Industry Notes / Mining: copper over iron / Chapter 3 of 8 · Bar
Both prices have to be assumed together
Iron ore still moves profit by more
Copper +$1,000/t
11 $bn
Iron ore −$10/t
−15 $bn
A simplified estimate puts a $1,000/t copper rise at about $1.1 billion of after-tax profit, and a $10/t iron ore drop at about $1.5 billion less. Copper alone is the wrong model for BHP.
Source：基于 BHP FY26 公开税率与矿权负担的简化弹性测算；非公司指引
Research notes, not investment advice.