BHP lifts copper earnings as Bhp Asx shares rise 55%

BHP Group Ltd on bhp asx has risen 55% over the past 12 months, while copper became a larger part of the company’s earnings. The shares were up 6% over the past five trading days and 28% year to date, outpacing the S&P/ASX 200 Index’s roughly 6% rise over the same period.

In the first half of FY26, copper accounted for more than half of BHP’s underlying earnings for the first time ever. BHP is now targeting copper production of between 1.9 million and 2 million tonnes this financial year, with output expected to finish in the upper half of FY26 guidance.

BHP Group Ltd on ASX

The move toward copper gives investors a clearer read on where BHP’s profit mix is shifting. The company remains closely watched on the ASX, but its Western Australian iron ore business recently reached record production levels, showing that copper’s rise is happening alongside a still-strong iron ore base.

Copper and earnings mix

Copper demand is tied to global electrification trends, including renewable energy infrastructure, electric vehicles, power grids, data centres and digital infrastructure. That makes the first-half FY26 earnings split more than a headline number: copper is no longer a side business inside BHP’s result, and the company has set a production range that keeps that exposure front and centre for the rest of this financial year.

For investors, the practical question is not whether BHP has already rerated — the 55% 12-month gain shows it has — but whether copper can keep carrying a bigger share of earnings without losing momentum in production. The next check is whether BHP lands within its 1.9 million to 2 million tonne target while the shares try to hold gains that have already outpaced the wider index.