BHP hits record for full-year iron ore production, meeting guidance (NYSE:BHP)

BHP (NYSE: BHP) said on Tuesday that it had identified Another record for annual iron ore production Meeting expectations, with steady production expected for next year.

The world’s largest mining company by market value said in its report Operations Review for Fiscal Year 2024 It was produced. 69.2 million tonnes of iron ore in the second quarter, mostly from Western Australia’s iron ore operations in the Pilbara region, took the full year to a record 259.7 million tonnes, up 1% year-on-year and in line with guidance.

BHP has started increasing production from its newest and largest iron ore mine, South Flank in the Pilbara, which the company said reached full capacity during the year.

The company expects iron ore production next year to be 2% higher or lower than the 2024 fiscal year production.

BHP’s annual copper production rose 9% to 1.87 million tonnes, also in line with guidance, helped by its acquisition of Oz Minerals last year as well as support from the Escondida mine and South Australian operations.

The company expects copper production next year to rise by up to 10%.

However, BHP said metallurgical coal production fell 23% to 22.3 million tonnes and forecast a further decline of 15% to 25% in the new financial year, before it expects to increase again in the next five years.

BHP said its annual nickel production rose 2% to 81.6 thousand tonnes, and said last week it would close its nickel operations in Australia later this year due to a global surplus of the metal.