BHP says ready to finish year strongly

BHP Group Limited NPV (DI)

2,213.00p

13:05 07/11/24

3.12%

67.00p

BHP said it was ready to finish the year strongly as the miner reported record production at its Western Australia iron ore business in the first nine months.

Mining

11,339.73

13:05 07/11/24

-1.33%

-153.15

The company left annual production guidance for iron ore and petroleum unchanged but reduced guidance for metallurgical coal and energy coal, due mainly to wet weather.

Iron ore production rose 4% to 188 metric tonnes in the nine months to the end of March and BHP said it expected annual production to be between 245 metric tonnes and 255 metric tonnes. Petroleum production fell 8% to 75.8 megatonnes.

BHP cut its guidance for metallurgical coal to 70-73 metric tonnes from 71-77 metric tonnes and for energy coal guidance reduced to 18-20 metric tonnes from 21-23 metric tonnes.

Mike Henry, BHP's chief executive, said: "BHP's strong safety and operational performance continued during the quarter, with record year-to-date production at Western Australia Iron Ore, the Goonyella Riverside metallurgical coal mine in Queensland and concentrator throughput at Escondida in Chile.

"With our focus on keeping our people safe, costs down and productivity up, we are well positioned to finish the year strongly and continue delivering the essential products the world needs."