BHP GROUP LIMITED has reported a strong operational performance, with record iron ore production and the highest copper production in over 15 years. The company's Chief Executive Officer, Mike Henry, highlighted the achievement of several production records and meeting current production and unit cost guidance for all commodities in the fourth quarter. The Western Australia Iron Ore (WAIO) segment delivered a second consecutive year of record production, with ongoing incremental improvements driving progress towards the medium-term goal of increasing production to greater than 305 Mtpa.
The copper business also demonstrated a strong performance globally, with the highest production in four years at Escondida and another year of record production from Spence in Chile. The successful integration at Copper South Australia exceeded the annualized synergies planned at the time of the OZL acquisition. Additionally, the company completed the sale of the Blackwater and Daunia metallurgical coal operations and has plans in place to increase production at BMA in the next five years.
BHP GROUP LIMITED continues to execute its strategy, focusing on growth options in commodities essential for the energy transition and population growth. This includes the Jansen potash mine in Canada, where construction of Stage 1 is over 50% complete, and Stage 2 is underway, with first production expected by the end of the decade. However, the company announced the temporary suspension of its Western Australia Nickel operations from October 2024 due to an oversupply in the global nickel market and protracted low nickel prices.
Overall, BHP GROUP LIMITED's operational review reflects a robust performance, with significant achievements in iron ore and copper production, strategic progress in growth options, and proactive measures in response to market conditions.