Key facts
- BHP's underlying annual profit increased by 30%.
- The company's strategic shift towards copper has been successful.
- Copper has surpassed iron ore as a primary contributor to BHP's earnings.
- BHP operates copper smelting and refining facilities at Olympic Dam in South Australia.
Australian resource giant BHP announced a 30% increase in its underlying annual profit, signaling the success of its strategic pivot towards copper. The surge in copper prices has propelled the red metal to become the dominant contributor to the world's largest listed miner's earnings, surpassing iron ore.
BHP operates significant copper mining, smelting, and refining operations at Olympic Dam in South Australia. The company's focus on copper has been a key factor in its recent financial performance, capitalizing on rising market demand and prices for the essential industrial metal.