The Fin The copper pivot: BHP looks beyond the Iron Age
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Mar 4, 2026 Peter Ker, a resources reporter tracking mining, commodities and the energy transition, discusses BHP’s shift from iron ore to copper. He outlines why copper is surging and miners’ dealmaking to secure supply. He also covers long-term pressures on iron ore, China’s pricing moves, and Australia’s strategy to stay a resources powerhouse.
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Copper Overtakes Iron Ore At BHP
- BHP's earnings driver shifted from iron ore to copper as copper prices and volumes rose sharply.
- Copper provided about 51% of BHP's $7.9bn profit while iron ore's contribution fell from 81% five years ago to ~49% now.
How Iron Ore Built Modern Australia
- Iron ore underpinned Australia's modern boom because China's urbanisation drove huge steel demand from the Pilbara deposits.
- That surge since about 2005 transformed Perth and created major wealth for figures like Andrew Forrest and Gina Rinehart.
Supply And Demand Pressures Drag On Iron Ore
- Iron ore faces rising supply from high‑grade African and Brazilian mines while Chinese property‑led demand softens.
- New mines like Simandou (65%–66% Fe) could add ~100–120Mt and push global prices lower.