BHP signs new Antamina silver deal as first half profit rises 28%

(Alliance News) - BHP Group Ltd on Tuesday lifted its interim dividend after reporting a stronger first half profit, supported by a new silver streaming agreement with Wheaton Precious Metals Corp covering Antamina production in Peru.

The Melbourne, Australia-based diversified miner said attributable profit for the six months to December 31 increased 28% to USD5.64 billion from USD4.42 billion in the same period the previous year. Basic earnings per share rose to 111.1 US cents from 87.1 cents.

Underlying attributable profit grew 22% to USD6.20 billion from USD5.08 billion.

Revenue also climbed 11% to USD27.90 billion from USD25.18 billion on-year.

Total copper revenue from production rose 30% to USD13.11 billion from USD10.08 billion with underlying earnings before interest, tax, depreciation, and amortisation rising 59% to USD8.27 billion from USD5.21 billion.

Total iron ore revenue grew 4.8% to USD12.04 billion from USD11.49 billion with underlying Ebitda increasing 7.3% to USD7.50 billion from USD7.19 billion, while coal revenue dropped 13% to USD2.50 billion from USD2.88 billion and underlying Ebitda falling 54% to USD283 million from USD614 million.

BHP lifted its interim dividend by 46% to 73 US cents per share from 50 cents year-on-year.

Chief Executive Officer Mike Henry said: "This half marks a milestone for BHP with Copper contributing the largest share of our overall earnings, at 51% of Underlying Ebitda. BHP is the world's largest copper producer and with strong performance at Escondida, and solid contributions from our other operations in Chile and South Australia, we have increased FY26 group copper guidance to 1.9 ? 2.0 Mt. This is allowing us to maximise increased earnings from the recent run up in copper prices as well as gold.

"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. We expect first production and revenue from the Jansen Stage 1 potash project in mid-CY27. Following completion of our definitive updated cost estimate, at our recent Operational Review we announced an increase in Jansen Stage 1 project expenditure to USD8.4 billion."

Meanwhile, BHP announced it entered into a silver streaming agreement with Vancouver?based Wheaton Precious Metals, covering silver produced from BHP's share of output at the Antamina mine in Peru.

The deal will deliver USD4.3 billion in upfront proceeds and allows BHP to monetise a non?core by?product while retaining full exposure to copper, zinc and lead production.

BHP said the transaction does not affect its joint?venture rights or existing customer agreements. Completion is expected once customary conditions are met.

"We are pleased to partner with Wheaton ? a global leader in precious metals streaming. BHP's investment in Antamina has delivered value to investors through strong copper production performance, and this agreement further unlocks additional value from the asset in an innovative and disciplined way," said CEO Henry.

Shares in BHP were up 5.9% at AUD53.31 in Sydney on Tuesday morning.

By Judy Amaca, Alliance News reporter Asia-Pacific

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