BHP Performance 2026 is up 31.88% year to date

BHP is advancing strongly with record earnings, a copper division now generating the majority of group profits, a strengthened balance sheet from US$4.8B in capital recycling and company has set a faster pace of growth from the world’s largest and highest-quality copper and potash development pipeline.

BHP Group Limited (ASX: BHP) 

On 22 April 2026, released its operational review for the nine months ended 31 March 2026, reporting strong performance in copper and iron ore and continued progress across its growth project pipeline. The stock is up 31.94% year to date in 2026 and has gained 55.61% over the past twelve months, driven by record earnings. BHP’s strategy at the Bank of America Global Metals, Mining and Steel Conference in Miami, outlining a faster pace of growth anchored in operational excellence and disciplined capital allocation.

Quarterly operations and production guidance

Copper production for the nine months to March 2026 was 1461 KT, down 3% on the prior year period, primarily due to lower concentrator feed grade at Escondida of 0.91% compared to 1.05% in the prior period. Group copper guidance for FY26 of 1,900 to 2,000 KT was maintained and is now expected to be delivered in the upper half of the range, with Antamina guidance raised to 150 to 160 KT after a 43% increase in quarterly production. Spence guidance was reduced due to ongoing challenges in managing variable ore characteristics. Iron ore production from Western Australia Iron Ore reached 196.6M tonnes year to date, up 2%, with full-year guidance of 258 to 269M tonnes unchanged. Samarco is now expected to achieve the top end of its FY26 production guidance range of 7 to 7.5M tonnes.

Dividend and capital management

BHP declared a fully franked interim dividend of US 73 cents per share for the half year ended 31 December 2025. The interim dividend was supported by half-year underlying profit of US$6.2B, in which copper overtook iron ore as the largest earnings contributor for the first time in BHP’s history, generating 51% of group underlying EBITDA.

BHP in April 2026 completed a silver streaming transaction with Wheaton Precious Metals, receiving total upfront consideration of US$4.3B representing its 33.75% share of silver production from Antamina. The company also finalised the divestment of its Carajas assets, receiving US$240M on completion. A binding agreement was also signed with Global Infrastructure Partners to divest BHP’s share of the WAIO inland power network. The combination of capital recycling and strong operating cash generation has significantly strengthened BHP’s balance sheet ahead of its copper and potash growth investment cycle.

Copper growth projects

BHP is advancing a portfolio of copper growth projects that management describes as the largest and highest-quality development pipeline in the global mining industry. The new concentrator is expected to require investment of between US$4.4 and US$5.9B and deliver between 220 and 260KT per annum of additional copper production, extending Escondida’s life of mine. Resolution Copper, a joint venture between Rio Tinto as operator with 55% and BHP with 45%, completed a major land exchange in Arizona in the quarter.

The Jansen potash project in Saskatchewan, Canada continued progressing toward first production, with Stage 1 expected to deliver 4.15M tonnes per annum and Stage 2 adding a further 4.35M tonnes per annum. BHP is targeting more than 305M tonnes per annum of iron ore production from WAIO over the longer term. Craig outlined the pathway to BHP’s 2035 production ambition of 220 to 260KT per annum from Escondida alone, and a broader group copper-equivalent production target of 235 to 280 KT per annum by 2030 rising to approximately 330KT per annum by 2035 across all growth projects combined. 

(Source: Company Report)