How Did Copper and the Jansen Potash Project Shape BHP’s (ASX:BHP) FY26 Results?

Sonal Goyal

09 October 2026 12:05 AM AEDT

How Did Copper and the Jansen Potash Project Shape BHP’s (ASX:BHP) FY26 Results?

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Diversified miners report group results that blend Commodity prices, volumes and costs across several businesses. BHP Group Limited (ASX:BHP) released its results for the year ended 30 June 2026 on 18 August 2026, with copper contributing more than half of underlying EBITDA for the first time and construction of the Jansen potash project progressing.

Company overview

BHP Group Limited (ASX:BHP) is a global resources company with operations in copper, iron ore, coal and, in development, potash. Its businesses include Escondida in Chile, Copper South Australia, Western Australia Iron Ore (WAIO), BHP Mitsubishi Alliance coal and the Jansen potash project in Canada.

FY26 financial results

Underlying EBITDA was about US$33 billion. Attributable profit was US$9.8 billion, up 9%, and underlying attributable profit exceeded US$13 billion, up 30%. Net Operating Cash Flow was US$21.8 billion, free cash flow about US$10 billion, and net Debt fell below US$9 billion. The final Dividend was 99 US cents per share. BHP also received silver streaming proceeds of US$4.3 billion, and Global Infrastructure Partners provided US$2.0 billion in August 2026.

Copper, iron ore and growth projects

Copper delivered record underlying EBITDA of more than US$18 billion, about 54% of the group, with production of about 2 million tonnes for a second year. WAIO achieved record production and shipments, and the company announced Ministers North, a new Pilbara mine. At Escondida, US$0.5 billion of pre-commitment funding was approved for a new concentrator ahead of a final Investment decision in calendar 2027 to 2028.

Jansen Stage 1 is 84% complete with first production targeted for mid-calendar 2027. The release says BHP’s copper project pipeline across Chile, Australia and Argentina could lift copper production by about 40% by FY35.

Safety

A contracting colleague was fatally injured at BMA’s Peak Downs mine in July 2026, and investigations are continuing.

Sector backdrop

Large diversified miners’ Earnings depend heavily on iron ore and copper prices, and the release notes copper Demand growth linked to power grids and technology.

Risks shareholders should weigh

Results benefited from higher realised prices, which can fall. The Jansen project and copper growth projects require large Capital and carry construction and ramp-up risks.

Net debt reduction included one-off proceeds such as silver streaming. A fatality occurred at BMA during the period, and safety remains a risk.

Escondida concentrator approval is subject to a later final investment decision.

What’s next

Jansen first production is targeted for mid-calendar 2027, and the Escondida concentrator decision is expected in calendar 2027 to 2028. Shareholders may wish to watch for the Ministers North development and the next operational review.

FAQs

Q: What was BHP’s final dividend?

A:99 US cents per share, the largest in four years according to the release.

Q: How large was copper’s share of earnings?

A:Copper contributed more than US$18 billion of underlying EBITDA, about 54%.

Q: When is Jansen Stage 1 expected to produce?

A:First production is targeted for mid-calendar 2027, with the stage 84% complete.

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