BHP Q3 Copper Production Down, Cuts FY22 Copper Production View; Stock Down

(RTTNews) - Shares of BHP (BHP.AX, BLT.L, BBL, BHP) were loosing around 3 percent in Australian trading after the mining company reported Thursday that third-quarter copper production dropped 6 percent to 369.7 thousand tonnes.

Iron ore production edged up 1 percent.

For the nine months ended March 31, copper production dropped 10 percent to 1.11 million tonnes, and iron ore production was flat.

Group copper equivalent production decreased 3 percent over the nine months mainly due to lower copper volumes.

Looking ahead for fiscal 2022, the company lowered copper production outlook to between 1,570 and 1,620 kt, from previously expected between 1,590 and 1,760 kt, which reflects lowered production guidance for Escondida.

Full-year nickel production guidance has been lowered to between 80 and 85 kt due to COVID-19 related labour constraints.

Meanwhile, production guidance remains unchanged for iron ore, metallurgical coal and energy coal.

Regarding the proposed merger of BHP's oil and gas portfolio with Woodside Petroleum Ltd, the company said the completion is targeted for June 1, subject to the satisfaction of conditions precedent including approval by Woodside shareholders at the Woodside general meeting on May 19.

In Australia, BHP Group shares were trading at A$50.85, down 2.77 percent.