BHP delivers record annual iron ore production

17th Jul 2024 07:43

(Sharecast News) - Mining and metals giant BHP has delivered record annual iron ore production for the second year in a row, with an increased contribution from its South Flank operation in Western Australia giving it a boost.

BHP said on Wednesday that it had produced 287.0m tonnes of iron ore in the year ended 30 June, up 1% year-on-year,

Iron ore output from BHP's Western Australia operations came to 76.8m tonnes on a 100% basis, coming in ahead of estimates of 75.4m tonnes and 72.7m tonnes recorded in the prior year. BHP also noted that its South Flank operations had ramped up to its full operational capacity of 80.0m tonnes during Q4.

Chief executive Mike Henry said: "We finished the year with a strong fourth quarter, achieving several production records and we are meeting current production and unit cost guidance for all commodities."

"We continued to execute against our strategy, progressing growth options in the commodities the world needs to meet the demands of the energy transition and population growth."

BHP, which will report its full-year results on 27 August, said it was targeting somewhere between 282.0m and 294.0m tonnes of iron ore as it progresses towards its medium-term target of 305.0m tonnes.

As of 0825 BST, BHP shares were up 0.046% at 2,192.0p.

Reporting by Iain Gilbert at Sharecast.com