BHP Increases Annual Copper, Iron-Ore Output
July 19 2023 - 7:43PM
Dow Jones News
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 rhiannon.hoyle@wsj.com
(END) Dow Jones Newswires
July 19, 2023 19:28 ET (23:28 GMT)
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