Investors ‘screwed over’ by BHP as the mining giant takes over ASX 200

BHP and Woodside Energy reported profit increases of 30% and 7% respectively, driven by high commodity prices. BHP's fiscal 2026 profit reached US$13.2 billion. Woodside Energy's first-half 2026 profit rose due to elevated oil and LNG prices. Gold futures pricing suggests low probability of reaching $15,000 by December 2026, despite positive earnings reports.

BHP Group Ltd (ASX: BHP) reached a new record high in August 2026, surpassing all analyst price targets after reporting its most profitable year. FY26 results showed underlying EBITDA of US$32.9 billion, up 27% YoY, driven by strong copper performance and operational improvements. Copper now accounts for 54% of BHP's EBITDA, reflecting strategic investments in copper assets. The share price surged to A$68.22 on the ASX and US$93.80 as an ADR, with analysts divided on future prospects.

BHP's shares reached a record high, pushing its JSE valuation to R4 trillion. Copper, now its top earnings driver, contributed to a 50% year-to-date surge. The company reported a $8.7bn dividend and plans 3-4% annual copper production growth until 2035. CEO Brandon Craig highlighted growth projects, including expansions at Escondida and Vicuna.

BHP Group's shares rose 6.2% during its earnings week, adding A$19.4 billion in market value. The company reported a 30% year-on-year increase in underlying profit to US$13.20 billion, beating estimates by 4.3%. Copper production drove 54% of group EBITDA, contributing to the rally. Analysts' average price target is A$59.83, 8.9% below Friday's close of A$65.16.

NexGen Energy (NXE) is in talks with BHP (BHP) regarding its Rook I uranium project in Saskatchewan. NexGen plans to raise $1B for development, with BHP potentially involved. BHP, a major global uranium supplier, will release its 2026 financial results on 18 August. Rising demand for uranium is driven by AI data centers and nuclear power.

UBS reports diversified miners are focusing on copper expansion for higher valuations. The bank rates Anglo American (£46 target) and Teck Resources (C$105 target) as buys, citing portfolio restructuring and earnings beats. Freeport-McMoRan (NYSE:FCX, $77 target) is also a buy due to Grasberg mine recovery. BHP, Rio Tinto, and Glencore are rated neutral with respective targets of £29.50, £73, and 570 pence. Shares of these companies showed mixed movements in afternoon trading.