BHP Delivers Record Iron Ore Output, Meets Copper Guidance
Synopsis
The mining giant reported record iron ore production and delivered copper output within guidance for FY26, supported by stronger realised prices for both commodities.
Key Highlights
- BHP reported recorded production in FY26, with copper and iron ore output meeting guidance.
- Iron Ore production increased by 1%, at 264.7 million tonnes content; 274 million tonnes mass.
- Copper output rose to 1.95 million tonnes, in line with the company’s annual forecast.
BHP seems optimistic about the 2026 financial year, which reported record production with iron ore and copper output meeting the company’s production guidance.
Copper production reached 1.95 million tonnes down 3% from the previous year, although within its guidance of 1.9 million t to 2 million tonnes. BHP forecasts copper production of 1.65 million to 1.8 million tonnes in FY27.
In the same period, iron ore production rose 1% year on year to 264.7 million tonnes, again with its guidance band of 258 million to 269 million tonnes intact. The company has guided for iron ore production of 260 million to 272 million tonnes for FY27.
Higher Commodity Prices Support Performance
BHP said it had benefited from stronger realised prices for copper and iron ore over the year, with copper around 35% higher than a year ago.
The company also said cost control remained especially strong, with each asset expected to stay within its unit cost guidance range in the first half due to inflation, higher natural gas prices and global supply chain disruptions.
Despite commodity market volatility, last week Chief Executive Brandon Craig was discussing the wider economic outlook on which he said remains resilient. It continues to see strength in the US and China, confident in long-term demand for its core commodities supported by industrialisation, urbanisation, digitalisation, the energy transition, supermarket population growth and food security.
Source: Capital Brief
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