BHP profit rises 9% as copper becomes top earner

BHP reported a 9% rise in annual net profit to US$9.8 billion for the financial year to June 30, helped by higher copper prices.

The Australian mining group said revenue rose 14.6% to US$58.8 billion. Copper prices were 26% higher on average during the financial year, and the metal generated more than half of BHP's operating profit for the first time.

BHP said it is the world's biggest copper producer and plans to expand copper output by about 40% by 2035. Chief executive Brandon Craig said copper was driving the company's growth.

The company also reported record iron ore production and a strong result in coal. It said it would pay shareholders a four-year record high dividend of US$1.72 a share, equal to US$8.7 billion.

BHP shares rose 3.3% to Aus$64.24 in morning trade.