Copper Production on the Rise and a Strong Showing from Escondida: BHP’s Mid-Fiscal Year 2025 Report

Heading into the second half of fiscal year 2025, BHP aims to maintain a strong momentum, with multiple assets expected to reach the upper range of their respective production forecasts while keeping tight cost controls in place.

Global mining giant BHP reported a solid boost in copper production alongside standout performance from its Escondida mine in Chile’s Antofagasta Region during the first half of its fiscal year 2025. These results highlight BHP’s expansion strategy, including plans in Argentina and other key regions shaping the future of the mining sector.

Global Copper Production Increases

In its latest update, BHP announced that total copper production reached 987,000 tonnes (kt) during the first half of fiscal year 2025, marking a 10% increase compared to the same period in fiscal year 2024. This uptick is largely attributed to the robust performance of Escondida, one of the world’s most significant copper operations.

Escondida Posts 10-Year Production Record

Escondida stood out among BHP’s operations with 644,000 kt of copper produced—a notable 22% jump versus the same period last year. According to the company, this achievement is driven by:

• Higher concentrator feed grade, averaging 1.03%.
• Improved recoveries as mining advances into higher-grade zones, as planned.
• The Full SaL project, which remains on track to begin its first production by the end of this fiscal year.

Looking ahead, BHP maintains its copper production guidance of 1,845–2,045 kt for the full fiscal year 2025, anchored significantly by Escondida’s contribution.

Pampa Norte and Other Copper Operations

Beyond Escondida, BHP operates other copper assets in Chile and across the region. Under the Pampa Norte division (encompassing Spence and the temporarily closed Cerro Colorado), copper output reached 126 kt, a 9% drop compared to the first half of fiscal year 2024.

• Spence saw a 1% dip, primarily due to lower cathode production.
• Cerro Colorado remains on temporary suspension, as previously reported.

Despite this, production guidance for Spence remains at 240–270 kt of copper for the full fiscal year.

Antamina (Peru)

In Antamina, copper production decreased by 7% year-over-year to 67 kt, attributed to planned lower concentrator throughput and slightly lower ore grades.

• Zinc production reached 42 kt, down 39% owing to lower feed grades and throughput.
• Despite these figures, guidance for the entire fiscal year 2025 remains 115–135 kt for copper and 90–110 kt for zinc.

Copper South Australia

At Copper South Australia, first-half production dipped 6% to 144.6 kt, impacted by weather-related power outages. As a result, BHP adjusted its full fiscal year guidance to 300–325 kt (previously 310–340 kt).

Outlook and Future Plans

BHP CEO Mike Henry highlighted the safety and reliability of the company’s assets throughout the first half. He also emphasized the following milestones:

Western Australia Iron Ore (WAIO)

• Achieved record six-month shipping volumes, driven by supply chain enhancements.

Steelmaking Coal

• Production at BHP Mitsubishi Alliance (BMA) operations rose 14%.

Growth in Argentina

• Finalized the formation of Vicuña Corp. with Lundin Mining to advance the Filo del Sol and Josemaría projects—widely considered significant copper discoveries.

Potash in Canada

• The Jansen Stage 1 potash project is 63% complete, targeting first production by late 2026. The Stage 2 expansion is underway in parallel.

Brazil

• Concluded an agreement with government authorities concerning the Samarco Fundão dam failure, reflecting BHP’s commitment to environmental and community restoration.

WA Nickel in Australia

• Transitioned safely into temporary suspension, with employees redeployed to support other areas of BHP’s operations.

Heading into the second half of fiscal year 2025, BHP aims to maintain a strong momentum, with multiple assets expected to reach the upper range of their respective production forecasts while keeping tight cost controls in place.