Chief executive Mike Henry trumpeted a strong year “marked by record production”, with annual net profits rising 14% to US$9 billion.

But annual results also laid bare the challenging market conditions facing the world’s largest mining company.

Revenues dropped 8% to US$51 billion, while underlying profits – which can paint a more accurate picture of performance – fell 26% to US$10.2 billion.

The company said falling revenues were “primarily due to the decline in iron ore and coal prices”.

This had been partially rescued by China’s higher-than-expected demand for copper, the company said, a critical mineral used in consumer electronics, rechargeable batteries and power lines.

“Against a backdrop of global uncertainty this strong performance has led to robust financial outcomes and reflects the resilience of BHP’s business and strategy,” said Henry.

“We remain confident in the long-term fundamentals of steelmaking materials, copper and fertilisers, which are critical to global growth, urbanisation and the energy transition.”