Miners BHP and Antofagasta cash in on soaring copper demand as investors pile into metals

Leading miners have reported stronger-than-expected results as demand for copper soars. 

BHP said the red metal had contributed the largest share of its overall earnings in the six months to 31 December, surpassing iron ore for the first time.

The miner, which is the world’s largest copper producer, said underlying attributable profits had jumped 22 per cent to $6.2billion (£4.57bn), noting higher than average copper and iron ore prices.

Meanwhile, Antofagasta reported a 52 per cent jump in core profit driven by increased demand and higher prices. Ebitda for the full year to 31 December rose to a record $5.2billion, (£3.83bn) in line with expectations.

Both miners’ share prices have soared over the past year, as investors pour more money into commodities to protect their portfolios.

Miners BHP and Antofagasta both reported stronger demand for copper 

BHP’s London-listed shares opened 2 per cent higher, bringing its year-to-date gains to over 20 per cent. 

Antofagasta opened nearly 4 per cent lower following a modest drop in production, but is up 11 per cent year-to-date.

As gold and silver prices skyrocketed, so too did copper. Prices reached a record high last month as concerns over military action in the Middle East came into focus. It hit a fresh high of around $14,000 before receding to trade at around $12,700 a tonne on Monday.

Antofagasta chief executive Ivan Arriagada said: ‘Copper’s fundamental value continues to be demonstrated through sustained demand growth, driven by the global structural trends of energy security and electrification, which saw copper achieve record prices in 2025.’

BHP said commodity demand had been ‘robust’ with concerns over trade policy leading ‘to some front-loading of demand’.

Copper contributed $7.95billion (£5.86bn) to BHP’s operating earnings in the first half of the year, ahead of iron ore’s $7.5billion, (£5.52bn) making up 51 per cent of the group’s total underlying operating earnings of $15.46billion (£11.39bn).

It raised its production guidance to 1.9 to 2million tonnes which it said would allow it to ‘maximise increased earnings from the recent run up in copper prices as well as gold.’ 

Antofagasta’s copper guidance was unchanged at 650,000-700,000 tonnes.

BHP boss Mike Henry said: ‘With four compelling growth options across Chile, Argentina, Arizona and South Australia, we are well positioned to capture the forecast higher long term copper prices.’

Both miners announced increases in final dividends. BHP said it would pay 73 cents a share while Antofogasta has recommended a final dividend of 48 cents per share, which was below expectations. 

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