BHP Group, the world’s largest listed miner, has reported record annual iron ore production for a second consecutive year. The company’s iron ore output was helped by improved weather conditions and a higher contribution from its South Flank operations in Western Australia.
BHP beat analyst expectations for both its quarterly iron ore and copper production in its latest production report. The company has been able to consistently increase iron ore production by debottlenecking its Western Australian operations, while also benefiting from higher throughput at its Escondida mine in Chile.
For the full year ended June 30, BHP produced 287.0 million metric tons (Mt) of iron ore. The company expects to produce between 282 Mt and 294 Mt of iron ore in fiscal 2025 as it progresses towards its medium-term target beyond 305 Mt.
The upbeat performance comes after BHP said last week it was suspending its Western Australia nickel operations from October, citing a plunge in the metal’s prices and an oversupply in the global market.
Citi, the brokerage, said BHP finished fiscal 2024 with a strong June-quarter production performance, beating its quarterly production expectations across all key divisions.