Core Viewpoint - BHP reported a strong first half of FY26, driven by record operational performance in copper and iron ore, leading to an increase in copper production guidance and progress on long-term growth projects, particularly in copper and potash [1] Group Copper Performance - Copper emerged as the top performer, benefiting from favorable pricing and operational improvements, prompting an increase in group copper guidance for FY26 due to stronger-than-expected delivery across multiple assets [2] - Escondida, BHP's flagship copper operation in Chile, achieved record concentrator throughput, resulting in an expanded production guidance range [2] - Antamina raised its output outlook, while Spence and Copper SA are on track, with Copper SA achieving record refined gold production as a by-product [2] Iron Ore Operations - Iron ore operations delivered record results, with Western Australia Iron Ore (WAIO) achieving its highest-ever first-half production and shipments, positioning the business favorably ahead of the challenging wet season [3] - In Brazil, Samarco volumes increased following strong performance at its second concentrator, which was restarted late in the first half of FY25 [3] Strategic Transactions - BHP announced a transaction with Global Infrastructure Partners regarding WAIO's inland power network, expected to generate approximately US$2 billion in proceeds while allowing BHP to retain ownership and operational control, described as innovative and value-accretive [4] Coal Production - Steelmaking coal production rose, supported by a five-year high in stripping performance at BMA, while energy coal output increased by 10% year on year, contributing to the group's diversified earnings base [5] Growth Projects - BHP confirmed that the Jansen potash project in Canada is on track for first production in mid-2027, expected to be a long-life, low-cost, and scalable asset aligned with global food security trends [6] - An updated cost estimate for Jansen Stage 1 was released alongside the operational update [6] Global Demand Environment - BHP's performance occurs amid a mixed but resilient global demand environment, with China's commodity demand supported by targeted policy measures and solid exports, although momentum has moderated in the second half of calendar 2025, particularly in construction and infrastructure [7] - India is emerging as a key demand driver, with robust domestic growth supporting rising steel consumption and accelerating copper demand [7]