BHP Group Ltd., the world’s largest mining company by market value, has announced a significant increase in copper and iron ore production for the last fiscal year. In addition, the company expects further growth in these commodities for the upcoming year.
Iron Ore Production
During the fiscal fourth quarter, BHP recorded iron-ore output of 65.3 million metric tons, bringing the total production for fiscal year 2023 to 257.0 million tons, a 1% increase compared to the previous year. This achievement is attributed to a highly successful year for BHP’s Western Australian iron-ore business. Notably, the ramping up of the new South Flank mine and improved rail performance have contributed to this record-breaking performance. Looking ahead, BHP aims to achieve an annual output of between 254.0 million and 264.5 million tons in fiscal year 2024.
BHP also recorded a notable increase in copper production, with a 9% rise to 1.72 million tons for the last fiscal year. In the fourth quarter alone, copper production reached 476,200 tons. This remarkable growth can be attributed to higher grades at the massive Escondida mine in Chile and a production record at the Olympic Dam mine in southern Australia. The company has forecasted copper production between 1.72 million and 1.91 million tons for fiscal year 2024.