Copper Overtakes Iron Ore as BHP's Biggest Earner for the First Time

BHP's copper business generated a record US$18 billion in EBITDA (a measure of operating profit) in FY2026, accounting for more than half of group EBITDA — the first time copper has surpassed iron ore as the company's largest earnings contributor. The Annual Report 2026, published August 18, confirms the crossover. BHP raised copper production guidance to 1.9–2.0 million tonnes during the year.