BHP has capped off the fiscal year ended June 30 with record iron ore output and robust copper production, delivering a strong operational performance despite global macroeconomic headwinds.
The miner set multiple performance records for the fiscal year, spearheaded by a 1 per cent rise in iron ore production to a record 265 million tonnes (Mt).
Western Australia Iron Ore (WAIO) drove this success, achieving record shipments and mining volumes as the massive South Flank mine exceeded its annual nameplate capacity.
BHP also maintained solid momentum in its copper portfolio, producing approximately 2 Mt of copper for the second consecutive year.
While total copper production dipped slightly by 3 per cent to 1,953 kilotonnes (kt) due to planned lower grades at Escondida in Chile, the company capitalised on stronger commodity markets. Realised copper prices surged by around 35 per cent compared to the previous year.
“We finished the year strongly, delivering safe and reliable operations while setting several performance records across the business,” said BHP CEO Brandon Craig.
Craig noted that BHP’s assets are expected to finish within their unit cost guidance, despite persistent challenges from inflation, higher diesel prices, and global supply chain disruptions.
“We enter the new year with momentum and significant opportunities to accelerate improvements in safety, productivity and reliability through our operating system and the adoption of technology.”
Looking ahead, BHP is heavily bolstering its copper growth pipeline. The miner progressed plans to restart Chile’s Cerro Colorado mine, advanced development pathways in South Australia, and secured a 30 per cent stake in Faraday Copper to expand its footprint in the United States.
Additionally, its Jansen potash project in Canada remains on track to begin production next year, providing valuable commodity diversification.
However, BHP expects a temporary copper production decline in fiscal 2027 due to grade variations.
Craig remains confident in long-term demand driven by global megatrends like the energy transition, urbanisation, and digitalisation.
“We remain confident in the demand for our core commodities, supported by the long-term trends shaping the world, including industrialisation, urbanisation, digitalisation, the energy transition, population growth and food security.”
