Global resources giant BHP has delivered record iron ore and copper production in the year ended June as commodity demand remained resilient despite global volatility and uncertainty.
BHP produced more than 2-million tonnes of copper across the group — a record level of production in a commodity critical to urbanisation, digitisation and electrification, it said.
In Chile, Escondida achieved its highest production in 17 years, and Spence delivered record production. In Australia, Copper South Australia finished the year strongly with copper production records in June and for the final three months of the year.
After delivering 28% copper production growth between financial year 2022 and financial year 2025, guidance for financial year 2026 is between 1.8-million tonnes and 2-million tonnes, it said.
BHP’s Western Australia iron ore operations set multiple records, including for full-year production. South Flank exceeded name plate capacity production in its first full-year of operation after being delivered on time and on budget in 2024.
“The efficiency of our infrastructure hubs continues to strengthen performance with rail, port and technology investments delivering tangible production outcomes,” the group added.
Full-year Iron ore production increased 1% to a record 263-million tonnes. Production for financial year 2026 is expected to increase to between 258-million tonnes and 269-million tonnes, it said.
BHP’s steelmaking coal business increased production by 5% with improved truck productivity offsetting heavy wet weather and geotechnical challenges at Broadmeadow in Queensland.
In Canada, its Jansen Stage 1 potash project continued to progress.
BHP provided an update on the cost and schedule estimates for Stage 1 and said it now expected capital expenditure to be in the range of $7bn-$7.4bn (including contingencies), compared with its original estimate of $5.7bn, and first production to revert to the original schedule of mid-2027 calendar year.
BHP’s group capex guidance remained about $11bn for each of financial year 2026 and financial year 2027.
CEO Mike Henry said commodity demand globally had remained resilient so far in 2025.
“That resilience largely reflects China’s ongoing ability to grow its overall export base despite a significant decline in exports to the US, and its ability to deliver robust domestic demand despite the dislocation in the property sector,” he added.
Copper and steel demand have benefited from a sharp acceleration in renewable energy investment, electricity grid build out, strong machinery exports and EV sales, he said.
“While slower economic growth and a fragmenting trading system remain potential headwinds, stimulus efforts by China and the US would help to mitigate the near-term impact. Going forward, China’s 15th five-year plan is likely to provide more visibility on policies to sustain longer term growth and development,” Henry added.
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