BHP Annual Production Report: Record Iron Ore Output, Copper Production Declines

1. The world's largest mining company by market capitalization, BHP Group, has released its production report for fiscal year 2026 ending June 30. Affected by declining ore grades at the Escondida copper mine in Chile, annual copper production reached 1.95 million tons, down 3% year-on-year, within the forecast range of 1.9 million to 2 million tons. The company expects copper production to further drop to 1.65 to 1.8 million tons in fiscal 2027. 2. In the iron ore segment, annual production reached 264.7 million tons, up 1% year-on-year, hitting a record high and surpassing the forecast range of 258 million to 269 million tons. Metallurgical coal production was 18.6 million tons, up 3% year-on-year, also exceeding expectations. 3. From a quarterly perspective, fourth-quarter copper production was 491,900 tons, down 5% year-on-year, mainly due to the impact of declining grades at Escondida and maintenance activities; iron ore production was 68.1 million tons, down 3% year-on-year, affected by the maintenance at the Spence ore processing plant in Chile and adverse weather in South Australia; metallurgical coal production was 5.7 million tons, up 10% year-on-year; thermal coal production was 4.2 million tons, up 3% year-on-year. 4. In terms of overall performance, BHP has released multiple production figures that exceeded expectations, with copper output in line with guidance and both iron ore and coal outperforming forecasts. In addition, in May 2026, the company submitted a $49 billion acquisition offer to Anglo American, and if the transaction is completed, it will further consolidate its position as one of the world's largest copper producers.