BHP increased iron ore production by 2% y/y in July-September

Australian mining company BHP Group in the first quarter of the 2024/2025 fiscal year (July-September) increased ore production by 2% year-on-year – to 64.6 million tons, according to the company’s operational review.

Compared to the fourth quarter (April-June) of the previous fiscal year, ore production fell by 7%. This was caused by planned maintenance of equipment and an increase in the scope of works on the implementation of the railway technology program (RTP1).

The miner’s production forecast for the 2024/2025 financial year remains unchanged. In this period, the company plans to produce ore at the level of 255 to 265.5 million tons.

Overall, the mining company reported a successful start to the current financial year with increased production of all major commodities.

BHP Group also commented on the steps taken by the Chinese authorities to stimulate the economy.

“China has announced a series of monetary easing in an effort to support economic growth and has indicated that more fiscal stimulus is on the horizon. Future stimulus is likely to focus on easing local debt, stabilizing the property market and boosting business confidence,» said BHP chief executive Mike Henry.

As GMK Center reported earlier, Rio Tinto and Vale increased iron ore production in the third quarter of 2024, despite the fact that demand from the largest consumer of iron ore in the world – China – was mostly unstable and weak due to economic uncertainty and the crisis in the real estate sector.

In July-September 2024, Rio Tinto increased ore production in the Pilbara region by 1% y/y – up to 84.1 million tons. In the third quarter, Vale produced 90.97 million tons of iron ore, which is 5.5% more compared to July-September 2023.