BHP Posted Second Straight Year of Record Iron Ore Output
July 17, 2024 08:40:40 PM
For the full year ended June 30, BHP Group recorded production of 287.0 million metric tons (Mt) of iron ore.
By Paul Ploumis
SEATTLE (Scrap Monster): BHP Group reported record annual iron ore production during the year ended 30th June, 2024. This is the second consecutive year of record output by the company. The improved weather conditions as well as increased contributions from its South Flank operations in Western Australia contributed to the record production.
The company beat analyst expectations on copper and iron ore production. BHP delivered consistent gains from its Western Australian iron ore operations. The Escondida mine in Chile too reported higher throughput during the year.
For the full year ended June 30, BHP Group recorded production of 287.0 million metric tons (Mt) of iron ore. For the fiscal 2025, it expects to produce between 282 Mt and 294 Mt for fiscal 2025.
The quarterly production figures released by the company exceeded Citi Group’s estimated production across all key divisions. It must be noted that the South Flank operations had ramped up to full operational capacity during the quarter. The quarterly iron ire production from Western Australia totalled 76.8 Mt, beating the consensus brokerage estimates of 75.4 Mt.
The copper production during the quarter amounted to 504.9 kt, recording an increase by 6% over the corresponding quarter a year before, mainly driven by higher concentrate grade and throughput at Escondida.
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