According to a report by Mining.com citing Reuters, BHP Group announced on Tuesday that its iron ore production increased slightly in Q4 last year, while copper production surged by 17%, driven by improved operations at the Escondida copper mine in Chile.
The world's largest publicly traded miner completed an efficiency upgrade at the South Flank iron ore mine in Western Australia, with quarterly production reaching 73.1 million mt, an increase of 400,000 mt compared to 72.7 million mt in the same period last year.
This aligns with the market expectation of 72.8 million mt.
In Q4 2024, BHP's copper production reached 510,700 mt, a 17% increase, primarily due to higher ore grades and improved processing efficiency at the Escondida copper mine.
The company remains optimistic about the long-term copper market, projecting a global copper shortfall of 10 million mt from now until 2035. As a result, it plans to invest $11 billion in the Escondida mine and other copper mines in Chile.
BHP maintained its iron ore production guidance for Western Australia at 282 million mt to 294 million mt and is expected to achieve the upper end of the target.
The company also expects the BMA mines in central Queensland, coal mines in New South Wales, and the Samarco iron ore mine in Brazil, a joint venture with Vale, to meet their H1 2025 production targets.
"We will maintain strong momentum into the second half of the fiscal year, with most mines expected to achieve the upper end of their production targets while strictly controlling costs," BHP CEO Mike Henry stated.
