BHP increases copper and iron ore production, achieves annual guidance
Global mining group Mining giant BHP announced Thursday that in the fiscal year ended 30 June 2023 (FY23), its total copper production increased by 9% y-o-y to 1,717 kt.
The company said that in FY23, Escondida copper production increased by 5% to 1,055 kt primarily due to higher concentrator feed grade of 0.82%, compared to 0.78% in the 2022 financial year.
BHP’s total copper production for the 2024 financial year is expected to be between 1,720 and 1,910 kt.
The company’s total iron ore production increased by 1% y-o-y to 257 Mt in FY23. Production for the 2024 financial year is expected to be between 254 and 264.5 Mt.
Metallurgical coal production of 29 Mt (58 Mt on a 100% basis) was in line with the prior period. Energy coal production increased by 3% to 14.2 Mt driven by an improvement in weather conditions in the second half of the year and an uplift in truck productivity compared to the prior year.
The company’s nickel production increased by 4% to 80 kt due to an increased proportion of concentrate and matte products and inventory drawdowns. Nickel production is expected to be between 77 and 87 kt for the 2024 financial year.
According to a company press release, FY23 production guidance was achieved for copper, iron ore, metallurgical coal and energy coal, while nickel achieved revised guidance and finished in line with the lower end of original guidance.
BHP also reported that its minerals exploration and evaluation expenditure increased by 37% for the year ended 30 June 2023 to US$350 million, of which US$294 million was expensed.
BHP is a global mining leader. The company is among the world’s top producers of commodities, including iron ore, copper, nickel and metallurgical (steelmaking) coal.
