In a review of the first half of the 2024–25 financial year (FY25), BHP has reflected on how it has temporarily set down nickel to successfully grasp copper with both hands – and the proof is in the pudding.
Copper production was up 10 per cent across BHP operations in the six months to December 31 2024.
The jump was driven by a strong performance at its Escondida operation in Chile, which saw production volumes increase by 22 per cent for a total 644,000 tonnes (t).
This more than offset a six per cent decrease at Olympic Dam in South Australia, which was hamstrung by a two-week power outage in October brought on by extreme winds.
The wind-down in Western Australian nickel production was in line with BHP’s plan to put the commodity on the back burner, which has seen 800 workers redeployed to other operations so far.
Iron ore was also up two per cent overall, with BHP’s WA Iron Ore (WAIO) enjoying a strong supply chain performance. Steelmaking coal production was also up 14 per cent.
“BHP delivered safe and reliable performance in the first half (of FY25),” BHP chief executive officer Mike Henry said.
“Our flagship copper, iron ore and steelmaking coal assets delivered particularly strong production in the period.
“WAIO shipped record half-year tonnes through the port, enabled by supply chain improvements following the completion of major debottlenecking at the port.”
Looking ahead to the second half of FY25, the Big Australian has left the production guidance across its portfolio largely unchanged.
Success at WAIO, the Samarco iron ore operation in Brazil, BHP Mitsubishi Alliance’s (BMA) steelmaking coal operations, and Mt Arthur coal in New South Wales has seen all four operations expected to hit the top end of their production guidance ranges.
Additionally, the Jansen Stage 1 potash project in Canada is now 63 per cnet complete, with first production scheduled for late 2026.
“We are well positioned to continue strong momentum into the second half with a number of assets now expected to deliver production in the upper half of their respective ranges, while maintaining tight cost control,” Henry said.
“BHP is in good shape and we have a clear pathway for growth.”
