Shares in BHP Group Limited surged to a record high on Tuesday, closing at $52.74 AUD, a gain of 4.73%, after the mining giant reported a $US5.64 billion ($8 billion AUD) first-half profit. The increase, driven by strong copper earnings, added more than $15 billion to the company’s market capitalization, reaching a peak of $54.20 during trading, according to the Australian Financial Review.
The results mark a significant shift for BHP, with copper now generating more profit than iron ore. This performance was bolstered by a $US4.3 billion upfront payment secured under a long-term silver financing deal with Wheaton Precious Metals. Betashares senior investment strategist Cameron Gleeson noted the strength in copper production and an upgrade to forward guidance were particularly notable, especially given industry trends of lowered supply expectations through 2027.
The ASX 200 Index mirrored the positive sentiment, rising 21.80 points, or 0.2%, to close at 8958.90. Materials was the best-performing sector on the Australian Securities Exchange. Trading volumes were subdued, however, due to the Presidents’ Day holiday in the United States and the Lunar New Year celebrations in China.
Beyond BHP, other companies also saw significant movement. JB Hi-Fi shares increased by 8.1% following broker upgrades, while PME Group bounced 7.7%. Reliance Worldwide, however, experienced a decline after reporting a challenging first half.
The positive performance of BHP contributed to an overall gain for the ASX, despite Wall Street being closed and China observing the Lunar New Year. The company’s first-half profit represents a 28% increase, fueled by the strong performance of its copper division. According to Yahoo Finance data as of February 17, 2026, BHP’s forward dividend yield stands at 3.40% with an ex-dividend date of September 4, 2025.
AFIC CEO, Mark Freeman, is set to depart the company, adding another layer to the day’s market developments. News of Freeman’s exit came alongside the broader market gains, though the specific reasons for his departure were not immediately detailed.
BHP’s Vicuna project in Argentina also received attention, with the company announcing an $18 billion copper investment. This investment underscores BHP’s commitment to expanding its copper portfolio, capitalizing on the commodity’s increasing profitability. The company’s earnings call highlighted the strong iron ore output and higher copper prices as key drivers of the positive results.
