BHP hits FY guidance after strong June quarter
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The news: Mining giant BHP has hit its full-year production and cost guidance after lifting output for most of its commodities in the June quarter.
The numbers: June quarter iron ore output from the Pilbara operations was up 6% to 69.2 million tonnes, helping it achieve 259.7 million tonnes for the fiscal, within its guidance range.
Copper production also rose 6% in the fourth quarter, helping it to a full-year output of 1.865 million tonnes.
The context: The company said iron ore operations in the Pilbara delivered a second consecutive year of record production on the back of ongoing incremental improvements along its supply chain. Strong performance across the copper business was underpinned by the highest production in four years at Escondida and record production from Spence in Chile.
It said average realised prices for copper and iron ore were higher in FY24, while metallurgical coal prices remained relatively stable, while nickel and energy coal prices were lower.
The company has kept FY25 production guidance at similar levels for iron ore and copper, but expects lower production of metallurgical coal in Australia.
The source: ASX announcement
