The Australia-based miner made an underlying profit of $13.20 billion, up 30% on a year earlier, showing a strong gain in earnings as copper prices surged to all-time highs. The rise in copper prices was driven by tightening global supplies, which lifted the metal to record levels, reinforcing its role as the main profit engine for BHP.

Australia-based BHP, the world’s biggest miner by market value, reported a net profit of $9.83 billion for the 12 months through June, up from $9.02 billion the prior year, a 9% increase in annual net profit. The company also recorded a $2.3 billion write-down of its Canadian potash project, which weighed on the bottom line but did not offset the underlying profit growth.

BHP fetched 35% more for the copper it sells versus the year prior, while higher iron ore and steelmaking coal prices also boosted earnings. Analysts had expected underlying profit around $12.66 billion, according to Visible Alpha, yet BHP exceeded those expectations, underscoring the impact of record copper prices and strong commodity demand.

Overall, BHP's earnings illustrate a robust recovery driven by record commodity prices, with the miner positioned to capitalize on continued demand. The results highlight the significance of copper's role in the company's financial performance.