BHP has delivered a record result, copper has overtaken iron ore as its largest earnings contributor, and resources have become one of the market's strongest-performing sectors. But is this the beginning of a structural shift, or are investors getting carried away by another commodity cycle?

Drawing on insights from the latest reporting season, Fidelity's Sam Heithersay, Portfolio Manager, Fidelity Australian Equities Fund and Cameron Taylor, Mining Analyst unpack what's driving the rally, where the opportunities lie, and the risks investors shouldn't ignore. 

Key topics discussed:
Why copper has become the market's favourite commodity and what's driving demand.
The biggest risks to the resources rally, from commodity prices to project execution. 
How Fidelity is positioning portfolios amid growing divergence across the mining sector. 
What investors should watch as miners increase spending and pursue growth projects.
How new market entrants could reshape Australia's listed resources landscape.

Read our full disclaimer. This episode was recorded 31 August 2026.

BHP has delivered a record result, copper has overtaken iron ore as its largest earnings contributor, and resources have become one of the market's strongest-performing sectors. But is this the beginning of a structural shift, or are investors getting carried away by another commodity cycle?
Drawing on insights from the latest reporting season, Fidelity's&nbsp;Sam Heithersay, Portfolio Manager, Fidelity Australian Equities Fund and&nbsp;Cameron Taylor, Mining Analyst unpack what's driving the rally, where the opportunities lie, and the risks investors shouldn't ignore.&nbsp;
Key topics discussed:
<ul>
<li>Why copper has become the market's favourite commodity and what's driving demand.</li>
<li>The biggest risks to the resources rally, from commodity prices to project execution.&nbsp;</li>
<li>How Fidelity is positioning portfolios amid growing divergence across the mining sector.&nbsp;</li>
<li>What investors should watch as miners increase spending and pursue growth projects.</li>
<li>How new market entrants could reshape Australia's listed resources landscape.</li>
</ul>
<a href="https://www.fidelity.com.au/disclaimers/fidelity-sound-bites-podcast-disclaimer/">Read our full disclaimer</a>. This episode was recorded 31 August 2026.

Your direct connection to some of Fidelity Australia's leading portfolio managers. Listen in every month as they tell you what’s on their mind when it comes to markets and, their portfolios, as well as special topical bonus episodes.