BHP Q1 Output Mixed as Copper, Coal Shine

This article first appeared on GuruFocus.

BHP (NYSE:BHP) had a mixed start to the fiscal year, reporting stronger copper and coal output but slightly lighter iron ore production as maintenance slowed its Western Australia operations. The miner produced 70.2 million metric tons of iron ore in the quarter ended September 30, just shy of the 71.55 million-ton consensus. A major rebuild of Car Dumper 3 at Port Hedland reduced volumes by about 4.3 million tons, though the work wrapped up earlier than expected.

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Copper production rose 4% Y/Y to 493.6K metric tons, thanks to record concentrator throughput at the Escondida mine in Chile. Steelmaking coal climbed 8% to 4.9 million tons, offsetting a 4% dip in energy coal output to 3.5 million tons. BHP reaffirmed full-year targets, guiding for 284 million296 million tons of iron ore and up to 2 million tons of copper for FY2026.

CEO Mike Henry said the macro backdrop remains resilient, adding the company is tracking well toward its annual goals. Investors will watch its early-2026 update for fresh demand signals.

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