BHP Group, the world’s largest miner, reached a record high of approximately $74.27 on February 17, 2026, marking a significant shift in its earnings report. For the first time in its history, BHP’s copper division generated $7.95 billion in EBITDA, surpassing its iron ore division, which earned $7.5 billion. This change indicates a transition from the Iron Age, driven by Chinese urbanization, to a new Copper Age focused on Western AI and electrification.
In its half-year results, BHP reported a 22% increase in underlying profit to $6.2 billion, supported by strong copper demand related to the buildout of AI infrastructure, which requires 47 tonnes of copper per megawatt for AI-specific data centers. Additionally, the U.S. government has launched Project Vault, a $12 billion initiative to stockpile critical minerals, acting as a floor for copper prices and bolstering future investment in the sector.
Despite disruptions faced by competitors, BHP achieved record throughput at its Escondida copper mine, further solidifying its position as a reliable investment in the copper market. The company declared a 73-cent interim dividend, a 46% year-over-year increase, and announced a $4.3 billion silver streaming deal to fund its copper expansion without straining its balance sheet.
