BHP reports record iron ore production, shares fall on strike threat

(Sharecast News) - BHP reported record annual iron ore production and delivered around 2 million tonnes of copper for the second consecutive year, although shares fell after reports of potential industrial action involving workers at Port Hedland. Iron ore output rose 1% to a record 264.7 million tonnes, while copper production fell 3% to 1.95 million tonnes, with the group benefiting from stronger realised commodity prices, including copper prices around 35% higher year-on-year.

The company said all assets were expected to remain within unit cost guidance ranges despite inflation, higher diesel costs and supply chain pressures.

BHP said it was continuing to build its next phase of growth, with progress on copper projects including Vicuña in Argentina, Cerro Colorado in Chile, Resolution in the US and Copper South Australia, while Jansen potash in Canada remains on track for first production next year.

The miner also approved a $900m investment in the Ministers North iron ore project in Western Australia, expected to deliver around 20 million tonnes a year once ramped up.

At 0947 BST, shares in BHP Group were down 3.1% in London at 3,068p.

Reporting by Josh White for Sharecast.com.

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