BHP experienced a dip in iron ore and copper output during the final quarter of FY26. Western Australia Iron Ore (WAIO) needed between 68 million and 80 million tonnes in the fourth quarter to meet its guidance of 284 million to 296 million tonnes, with a midpoint target of 74 million tonnes. Group copper production stood at 1.461 million tonnes by March, requiring at least 489,000 tonnes in the last quarter to reach the upper half of its 1.9 million to 2.0 million-tonne guidance for FY26. This quarterly slowdown comes as CEO Brandon Craig takes over from Mike Henry.
Despite the immediate production slips, BHP remains committed to significant copper growth, aiming for approximately 2 million tonnes of attributable copper production in the 2030s. The company increased its FY26 copper production guidance due to strong delivery from assets like Escondida, which achieved record concentrator throughput, and Antamina. Copper prices were up 32% year-on-year, contributing to copper accounting for over half of the group's profit for the first time.
In iron ore for FY26, the guidance remains unchanged at between 258 and 269 million tonnes, with WAIO achieving a 1% increase to 130 million tonnes (147 million tonnes on a 100% basis) in the first half. BHP also announced a transaction with Global Infrastructure Partners involving WAIO's inland power network, expected to generate approximately $2 billion while retaining ownership. The Jansen potash project in Canada is on track to begin production in mid-2027, adding a new commodity to BHP's portfolio and further diversifying its assets.
