BHP Released FY2026 Results, Copper Production Fell 3% YoY

BHP announced its FY2026 results for the year ended June 30, 2026, on August 18. In FY2026, BHP’s copper production was 1.953 million mt, down 3% YoY, remaining at around 2 million mt for the second consecutive fiscal year; the group’s FY2027 copper production guidance is 1.65–1.8 million mt. Supported by higher copper prices, BHP’s average realized copper price in FY2026 rose 35% YoY to $5.74/lb, and the copper business’s underlying EBITDA increased 48% YoY to $18.2 billion, contributing more than half of the group’s underlying EBITDA for the first time, with a share reaching 54%.

By mine, the world’s largest copper mine, Escondida, produced 1.261 million mt of copper in FY2026, down 3% YoY. Although both mine output and beneficiation plant throughput hit record highs, a planned decline in feed grade continued to weigh on copper production. BHP expects Escondida’s FY2027 copper production to be 1–1.1 million mt, with beneficiation plant feed grade expected to be about 0.70%; mid-term production in FY2028–FY2031 is expected to remain at 900,000–1 million mt per year.