BHP Q1 Copper Output Falls 19% on Lower Grades, Disruptions

3-line summary

• BHP's July-September quarter copper output fell about 19% to 400,700 tonnes from 493,600 tonnes a year earlier, driven by planned lower concentrator feed grades at its Escondida and Spence mines in Chile, scheduled maintenance and operational disruptions, severe weather at its Carrapateena mine in Australia, and a conveyor belt failure at Carrapateena.
• Iron ore production rose to 66.5 million tonnes from 64.1 million tonnes a year earlier, with both mines and ports setting quarterly production records in Western Australia despite major planned maintenance; BHP maintained its fiscal 2027 guidance of 1.65-1.80 million tonnes for copper and 260-272 million tonnes for iron ore.
• Average realized copper prices rose 53% year-over-year to $7.01 per pound while iron ore prices fell 9% to $76.27 per wet tonne; BHP said higher commodity prices supported earnings. The company also disclosed it is investigating fatalities at its Escondida and Peak Downs mines, calling safety a key priority. BHP shares (Sydney-listed) fell 2.1% to A$59.22 following the report.

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