Industry Notes / Mining: copper over iron / Chapter 4 of 8 · Bar

Liking copper is not the same as higher next-year profit

In the base case, copper's gain is offset by iron ore

A rough price-only sketch moves EBITDA by about +$7.4 billion in a bull case and −$11.6 billion in a bear case. The base case is roughly flat to slightly down. Known volume and cost headwinds are not included.

Source：基于 BHP FY26 公开分部利润的价格情景测算；仅价格效应，非公司指引

Research notes, not investment advice.