown copper production by around 30 per cent. And we have some of the best copper growth options in the world - in Chile, Argentina, Australia and the United States.
A deliberately diversified portfolio, designed to deliver returns and growth now and into the future
BHP has world-class assets that are large, long-life, low-cost and with options to grow.
We run the world’s highest margin iron ore business. We are the world's largest copper producer with significant plans to grow. We produce some of the world’s highest quality steelmaking coal. We are building a significant new business in potash which is set to become a world-class, low-cost producer.
Operational excellence and financial discipline are our hallmarks. We have delivered margins averaging above 50%1 for over 25 years and have returned over US$110 billion to shareholders over the past decade.
Our deliberately diversified portfolio coupled with this track record of operational excellence, provides the stability and strength to fund our growth in the future-facing commodities of copper and potash.
This positions us to deliver value and returns for shareholders now and well into the future.
1 Average Underlying EBITDA margin (excluding third party products).
The critical role of copper in BHP's portfolio
Copper is a big and growing part of our deliberately diversified portfolio.
In the four years ended 2025, we have grown copper production by around 30 per cent.
In the first half of FY2026, copper made up more than half of BHP's underlying earnings before interest, tax, depreciation and amortisation for the first time. We are on track to produce between 1.9-2.0 million tonnes of copper in FY2026.
We have some of the best growth options in the world – in Chile, Argentina, Australia and the United States – to grow copper production into the 2030s.
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.
The source of this demand is multi-faceted and in our view, durable. It is expected to come from a combination of economic growth (home building, electrical equipment and household appliances), the energy transition (renewables and electric vehicles) and digital (artificial intelligence and data centres). We believe that copper demand in data centres alone could grow six-fold to nearly three million tonnes a year by 2050.
Given the demand outlook, recent disruptions in global mine supply, grade declines and the slow mine development pipeline, we anticipate the copper market will remain tight over the next few years. Longer term, we estimate the market will require 10 million tonnes of additional, as-yet-uncommitted new 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.
Find out more about copper and BHP’s copper operations.
Global copper supply challenge...
... as copper demand is set to rise
Source: BHP analysis
Our copper operations are world-class. We also have high-quality operations in two other vital commodities and are preparing to add a third in mid-2027.
BHP and copper
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.