BHP has a plan to improve returns from its Queensland coal operations – and selling the business has no part in it, according to chief executive officer Brandon Craig.

He was commenting as the company announced its financial results for FY26, including a net profit of $US9.8 billion ($13.7 billion) across the group, up nine per cent on the previous year.

The steelmaking coal mines the company runs in the Bowen Basin in partnership with Mitsubishi Corporation delivered a 19 per cent lift in underlying EBITDA to BHP in that sector of $US0.7 billion ($0.98 billion).

BHP attributed the lift to higher average realised prices for steelmaking coal and higher sales volumes.

The BHP Mitsubishi Alliance operates the Goonyella Riverside, Broadmeadow, Peak Downs, Saraji and Caval Ridge mines in the Bowen Basin and owns and operates the Hay Point Coal Terminal near Mackay.

Best years ahead for BMA

“BMA is home to some of the world’s best steelmaking coal – an ingredient that will remain critical to steelmaking for decades,” Mr Craig said.

“Having spent a fair bit of time there as well, I know what that business is capable of and firmly believe its best years are in front of it.

“We have a plan to improve performance and returns, and that plan doesn’t include selling the business.”

He said the company’s ongoing focus on strengthening the supply chain and cost productivity was expected to lift production and reduce costs over the medium term.

“And we believe there is potential to invest further if fiscal conditions improve,” he said.

It comes after BMA reported a challenging first half for the 2026 financial year, with a key executive warning of the ‘real headwind’ created by Queensland’s royalties regime.

Fellow Queensland coal power Anglo American recently reached a deal to sell its Queensland steelmaking coal operations to UK-registered mining company Dhilmar for up to $5.43 billion ($US3.875 billion) cash.

BMA’s Bowen Basin mines produced 37.2Mt of coal in FY26 and production for FY27 is expected to be between 37 and 41Mt, weighted to the second half.

The BHP financial report said production across the operations had increased about 10 per cent over the past two years.

Copper powering BHP growth

Mr Craig today described copper as the engine driving the broader group’s growth, with that side of the business delivering a record underlying EBITDA of more than $US18 billion ($25.3 billion) in FY26.

“For the first time, copper contributed more than half our underlying EBITDA and generated significant free cash flow, which means our copper growth is self-funding,” Mr Craig said.

“We have a well-defined project pipeline across Chile, Australia and Argentina that can potentially lift copper production by around 40 per cent by FY35.”