BHP Q2 Iron Ore Production Down

(RTTNews) - BHP (BHP.AX, BLT.L, BBL, BHP) reported that its second quarter total iron ore production decreased to 65.76 million tonnes from 66.90 million tonnes in the prior year.

Western Australia Iron Ore or WAIO production for the second quarter decreased to 64.46 million tonnes from 65.81 million tonnes in the prior year. Quarterly WAIO production for the quarter declined to 72.67 million tonnes from 74.29 million tonnes in the previous year on a 100 per cent basis.

The company said that iron ore production was reported on a wet tonnes basis.

BHP maintained its fiscal 2024 production estimates for Western Australia iron ore at between 250 million tonnes and 260 million tonnes, 282 million tonnes and 294 million tonnes on a 100% basis.

Total copper production for the second quarter increased to 437,400 tonnes from 424,300 tonnes last year.

Copper guidance for fiscal year 2024 remains unchanged at between 1.72 million tonnes and 1.91 million tonnes.

According to the company, the nickel industry is undergoing a number of structural changes and is at a cyclical low in realized pricing. Nickel West is not immune to the challenges. Operations are being actively optimized, and options are being evaluated to mitigate the impacts of the sharp fall in nickel prices.