BHP achieves annual production records across operations

Mining conglomerate BHP (ASX:BHP) has achieved annual production records at Western Australia iron ore (WAIO), Spence and Olympic Dam for the 2023 financial year.

For the year, WAIO produced 285Mt of iron ore, the Spence mine in Chile produced 240,000t of copper and Olympic Dam produced 212,000t of copper and 186,000oz of refined gold.

As a result, full-year production guidance was achieved for copper, iron ore, metallurgical coal and energy coal, while nickel achieved revised guidance and finished in line within the lower end of the original guidance.

Chief executive Mike Henry credited the strong year to the company’s fourth quarter.

“BHP finished the year with a strong fourth quarter, increasing annual production across the board and achieving annual records at WAIO, Olympic Dam and Spence,” he said.

“WAIO shipped record volumes on the back of productivity in its supply chain, rail network and car dumpers, while South Flank completed its deployment of autonomous haul trucks in May and is on track to ramp up to full production in the next 12 months.”

In early May, BHP completed the acquisition of OZ Minerals, strengthening its portfolio in copper, nickel and uranium.

Strong progress is continuing to be made at Oak Dam with an exploration target defined and plans to increase the number of exploration drills from nine to 11 by the end of 2023.

Unfortunately, there were two fatalities during the financial year, with BHP committed to sharing the learnings from these events to eliminate fatalities and serious injuries.

Mr Henry commented on BHP’s future and the next financial year.

“Inflationary pressures impacted our business in the year, and we remain laser focused on safety and productivity to remain competitive,” he said.

“Competitiveness will be ever more important as we enter the new financial year and at a time when there are new challenges and opportunities to resource development and global economic volatility.”