BHP's underlying profit soared by 30%, benefiting from copper prices and iron ore production.

Driven by improved prices for commodities, BHP Groups profits have surged by nearly one-third, with annual copper revenue exceeding iron ore revenue for the first time. The worlds largest mining company reported that for the 12 months ending in June, underlying profit rose to $13.2 billion, a 30% year-over-year increase that surpassed analysts' expectations. In a disclosure made in a filing on Tuesday, the company announced a final dividend of 99 cents, with a payout ratio of 72%. During the reporting period, copper prices soared to record highs, while BHPs other core product, iron ore, remained strong. CEO Mike Henry stated in a statement: The stability of production operations combined with high product prices has driven a significant increase in profits. Copper is the engine driving BHPs growth. BHP predicts that global copper demand will rise from the current approximately 34 million tons per year to 50 million tons per year by 2050.