BHP record copper and iron ore production drives strong 2025 performance

(Posted on 21/07/25)

BHP have released their Operational Review for the year ended 30 June 2025.

BHP Chief Executive Officer, Mike Henry: "BHP delivered record iron ore and copper production, which demonstrates the strength and resilience of our business and underpins our ability to deliver growth and returns to shareholders amid global volatility and uncertainty.

BHP’s WA 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 FY24. The efficiency of our infrastructure hubs continues to strengthen performance with rail, port and technology investments delivering tangible production outcomes. Our steelmaking coal business increased production by 5% with improved truck productivity offsetting heavy wet weather and geotechnical challenges at Broadmeadow.

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. In Chile, Escondida achieved its highest production in 17 years, and Spence delivered record production. In Australia, Copper SA finished the year strongly with copper production records in June and for the final three months of the year.

In Canada, Jansen Stage 1 continues to progress. Today, we are providing an update on the cost and schedule estimates for Stage 1. We estimate capital expenditure to be in the range of US$7.0 bn to US$7.4 bn (including contingencies), versus our original estimate of US$5.7 bn, and first production to revert to the original schedule of mid-CY27. Our Group capex guidance remains ~US$11 bn for each of FY26 and FY27.

Commodity demand globally has 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 USA, and its ability to deliver robust domestic demand despite the dislocation in the property sector. Copper and steel demand have benefited from a sharp acceleration in renewable energy investment, electricity grid build out, strong machinery exports and EV sales. While slower economic growth and a fragmenting trading system remain potential headwinds, stimulus efforts by China and the USA would help to mitigate the near-term impact. Going forward, China’s 15th 5-year plan is likely to provide more visibility on policies to sustain longer term growth and development."