BHP Group reports Q2 iron ore output 66.9MT, up 1% y/y

Reports Q2 copper production 424.3kt, up 16% y/y. Reports Q2 Metallurgical coal production 7.0MT, up 4% y/y. CEO Mike Henry states: "BHP delivered safe and reliable operating performance in the first half of the 2023 financial year. Employees and contractors across BHP continued to prioritise safety, resulting in the fourth consecutive year without a fatality. WA Iron Ore delivered record production for the half year through strong supply chain performance, supported by the ongoing ramp-up at South Flank. Copper production at Escondida rose despite road blockades in Chile in the December quarter and the Spence Growth Option continued to ramp up, while Olympic Dam’s ongoing smelter performance saw near-record material processing and record gold production. In Queensland, coal production was again impacted by heavy rainfall. As foreshadowed, we are seeing the impact of inflation across our global supply chains and continue to focus on productivity and controllable costs. BHP believes China will be a stabilising force when it comes to commodity demand in the 2023 calendar year, with OECD nations experiencing economic headwinds. China’s pro-growth policies, including in the property sector, and an easing of COVID-19 restrictions are expected to support progressive improvement from the difficult economic conditions of the first half. China is expected to achieve its fifth straight year of over 1 billion tonnes of steel production. During the quarter, we continued to progress a number of growth pathways to shape our portfolio toward future facing commodities and reduce our operational emissions. In December 2022, BHP’s scheme implementation deed to acquire 100% of Australian copper producer OZ Minerals received unanimous support from the OZ Minerals Board ahead of a shareholder vote in the coming months."