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Mining giant BHP increases copper and iron ore production in 9M of fiscal 2023

Kitco Media
By Vladimir Basov
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(Kitco News) - Global mining group BHP announced on Thursday that in the nine months ended 31 March 2023 (9M23), its total copper production increased by 12% y-o-y to 1,240 kt.

The company said that in 9M23, Escondida copper production increased by 7% to 762 kt primarily due to higher concentrator feed grade, adding that Pampa Norte copper production increased by 8% to 220 kt as a result of higher concentrator throughput at the Spence Growth Option.

Antamina copper production decreased by 8% to 102 kt reflecting expected lower copper feed grades, partially offset by higher throughput.

Olympic Dam copper production of 156 kt was an increase of 88% on the prior period, primarily as a result of the major smelter maintenance campaign across the December 2021 and March 2022 quarters.

BHP’s total copper production guidance for the 2023 financial year remains unchanged at between 1,635 and 1,825 kt.

The company’s total iron ore production increased by 1% to 192 Mt. Guidance for the 2023 financial year remains unchanged at between 249 and 260 Mt.

Metallurgical coal production decreased by 2% to 21 Mt (41 Mt on a 100% basis) as a result of significant wet weather. Full year production is expected to be at the bottom of the guidance range of between 29 and 32 Mt (58 and 64 Mt on a 100% basis), with further wet weather in the June 2023 quarter posing a risk to this outcome.

The company’s nickel production was in line with the prior period at 58 kt. However, BHP has revised its nickel production guidance for the 2023 financial year to between 75 and 85 kt (from between 80 and 90 kt) due to operational challenges.

BHP is a global mining leader. The company is among the world’s top producers of commodities, including iron ore, copper, nickel and metallurgical (steelmaking) coal.

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Vladimir Basov

Vladimir (PhD, MEng in Mining) is a professional mining engineer, scientist and analyst that has more than 20 years of practical in-field and research experience. He is particularly interested in collecting, processing baseline data and writing insightful data-driven mining industry analytics, articles, statistical and research reports.

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