BHP (ASX:BHP) has become Australia’s most valuable publicly listed business on the Australian Securities Exchange.
The diversified resources giant’s $296.39 billion market capitalisation soared by 1.7% higher than the Commonwealth Bank of Australia’s (ASX:CBA) $291.19 billion market cap on 12 May 2026.
BHP shares closed at $59.78, compared to the formerly federal government–owned bank’s $171.57 per unit.
The mining company’s stock jumped by 52% over the past 12 months due to surging global demand for resources.
Commonwealth Bank shares have experienced sharp increases and gradual declines over the past year, ending 1.1% higher than at the same time in 2025.
BHP CEO Mike Henry reveals that his employer’s copper and iron ore performed strongly during the nine months ending on 31 March 2026.
“Record material [was] mined and concentrator throughput at Escondida and record production at Western Australia Iron Ore,” he says in the company’s latest operational review.
“In copper, strong performance at Escondida and Antamina supports our expectation of delivering production in the upper half of [the] 2026 financial year group copper guidance.”
The mining giant’s balance sheet realised US$4.8 billion ($6.6 billion) between February and March 2026.
This result was partly fuelled by the Antamina silver streaming deal from Wheaton Precious Metals (NYSE:WPM), as well as the sale of BHP’s Carajás Copper and Gold Operation to CoreX Holding.
BHP now plans to apply for a permit for Escondida’s new concentrator project. The Resolution Copper Mine is conducting separate drilling for its mine design and Feasibility Study.
BHP is a global mining, exploration, and development company with worldwide assets.
Write to Richard Szabo at Mining.com.au
Images: BHP-Rio Tinto Resolution Copper Mine
