Company Reports

BHP's fiscal 2026 underlying net profit after tax was up 30% on last year to USD 13.2 billion, or USD 2.60 per share, on stronger prices led by copper. Shares rose 3% as investors cheered the USD 0.99 fully franked final dividend per share, up 65%, and a 72% payout above the target minimum of 50%.

BHP is the world’s largest miner by market capitalization. Its main operations span iron ore and copper, with smaller contributions from metallurgical coal and thermal coal. It placed its nickel operations on care and maintenance due to low prices in 2024. BHP is also developing its Jansen potash project in Canada. It merged its oil and gas assets with Woodside Energy in June 2022, vesting the Woodside shares it received to BHP shareholders and exiting the sector. It purchased copper miner Oz Minerals in fiscal 2023 and half of the Vicuña copper joint venture in fiscal 2025.

BHP sold 350,000 metric tons of copper in the fourth quarter, down 8% on a year ago, with fiscal 2026 volumes falling 7% to 1.38 million. While Western Australian Iron Ore, or WAIO, sales volumes were also lower, by 2% to 66 million metric tons, they were flat for the fiscal year, at 254 million.

The iron ore price continues to trade in a narrow range, with spot of around USD 100 per metric ton flat on a quarter ago as Chinese imports remain strong despite falling steel production. The copper price is also broadly unchanged, trading around USD 6 per pound, near historical highs.

BHP's share of third-quarter copper sales volumes is 340,000 metric tons, down 11% on the same quarter last year, while Western Australian Iron Ore, or WAIO, sales of 59 million metric tons are flat. It has also resolved its dispute with China's state-backed entity over iron ore contract pricing.

The iron ore price is broadly flat compared with last quarter. While China's steel production in the first quarter of 2026 is down 5% year on year to about 250 million metric tons, its iron ore imports are up 11% to around 315 million metric tons.

BHP is the world’s largest miner by market capitalization. Its main operations span iron ore and copper, with smaller contributions from metallurgical coal and thermal coal. It placed its nickel operations on care and maintenance due to low prices in 2024. BHP is also developing its Jansen potash project in Canada. It merged its oil and gas assets with Woodside Energy in June 2022, vesting the Woodside shares it received to BHP shareholders, and exiting the sector. It purchased copper miner Oz Minerals in fiscal 2023, and half of the Vicuna copper joint venture in fiscal 2025.

BHP shares rose 5% after it increased its interim dividend by nearly half, to USD 0.73 fully franked, on a 22% increase in first-half underlying net profit after tax to USD 6.2 billion, or USD 1.22 per share. The payout ratio increased to 60%, above the 50% it paid out a year ago.

BHP is the world’s largest miner by market capitalization. Its main operations span iron ore and copper, with smaller contributions from metallurgical coal and thermal coal. It placed its nickel operations on care and maintenance due to low prices in 2024. BHP is also developing its Jansen potash project in Canada. It merged its oil and gas assets with Woodside Energy in June 2022, vesting the Woodside shares it received to BHP shareholders, and exiting the sector. It purchased copper miner Oz Minerals in fiscal 2023, and half of the Vicuna copper joint venture in fiscal 2025.

BHP's key iron ore and copper divisions are performing well. Second-quarter Western Australian Iron Ore sales of 67 million metric tons and copper sales of 365,000 metric tons are up 4% and 2% on last year, respectively. But yet more capital investment to build Jansen has shares down 2% in response.

The iron ore price is up on last quarter as China's imports remain strong despite its steel production falling below 1 billion metric tons in 2025 for the first time since 2019. Its anti-involution campaign is reducing overcapacity, mainly via the closure of smaller, less efficient steelmakers.

BHP is the world’s largest miner by market capitalization. Its main operations span iron ore and copper, with smaller contributions from metallurgical coal, thermal coal, and nickel. The company is also developing its Jansen potash project in Canada. BHP merged its oil and gas assets with Woodside Energy in June 2022, vesting the Woodside shares it received to BHP shareholders, and exiting the sector. It purchased copper miner Oz Minerals in fiscal 2023.

BHP's fiscal 2026 first-quarter Western Australia Iron Ore volumes of 62 million metric tons (its share) are similar to a year ago, though down 8% on the previous quarter. Copper sales volumes of 320,000 metric tons are 13% lower than last year, mainly due to temporary inventory build.

The iron ore price has shrugged off re-escalation of the trade war between the United States and China, though copper is down moderately in response. Both are up about 10% since the last quarterly update of our assumed commodity prices.

BHP is the world’s largest miner by market capitalization. Its main operations span iron ore and copper, with smaller contributions from metallurgical coal, thermal coal, and nickel. The company is also developing its Jansen potash project in Canada. BHP merged its oil and gas assets with Woodside Energy in June 2022, vesting the Woodside shares it received to BHP shareholders, and exiting the sector. It purchased copper miner Oz Minerals in fiscal 2023.

China has allegedly told its steel mills to stop buying iron ore from BHP as part of contract negotiations. China Mineral Resources Group, formed in 2022 to negotiate with iron ore miners on behalf of mills, is trying to force BHP to agree to long-term contracts at discounted prices.

BHP's fiscal 2025 underlying NPAT of USD 10.2 billion or USD 2 per share is down 26% on a year ago due to lower iron ore prices more than offsetting improved copper volumes. The USD 0.60 fully franked final dividend and USD 1.10 for the fiscal year are also down in line with lower earnings.

BHP is the world’s largest miner by market capitalization. Its main operations span iron ore and copper, with smaller contributions from metallurgical coal, thermal coal, and nickel. The company is also developing its Jansen potash project in Canada. BHP merged its oil and gas assets with Woodside Energy in June 2022, vesting the Woodside shares it received to BHP shareholders, and exiting the sector. It purchased copper miner Oz Minerals in fiscal 2023.

BHP's June quarter and fiscal 2025 Western Australian Iron Ore sales volumes of 68 million and 255 million metric tons, respectively, are similar to a year ago. Fiscal 2025 copper volumes of 1.46 million metric tons are a record, 11% up on last year due to strong production at Escondida.

Shares of our iron ore, base metals, coal, and mineral sands miners have risen on last quarter after the shock of April 2, 2025 tariffs. With China driving demand for most commodities, investors appear to have concluded that tariffs wont materially weaken growth and commodity demand.