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BHP (NYSE:BHP) reported Tuesday it set another record for annual iron ore production that met expectations, while forecasting steady output for the year ahead.
The world’s biggest miner by market value said in its FY 2024 operational review that it produced 69.2M tons of iron ore in the June quarter, mostly from its Western Australia Iron Ore operations in the Pilbara region, lifting the full year to a record 259.7M tons, up 1% Y/Y and in line with guidance.
BHP (BHP) has been ramping up production from its newest and biggest iron ore mine, the South Flank operation in the Pilbara, which the company said reached full production capacity during the year.
The miner estimated iron ore production in the year ahead would be 2% above or below FY 2024 output.
BHP’s (BHP) full-year copper production climbed 9% to 1.87M tons, also in line with guidance, helped by last year’s takeover of Oz Minerals as well as a boost from the Escondida mine and South Australian operations.
For the year ahead, the company estimated copper output could rise by as much as 10%.
However, BHP (BHP) said production of metallurgical coal fell 23% to 22.3M tons and forecast a continued 15%-25% drop in the new fiscal year, before anticipating an increase again in the next five years.
BHP (BHP) reported annual nickel production rose 2% to 81.6K tons; it said last week it will shutter its Australian nickel operations later this year due to a global glut of the metal.
