Industry Notes / Mining: copper over iron / Chapter 1 of 8 · Bar

Copper profit has passed iron ore

Look at the commodity mix, not the miner label

In BHP's FY26, copper EBITDA was $18.2 billion and iron ore was $14.5 billion. Copper became the larger profit source. A weaker iron ore price can still offset a higher copper price.

Source：BHP FY26 results, 18 Aug 2026

Research notes, not investment advice.