BHP Group has delivered a strong operational performance for the nine months ended March 31, as its copper production is now expected in the upper half of its guidance range.
While total copper production decreased 3 per cent in the period to 1.46 million tonnes, BHP said its copper production guidance for fiscal 2026 remains unchanged at between 1.9 million tonnes to 2 million tonnes and is now expected to be in the upper half of the range.
The forecast was driven by stellar results at Escondida in Chile, which saw record material mined and concentrator throughput, alongside a 19 per cent production jump at Antamina in Peru.
“BHP has delivered strong performance over the past nine months, including record material mined and concentrator throughput at Escondida and record production at WAIO,” said BHP CEO Mike Henry.
“In copper, strong performance at Escondida and Antamina supports our expectation of delivering production in the upper half of FY26 Group copper guidance.”
Meanwhile for the company’s iron ore operations, Western Australia Iron Ore (WAIO) achieved record production for the nine-month period, keeping the division on track to meet its full-year guidance of 258 million tonnes to 269 million tonnes.
Iron ore production increased 2 per cent to 197 million tonnes. Coal production increased with strong operational performance at the open cut operations, supported by the highest year-to-date stripping volumes in five years.
“Our balance sheet remains strong, and in the last month we have realised US$4.8 bn by completing the Antamina silver streaming transaction and finalising the divestment of Carajás, as well as cash received in relation to the earlier divestment of Blackwater and Daunia,” Henry said.
BHP is focused on advancing copper growth projects. A key milestone was reached at the Resolution Copper project, a joint venture with Rio Tinto, where a land exchange in Arizona has cleared the way for deep underground development at one of the world’s largest untapped copper deposits.
Despite industry-wide inflationary pressures on diesel and consumables exacerbated by Middle East tensions, BHP maintains its unit cost guidance for most assets, citing the advantages of its centralised procurement and low-cost operating model.
