BHP Group (ASX: BHP): Could Copper Be the Secret Catalyst Behind the Share Price Momentum?
Investors usually associate BHP with iron ore. But copper is quickly becoming the company’s under-the-radar engine. With copper now the second-largest contributor to BHP’s revenue, every move in the red metal’s price could be having more influence on the company’s share performance than many realise.
The latest operational update from BHP shows copper is gaining serious traction. In the nine months ending 31 March 2025, the company produced 1.5 million tonnes of copper, up 10 percent from the same period in FY24. That growth wasn’t limited to one site. It was across the board.
- Escondida, the world’s largest copper mine, produced 977.6 kilotonnes, up 20 percent
- Copper South Australia delivered 223.5 kilotonnes despite external disruptions
- Pampa Norte increased output due to higher ore grades and better movement
- Average realised copper price increased 13 percent to US$4.19 per pound
At Escondida, BHP expects to finish the year in the upper half of the 1,180 to 1,300 kilotonne guidance range. Copper South Australia and Pampa Norte are also tracking within guidance, even with temporary challenges such as power interruptions and extreme weather.
In Chile, BHP has extended the operational life of the Los Colorados concentrator beyond FY29. This extension is expected to add 400 kilotonnes of copper between FY27 and FY31. BHP reaffirmed medium-term production guidance of 900 to 1,000 kilotonnes per year.
- Guidance remains unchanged across all major copper-producing sites
- Life extension of Los Colorados supports multi-year copper output
- Copper is now integrated into BHP’s long-term strategy
Copper is no longer just an additional revenue stream for BHP. It is a fundamental part of its growth framework. Operational stability, ongoing expansion and improved pricing all suggest copper’s role is set to increase.
And with global demand driven by electrification and infrastructure, BHP might be holding a strategic edge that the market is only starting to price in.
Copper may not be in the spotlight yet.
But it could be the quiet driver behind BHP’s next big move.
(Source: Company Announcements)
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