The world's largest listed mining company has delivered a robust financial performance, with underlying profits climbing nearly one-third on the back of stronger commodity prices. For the twelve months ending in June, underlying earnings rose to $13.2 billion, a 30% increase year-on-year, surpassing analyst projections.

This marks a significant milestone as copper revenue exceeded iron ore revenue for the full year for the first time. The company announced a final dividend of 99 US cents per share, representing a payout ratio of 72%, as disclosed in Tuesday's regulatory filing.

Copper prices surged to record highs during the reporting period, while iron ore, another core product, maintained its strength. Chief Executive Officer Brandan Craig commented: "Production stability combined with elevated commodity prices have driven a substantial uplift in earnings. Copper is the engine powering BHP's growth."

Looking ahead, the company forecasts global copper demand will rise from approximately 34 million tonnes per year today to 50 million tonnes annually by 2050. This outlook underpins the strategic pivot towards this critical metal for electrification, a direction that also prompted last year's unsuccessful takeover attempt of Anglo American.

However, existing copper output at the company's Chilean operations is currently declining due to lower ore grades and aging mines. Consequently, significant capital expenditure, amounting to billions of dollars, is required merely to sustain current production levels.

Craig, who formally assumed the CEO role on July 1st, faces the primary challenge of advancing large-scale growth projects. These initiatives encompass expanding copper assets in both South America and Australia, alongside developing a potash business intended for fertilizer production.