Record-breaking year for BHP as iron ore and copper deliver stellar results
Total iron ore production for the 12 months rose one per cent compared to the previous year to 263 million tonnes following a strong finish in the fourth quarter.
South Flank exceeded nameplate capacity production of 80mt in its first full year.
Realised prices for a tonne of the steelmaking ingredient plunged 19 per cent to $US83.13 as the heat came out of the commodities market and spot prices fell below the $US100/t barrier multiple times during the year.
The Big Australian said record production was delivered despite the impact of tropical cyclone Zelia and tropical storm Sean that lashed the Pilbara in early 2025, and the planned increase in tie-in activity of its multi-year rail technology program.
Investors may be disappointed by the miner's forecast for the current financial year, with a production guidance range of between 258mt and 269mt.
Total copper production jumped for a third consecutive year, a 28 per cent increase from FY22, to a record 2.02 million tonnes.
But output is expected to dip this year to between 1.8mt and 2mt as its Escondida mine in Chile taps into lower grade ore.
Escondida accounted for the bulk of global production, delivering 1.3mt — a 16 per cent rise on the previous year and its highest production figure in 17 years thanks to record concentrator throughput and improved recoveries.
'BHP delivered record iron ore and copper production, which demonstrates the strength and resilience of our business and underpins our ability to deliver growth and returns to shareholders amid global volatility and uncertainty,' the miner said.
It noted commodity demand globally remained resilient so far in 2025, largely reflecting China's 'ongoing ability to grow its overall export base' despite a significant decline in exports to the US amid its trade feud with president Donald Trump and a floundering property market.
'Copper and steel demand have benefited from a sharp acceleration in renewable energy investment, electricity grid build out, strong machinery exports and EV sales,' BHP said.
'While slower economic growth and a fragmenting trading system remain potential headwinds, stimulus efforts by China and the US would help to mitigate the near-term impact.
'Going forward, China's 15th five-year plan is likely to provide more visibility on policies to sustain longer term growth and development.'
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