BHP logs record copper output but flags Jansen delay and cost blowout
The world's largest listed miner achieved copper production of 2.02 Mt in fiscal 2025, at the upper end of its forecast range. However, it expects output to drop to between 1.8 Mt and 2.0 Mt in fiscal 2026, reflecting planned lower grades at its flagship Escondida mine in Chile.
BHP also reported record annual iron ore production of 290 Mt, at the upper end of its guidance, while its fourth-quarter output of 77.5 Mt beat a Visible Alpha consensus estimate of 75.90 Mt.
The miner said first production from its Jansen Stage 1 potash project in Canada has been pushed back to mid-2027 from the previously targeted end-2026, while capital expenditure estimates have surged to $7.0 billion-$7.4 billion from $5.7 billion - a cost increase of up to 29%.
"The estimated cost increase is driven by inflationary and real cost escalation pressures, design development and scope changes, and our current assessment of lower productivity outcomes over the construction period," BHP said in a statement.
Strong iron ore production in the June quarter helped offset a weak March quarter that was impacted by two tropical cyclones. BHP had undergone a debottlenecking exercise at its Pilbara operations after ramping up the South Flank mine last year.
For fiscal 2026, BHP expects iron ore production between 284 Mt and 296 Mt.
The company is also assessing a potential divestment of its Western Australia Nickel assets as part of an ongoing review, citing balance sheet impacts from the nickel business.
"Any decision to divest will be subject to an assessment against other options, including continuing temporary suspension, restart or closure," it said.
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BBC News
3 hours ago
- BBC News
The rise of green tech is feeding another environmental crisis
Raquel Celina Rodriguez watches her step as she walks across the Vega de Tilopozo in Chile's Atacama salt flats. It's a wetland, known for its groundwater springs, but the plain is now dry and cracked with holes she explains were once pools."Before, the Vega was all green," she says. "You couldn't see the animals through the grass. Now everything is dry." She gestures to some grazing generations, her family raised sheep here. As the climate changed, and rain stopped falling, less grass made that much it worsened when "they" started taking the water, she explains. "They" are lithium companies. Beneath the salt flats of the Atacama Desert lie the world's largest reserves of lithium, a soft, silvery-white metal that is an essential component of the batteries that power electric cars, laptops and solar energy the world transitions to more renewable energy sources, the demand for it has soared. In 2021, about 95,000 tonnes of lithium was consumed globally - by 2024 it had more than doubled to 205,000 tonnes, according to the International Energy Agency (IEA). By 2040 it's predicted to rise to more than 900,000 tonnes. Most of the increase will be driven by demand for electric car batteries, the IEA say environmental costs to them have risen this soaring demand has raised the question: is the world's race to decarbonise unintentionally stoking another environmental problem? Flora, flamingos and shrinking lagoons Chile is the second-largest producer of lithium globally after Australia. In 2023, the government launched a National Lithium Strategy to ramp up production through partly nationalising the industry and encouraging private finance minister previously said the increase in production could be by up to 70% by 2030, although the mining ministry says no target has been set. This year, a major milestone to that is set to be reached. A planned joint enterprise between SQM and Chile's state mining company Codelco has just secured regulatory approval for a quota to extract at least 2.5 million metric tonnes of lithium metal equivalent per year and boost production until government has framed the plans as part of the global fight against climate change and a source of state companies predominantly extract lithium by pumping brine from beneath Chile's salt flats to evaporation pools on the surface. The process extracts vast amounts of water in this already drought-prone region. Faviola Gonzalez is a biologist from the local indigenous community working in the Los Flamencos National Reserve, in the middle of the Atacama Desert, home to vast salt flats, marshes and lagoons and some 185 species of birds. She has monitored how the local environment is changing."The lagoons here are smaller now," she says. "We've seen a decrease in the reproduction of flamingos."She said lithium mining impacts microorganisms that birds feed on in these waters, so the whole food chain is points to a spot where, for the first time in 14 years, flamingo chicks hatched this year. She attributes the "small reproductive success" to a slight reduction in water extraction in 2021, but says, "It's small.""Before there were many. Now, only a few."The underground water from the Andes, rich in minerals, is "very old" and replenishes slowly."If we are extracting a lot of water and little is entering, there is little to recharge the Salar de Atacama," she explains. Damage to flora has also been found in some areas. On property in the salt flats, mined by the Chilean company SQM, almost one-third of the native "algarrobo" (or carob) trees had started dying as early as 2013 due to the impacts of mining, according to a report published in 2022 by the US-based National Resources Defense the issue extends beyond Chile too. In a report for the US-based National Resources Defense Council in 2022, James J. A. Blair, an assistant professor at California State Polytechnic University, wrote that lithium mining is "contributing to conditions of ecological exhaustion", and "may decrease freshwater availability for flora and fauna as well as humans".He did, however, say that it is difficult to find "definitive" evidence on this topic. Mitigating the damage Environmental damage is of course inevitable when it comes to mining. "It's hard to imagine any kind of mining that does not have a negative impact," says Karen Smith Stegen, a political science professor in Germany, who studies the impacts of lithium mining across the issue is that mining companies can take steps to mitigate that damage. "What [mining companies] should have done from the very beginning was to involve these communities," she example, before pumping lithium from underground, companies could carry out "social impact assessments" - reviews which take into account the broad impact their work will have on water, wildlife, and communities. For their part, mining companies now say they are listening. The Chilean firm SQM is one of the main one of their plants in Antofagasta, Valentín Barrera, Deputy Manager of Sustainability at SQM Lithium, says the firm is working closely with communities to "understand their concerns" and carrying out environmental impact feels strongly that in Chile and globally "we need more lithium for the energy transition."He adds that the firm is piloting new technologies. If successful, the idea is to roll these out in their Salar de Atacama include both extracting lithium directly from brine, without evaporation pools, and technologies to capture evaporated water and re-inject it into the land."We are doing several pilots to understand which one works better in order to increase production but reduce at least 50% of the current brine extraction," he said. He says the pilot in Antofagasta has recovered "more than one million cubic metres" of water. "Starting in 2031, we are going to start this transition."But the locals I spoke to are sceptical. "We believe the Salar de Atacama is like an experiment," Faviola says it's unknown how the salt flats could "resist" this new technology and the reinjection of water and fears they are being used as a "natural laboratory."Sara Plaza, whose family also raised animals in the same community as Raquel, is anxious about the changes she has seen in her lifetime. She remembers water levels dropping from as early as 2005 but says "the mining companies never stopped extracting." Sara becomes tearful when she speaks about the future."The salt flats produce lithium, but one day it will end. Mining will end. And what are the people here going to do? Without water, without agriculture. What are they going to live on?""Maybe I won't see it because of my age, but our children, our grandchildren will."She believes mining companies have extracted too much water from an ecosystem already struggling from climate change."It's very painful," she adds. "The companies give the community a little money, but I'd prefer no money. "I'd prefer to live off nature and have water to live." The impact of water shortages Sergio Cubillos is head of the association for the Peine community, where Sara and Raquel says Peine has been forced to change "our entire drinking water system, electrical system, water treatment system" because of water shortages."There is the issue of climate change, that it doesn't rain anymore, but the main impact has been caused by extractive mining," he says since it started in the 1980s, companies have extracted millions of cubic metres of water and brine – hundreds of litres per second."Decisions are made in Santiago, in the capital, very far from here," he says. He believes that if the President wants to fight climate change, like he said when he ran for office, he needs to involve "the indigenous people who have existed for millennia in these landscapes."Sergio understands that lithium is very important for transitioning to renewable energy but says his community should not be the "bargaining chip" in these community has secured some economic benefits and oversight with companies but is worried about plans to ramp up says while seeking technologies to reduce the impact on water is welcome that "can't be done sitting at a desk in Santiago, but rather here in the territory." Chile's government stresses there has been "ongoing dialogue with indigenous communities" and they have been consulted over the new Codelco-SQM joint venture's contracts to address concerns around water issues, new technologies and contributions to the says increasing production capacity will be based on incorporating new technologies to minimise the environmental and social impact and that the high "value" of lithium due to its role in the global energy transition could provide "opportunities" for the country's economic though worries about their area being a "pilot project" and says if the impact of new technology is negative, "We will put all our strength into stopping the activity that could end with Peine being forgotten." A small part of a global dilemma The Salar de Atacama is a case study for a global dilemma. Climate change is causing droughts and weather changes. But one of the world's current solutions is – according to locals – exacerbating is a common argument from people who support lithium mining: that even if it damages the environment, it brings huge benefits via jobs and Jimenez, from lithium consultancy iLiMarkets, in Santiago, takes this argument a step further. He claims that environmental damage has been exaggerated by communities who want a pay-out. "This is about money," he argues. "Companies have poured a lot of money into improving roads, schools – but the claims of communities really go back to the fact they want money."But Prof Stegen is unconvinced. "Mining companies always like to say, 'There are more jobs, you're going to get more money'," she says. "Well, that's not particularly what a lot of indigenous communities want. It actually can be disruptive if it changes the structure of their own traditional economy [and] it affects their housing costs."The jobs are not the be all and end all for what these communities want." In Chile, those I spoke to didn't talk about wanting more money. Nor are they opposed to measures to tackle climate change. Their main question is why they are paying the price."I think for the cities maybe lithium is good," Raquel says. "But it also harms us. We don't live the life we used to live here."Faviola does not think electrifying alone is the solution to climate change."We all must reduce our emissions," she says. "In developed countries like the US and Europe the energy expenditure of people is much greater than here in South America, among us indigenous people.""Who are the electric cars going to be for? Europeans, Americans, not us. Our carbon footprint is much smaller.""But it's our water that's being taken. Our sacred birds that are disappearing."Top image credit: Getty Images BBC InDepth is the home on the website and app for the best analysis, with fresh perspectives that challenge assumptions and deep reporting on the biggest issues of the day. And we showcase thought-provoking content from across BBC Sounds and iPlayer too. You can send us your feedback on the InDepth section by clicking on the button below.
Daily Mail
12 hours ago
- Daily Mail
Costco unveils new perk for members
An unexpected new perk at some Costco stores has left shoppers divided. Executive membership holders have found themselves having first dibs on free samples as the result of a new policy which allows them into the store an hour earlier than other customers. A TikToker posted a video of a sample station at a store open for executive members at 9am , an hour before Costco opens stores for all members. The station featured on the clip included fresh croissants and strawberry jam. Another user also shared a video of a pastry-stocked sample station for early executive members at 9am at her local store. Reddit users claimed employees typically began offering free samples in the late mornings or early afternoons before the new rule came in. While some users were frustrated over the early offerings, others were excited, and a few reminded commenters that samples are available for all Costco shoppers. A couple of people also said they were considering purchasing an executive membership, which starts at $130 a year. Costco's executive members have had the opportunity to take advantage of multiple new benefits this year. They've had the opportunity to receive $10 monthly credit towards delivery orders made on Costco Same-Day or Costco via Instacart since June. The monthly credit offer is available for all executive members in the US and Canada who spend $150 or more on an order. Other benefits executive members can enjoy include exclusive discounts, pet insurance, and additional value within the Costco Auto Program. Around half of Costco shoppers have executive level memberships and account for 73 percent of sales. Shoppers who aren't interested in going the executive route can always purchase a regular Gold Star membership for $65 a year. Unlike other perks, all 50 plus million members around the US and Canada have been able to enjoy extended gas station hours . The chain earned $61.96 billion during its 36-week third quarter period, which ended on May 11. Its net sales were an 8 percent increase from last year's third quarter. It comes after customers were not thrilled to learn of plans to drop Pepsi beverages in Costco food halls throughout the US. Some shoppers have also claimed Costco has quietly raised food court prices in recent months, which the company has yet to confirm is true. has reached out to Costco for comment.
Daily Mail
a day ago
- Daily Mail
Shark Tank's Kevin O'Leary warns against EVER doing this job: 'Slow drift into hell'
Shark Tank's Kevin O'Leary warned top business school graduates that spending more than two years in management consulting will render them 'tainted meat' and 'unemployable for life.' The multimillionaire investor condemned the traditional post-MBA consulting track - long considered a golden ticket for graduates of Harvard, Stanford, and Wharton - and even suggested it was a professional death sentence. The Canadian entrepreneur, who now teaches at Harvard Business School, said he's battling to steer his students away from what he called a lucrative but soul-crushing trap. 'Look, if you want to drift into hell on Earth, stay 24 months in a consulting firm and you are tainted meat for the rest of your life,' O'Leary said to Fortune. 'No one's going to hire you to make a decision because you never have made one.' The remarks have sparked debate in elite academic and corporate circles, as O'Leary doubled down on his view that students choosing six-figure consulting jobs are dooming themselves to mediocrity, irrelevance - and ultimately, a lifetime working for someone else. O'Leary's remarks were made in his capacity as an Executive Fellow at Harvard Business School and come at a time when two-thirds of his MBA students reportedly raise their hands when asked if they're headed into consulting. The executive and former software magnate said he has made it his mission to intervene. 'What I try and do is disrupt a few of them in every class,' he said. 'If I can get four of you to abandon your drift into mediocrity, then I've done a great job here.' O'Leary, who built his fortune through the $4.2 billion sale of SoftKey Software Products, now teaches a course titled The Founder Mindset. But instead of nurturing a generation of risk-takers, he says he's watching a generation settle for safe salaries and predictable promotions. 'They haven't done anything,' O'Leary said of junior consultants. 'They just wrote reports. Didn't matter. 'I always take those résumés of consultants that want to get into the real world, and throw them in the garbage,' he said bluntly. O'Leary does not deny that top consulting jobs offer enviable perks: $250,000 to $350,000 starting salaries, first-class travel, and prestige among peers. But he says there can be a permanent cost to taking such a job. 'If you're there for more than 24 months, you get the virus,' he warned. 'Your résumé says you were someone of no consequence. 'Why would anybody burn all those hours while someone else makes money, and you do nothing of consequence?' he asked. 'I respect all the consulting firms that are out there, but I'm going to do my best to keep people from going into that,' O'Leary said. 'You can go to the soccer games, go to picnics. You can do whatever, and it's a great life,' he said. 'You can provide for a family. But you'll never be free. You'll never be financially free.' O'Leary says freedom doesn't come from a paycheck but from ownership and risk. At Harvard Consulting has long been viewed as the fast track to executive leadership. Harvard MBAs have gone on to lead corporations, run hedge funds, and shape economic policy, but O'Leary says many are still wasting their potential and he is having to battle decades of tradition. He also warns that the entrepreneurial path is not the easy one with long 100-hour weeks, but he insists the pain is worth the prize. 'Entrepreneurship may mean no vacations, sharing an apartment with five roommates, and grinding for years, but once you make it, you can call your own shots' he said.
