BHP Lifts Copper Guidance on Record Output as Iron Ore and Coal Operations Hit New Highs

BHP Group Ltd ( (AU:BHP) ) has shared an announcement.

BHP reported a strong operational performance for the half year to 31 December 2025, highlighted by record copper and iron ore output at key assets and stable unit costs across the portfolio. Copper production guidance for FY26 has been raised for the group, Escondida and Antamina, supported by record concentrator throughput at Escondida and solid performance at Copper South Australia and Spence, enabling the company to better capture the benefit of sharply higher copper prices. Iron ore operations at WAIO achieved record first-half production and shipments, Samarco volumes rose following the restart of a second concentrator, and both steelmaking and energy coal output increased, although BMA now expects to operate at the lower end of its coal guidance due to geotechnical challenges. BHP also advanced its growth and decarbonisation initiatives, including progress on the Jansen potash project toward a mid-2027 start-up, regulatory and technical milestones for copper growth options in Argentina and Chile, an innovative US$2 billion infrastructure transaction over WAIO’s power network that strengthens balance sheet flexibility while retaining operational control, and trials of battery-electric haul trucks and locomotives in the Pilbara. The group flagged negative EBITDA contributions from its nickel and potash businesses, higher working capital and tax outflows, and net debt of US$14–15 billion, but enters the second half of FY26 with strong momentum and a clear pipeline aimed at materially increasing attributable copper production in the 2030s.

The most recent analyst rating on (AU:BHP) stock is a Buy with a A$55.00 price target. To see the full list of analyst forecasts on BHP Group Ltd stock, see the AU:BHP Stock Forecast page.

More about BHP Group Ltd

BHP Group Ltd is a global diversified mining and resources company, producing copper, iron ore, steelmaking and energy coal, and developing potash assets. Its operations span major mining regions including Australia and the Americas, with a portfolio focused on long-life, low-cost assets supplying key industrial and energy commodities to markets such as China and India, which remain central to global demand growth for steel and copper.

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