BHP reaffirms production guidance, flags 'some deceleration' in growth
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The news: Mining giant BHP said it is on track to deliver its full-year guidance despite reporting a mixed production result for the first quarter.
The numbers: BHP recorded Q1 copper production of 493,600 tonnes, down 4% quarter over quarter, but up 4% compared to the prior corresponding period. Iron ore output came to 64,100 tonnes, down 9% quarter over quarter and 1% year on year.
Steelmaking down fell 5% quarter on quarter to 4,900 tonnes, though this was up 8% year on year. Energy coal dropped 13% quarter on quarter, or 4% year on year, to 3,500 tonnes.
The context: BHP chief executive Mike Henry said overall macro-economic signals for commodity demand "remain resilient", with global growth forecasts lifting. It flagged "major disruptions" at some of its competitors' mines, which have tightened overall market fundamentals and supported its own portfolio.
However, the group expects "some deceleration in growth" during the second half of the 2025 calendar year.
The source: ASX
