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BHP Group Ltd on Thursday reported higher annual production across the board, meeting its guidance and ending the fourth quarter on a ‘strong’ note. In an operation review, the Melbourne-based diversified mining group said copper production for the financial year that ended June 30 rose 9% to 1.7 million tonnes from 1.6 million tonnes a year earlier. For the fourth quarter that ended June 30, copper output was up 3% to 476,200 tonnes, compared to a year before. Quarter-on-quarter, production increased 17%. Iron ore production inched up 1% to 257.0 million tonnes for the full-year from 253.0 million tonnes. Output grew 2% to 65.3 million tonnes year-on-year in the fourth quarter, and it was 9% higher on a quarterly basis. BHP said its annual metallurgical coal production was flat at 29.0 million tonnes. Output improved 4% to 8.5 million tonnes on the yearly basis in the fourth quarter, and jumped 22% from the fourth quarter in 2022. Nickel production for the year to June 30 rose 4% to 80,000 tonnes from 77,000 tonnes. Output for the fourth quarter climbed 17% to 22,000 tonnes year-on-year. Quarter-on-quarter, production was up 12%. BHP said it met its annual production guidance for copper, iron ore and metallurgical coal. The diversified mining group said average realised prices for copper, iron ore and metallurgical coal products were lower in the 2023 financial year compared to the prior year. But nickel prices remained stable, while thermal coal prices were stronger, predominantly in the first half. Chief Executive Mike Henry said the company finished the year with a strong fourth quarter, increasing annual production across the board and achieving annual records at Western Australia Iron Ore, Olympic Dam in Australia and Spence in Chile. WAIO shipped record volumes on the back of productivity in its supply chain, rail network and car dumpers, while South Flank completed its deployment of autonomous haul trucks in May and is on track to ramp up to full production in the next 12 months, Henry said. Olympic Dam’s improved reliability and productivity delivered record annual output in copper, gold and silver, and the integration of Oz Minerals into the South Australian copper business is expected to lift production to between 310,000 tonnes and 340,000 tonnes in 2024 financial year. Looking ahead, BHP guided for an increase in copper production of between 1.7 million tonnes and 1.9 million tonnes for the financial year ending June 30, 2024. Annual guidance for iron ore ranges from 254.0 million tonnes to 264.5 million tonnes over this period. Full-year metallurgical coal production is projected to range between 28 million tonnes and 31 million tonnes. Output for nickel is estimated at between 77,000 tonnes and 87,000 tonnes. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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