Sales of key commodities iron ore, copper, and steel-making coal all increased by volume year-on-year in the six months to Dec. 31, 2024, the group said.

But falling iron ore and steel-making coal prices—partially offset by higher copper prices—led to an 8% fall in revenue to $25.2 billion over the same period, it said.

“The demand for BHP products remains strong despite global economic and trade uncertainties, with early signs of recovery in China, resilient economic performance in the U.S. and strong growth in India,” said BHP chief executive Mike Henry.

“The trajectory of the world population growing from eight billion today to 10 billion in 2050, with more people living in cities, together with the energy transition and the growth of data centres and AI, will compound the need for more metals and minerals,” he said.

BHP said underlying net profit slumped 23% to $5.1 billion in the period, after excluding the impact of an exceptional loss in the same period a year earlier.

The group said it expected the world economy to grow by about 3% in 2025 and 2026.

“The impact of policy on trade and inflation remains a key uncertainty, particularly for the United States and its trade partners,” BHP said.

“Developed economies are expected to gradually recover, as interest rates continue to be lowered, with the U.S. economy likely to outperform other developed markets.”