BHP'nin kuruma çeliği bölümü FY26'da $18.2 milyar EBITDA üretti, grup geliri için 54% olan ve şirketin tarihindeki ilk kez ana kayaç girişimi olarak surpassing iron ore. Bu değişim, 35% rise ile gerçekleştirdiği copper prices'underlying EBITDA nearly doubling $12.3 milyar $18.2 milyar year-over-year'dan.
Copper Growth Plans
BHP, 5% annual copper production growth through mid-2030s'ü hedefleyerek yaklaşık 2.5 milyon ton, rough 50% above current levels. Over 55% of growth capital now directed at copper projects, including Escondida New Concentrator ve Copper South Australia Phase 1.
Market Implications
Copper pivot fundamentally alters how market should price BHP, with margin superiority, structural demand tailwind, ve pricing power asymmetry contributing to the shift. Copper's 70% segment margin dwarfs what iron ore typically delivers, lifting group EBITDA margins 6 percentage points to 59%. BHP Group Ltd ADR $88.37, with a market cap of $230.8 milyar, EBITDA of $32.9 milyar, and a dividend yield of 3.3%.