FEAR & GREED | Business News Q+A: BHP CFO on the big copper bet that paid off
Feb 17, 2026
Vandita Pant, BHP's chief financial officer who steers the company’s finances, talks copper overtaking iron ore and the drivers behind a standout half-year. She outlines the copper growth pipeline across Argentina, Chile, Australia and the US. She explains funding moves like a $4.3bn silver stream and how capital allocation and FX headwinds shape strategy.
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Copper Now Dominates BHP's Earnings
- BHP's half was described as fantastic with production up 2% and unit costs down 4.5% despite inflation and currency pressure.
- For the first time more than half of EBITDA is coming from copper, signalling a structural shift in earnings mix.
Escondida And VEO Prove Operational Strength
- Vandita highlights Escondida's upgraded production guidance and decreased costs as a concrete success.
- She also points to VEO's record shipments and production as proof of operational strength.
Pipeline Targets A Big Copper Lift By Mid-30s
- BHP plans to grow copper production materially to mid-30s through projects in Argentina, Chile, Australia and the US.
- They expect about 2.5 million tonnes of copper equivalent by mid-2030s including by-products.