BHP Increases Annual Copper, Iron-Ore Output

By Rhiannon Hoyle

BHP Group Ltd. said it produced more copper and iron ore last fiscal year and will likely increase production of those commodities again in the year ahead.

The world's biggest mining company by market value on Thursday recorded iron-ore output of 65.3 million metric tons for its fiscal fourth quarter, taking fiscal year 2023 production of the steel ingredient to 257.0 million tons, up 1% year-on-year.

BHP said that reflected a record year for its Western Australian iron-ore business, where the new South Flank mine is ramping up and rail performance has been improving. The mining company expects annual output of between 254.0 million and 264.5 million tons in fiscal year 2024.

BHP recorded a 9% lift in copper production for last fiscal year to 1.72 million tons, including fourth-quarter production of 476,200 tons. The company reported higher grades at the massive Escondida mine in Chile and a production record at its Olympic Dam mine in southern Australia.

The mining company has projected copper production of 1.72 million to 1.91 million tons in fiscal year 2024.

Write to Rhiannon Hoyle at [e-mail]

(END) Dow Jones Newswires

July 19, 2023 19:28 ET (23:28 GMT)

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