BHP’s Copper Earnings Hit $18.2 Billion As Zambia Returns To Mining Giant’s Radar

Copper has overtaken iron ore as BHP’s largest earnings contributor, strengthening the mining giant’s interest in Zambia as global demand for the metal accelerates.

BHP’s copper operations generated $18.19 billion in underlying EBITDA for the financial year ended June 2026, compared with about $14.5 billion from iron ore.

Copper accounted for 54% of BHP’s total $32.9 billion group underlying EBITDA, up from 45% the previous year.

The shift came despite a 3% decline in copper production to approximately 1.95 million tonnes. The average realised copper price rose about 35% to $5.74 per pound, while lower unit costs helped increase copper earnings by roughly 48%.

BHP’s underlying attributable profit rose 30% to $13.2 billion, while revenue increased 15% to $58.8 billion.

Rising Copper Demand

BHP expects global copper consumption to increase from around 34 million tonnes a year to more than 50 million tonnes by 2050.

Copper is increasingly important for electricity networks, renewable energy, electric vehicles, construction and data centres. Growing artificial intelligence infrastructure is also expected to increase demand because of the large amounts of power and electrical equipment required.

BHP estimates that more than 2.5 million tonnes of additional mine supply could be needed by 2030 to keep the market balanced, with the potential shortfall reaching 10 million tonnes in the following decade.

The company plans to increase copper production by as much as 40% between financial years 2027 and 2035.

BHP Explores Zambia

BHP has renewed its interest in Zambia, where the company is investigating potentially large, deeply buried copper deposits.

Zambia’s Ministry of Mines and Minerals Development said in April that BHP was interested in large-scale copper exploration. The disclosure followed meetings between BHP’s global generative exploration head Campbell McCuaig and Zambian mining officials.

BHP is using advanced geological techniques and large-scale data analysis to identify mineral systems that could host major deposits. The company has also welcomed Zambia’s efforts to improve geological data through airborne surveys and digitised historical records.

Exploration workshops involving mining companies, geological agencies, universities and research institutions were also held in South Africa, Namibia, Angola and Zambia.

However, BHP has not announced an exploration licence, asset acquisition, major investment or mining project in Zambia. Its activity remains at the early exploration and information-gathering stage.

Zambia’s Copper Ambitions

Zambia produced 890,346 tonnes of copper in 2025, up from 825,513 tonnes in 2024, but below its one-million-tonne target.

The country aims to increase annual copper production to three million tonnes by 2031, requiring output to more than triple from 2025 levels.

Major producers and investors include First Quantum Minerals, Barrick Mining, Vedanta Resources, JCHX Mining and International Resources Holding. The $2.2 billion Mingomba project, backed by KoBold Metals, is aPreview (opens in a new tab)lso expected to contribute to future production.

However, electricity shortages, smelting constraints and regulatory uncertainty remain challenges for Zambia as it seeks to attract further investment.

Copper Strengthens Zambia’s Appeal

BHP’s growing focus on copper provides Zambia with a stronger opportunity to attract one of the world’s largest mining companies.

For BHP, copper has moved beyond being a long-term growth commodity and has become its most important current earnings driver. For Zambia, the renewed exploration interest comes as the country seeks to dramatically expand production and attract investment into its copper sector.