LUSAKA, Aug 19 – BHP Group, the world’s largest mining company, reported better-than-expected full-year earnings and declared its highest annual dividend in four years, boosted by record copper prices that cemented the metal’s lead over iron ore as the miner’s biggest earnings driver.
BHP’s copper operations generated $18.19 billion in underlying earnings before interest, tax, depreciation and amortisation in the year ended June 30, 2026, overtaking iron ore as the mining giant’s largest earnings contributor.
Copper accounted for 54% of BHP’s $32.9 billion in group underlying EBITDA, up from 45% a year earlier, while iron ore generated approximately $14.5 billion. The results mark a significant change for a company historically dominated by its iron ore operations in Western Australia.
BHP’s underlying attributable profit increased 30% to $13.2 billion, while statutory profit rose 9% to $9.8 billion. Revenue climbed 15% to $58.8 billion. The company declared a final dividend of 99 US cents per share, taking its full-year dividend to $1.72 per share, its highest level in four years.
Copper earnings rose by approximately 48% despite a 3% decline in production to about 1.95 million tonnes. The increase was driven largely by stronger prices, with BHP’s average realised copper price rising about 35% to $5.74 per pound, alongside lower unit costs across parts of its portfolio.
BHP currently produces copper from operations in Chile, Australia and Peru, while maintaining development interests in Argentina and the United States. The company expects global copper consumption to increase from roughly 34 million tonnes a year to more than 50 million tonnes by 2050.
The projected demand growth reflects copper’s role in electricity grids, renewable energy infrastructure, electric vehicles, construction and data centres. The expansion of artificial intelligence infrastructure is also expected to increase demand for copper-intensive electrical equipment and power systems.
BHP estimates that the global market could require more than 2.5 million tonnes of additional mine supply that has not yet been approved by 2030 to remain balanced. The potential shortfall could widen to about 10 million tonnes during the following decade.
Against that backdrop, BHP plans to increase copper production by as much as 40% between the 2027 and 2035 financial years, reinforcing the metal’s growing importance to the company’s long-term portfolio.
Zambia Returns to BHP’s Exploration Map
BHP’s copper expansion is also beginning to extend to Africa, with the company examining potential exploration opportunities in Zambia, the continent’s second-largest copper producer after the Democratic Republic of Congo.
Zambia’s Ministry of Mines and Minerals Development said in April that BHP was interested in large-scale copper exploration in the country. The disclosure followed meetings in Lusaka between Zambian mining officials and Campbell McCuaig, BHP’s head of global generative exploration.
The ministry said the company was examining deposits that could be deeply buried or concealed beneath geological formations, making them difficult to identify through conventional exploration methods.
McCuaig said BHP was using advanced geological techniques and large-scale data analysis to identify the mineral systems where major copper deposits could have formed. He also welcomed Zambia’s efforts to improve geological information through airborne surveys and the digitisation of historical records.
BHP also organised exploration workshops in South Africa, Namibia, Angola and Zambia during April and May, bringing together junior miners, geological agencies, universities and research institutions. The company said it chose South Africa to launch its 2026 exploration programme because Africa could play an important role in future mineral discoveries.
However, BHP has not announced an acquisition, exploration licence or committed mining investment in Zambia. The company’s publicly identified copper growth projects remain focused on Chile, Argentina, Australia and the United States.
Why Zambia Matters
Zambia produced 890,346 tonnes of copper in 2025, up from 825,513 tonnes a year earlier, although output remained below the government’s target of one million tonnes. Production subsequently declined 4.27% to 208,992 tonnes in the first quarter of 2026, partly because of operational challenges affecting some producers.
The government aims to increase annual copper production to three million tonnes by 2031, more than tripling 2025 output within six years. Existing producers and investors include First Quantum Minerals, Barrick Mining, Vedanta Resources, China’s JCHX Mining and the United Arab Emirates’ International Resources Holding.
Zambia is also developing the $2.2 billion Mingomba copper project, backed by KoBold Metals, whose investors include Bill Gates and Jeff Bezos.
For BHP, Zambia offers potential access to a major copper-producing region at a time when the company expects global supply constraints to intensify. For Zambia, interest from one of the world’s largest mining companies could provide another potential source of capital, technology and exploration expertise as the country seeks to expand production.
The immediate opportunity remains exploratory rather than commercial. BHP has yet to commit capital to a Zambian mine, meaning any potential project remains dependent on geological findings, licensing, commercial assessments and future investment decisions.
BHP’s latest financial results nevertheless demonstrate why the company is increasingly focused on copper. The metal is no longer simply positioned as a future growth opportunity. It has become BHP’s largest current earnings engine, strengthening the strategic case for finding new sources of supply across established and emerging copper regions, including Zambia.
