BHP Q1 Copper Output Falls 19% on Grade Declines, Weather; Iron Ore Rises 4%, Shares Drop

BHP Group Ltd. (BHP, BLT.L, BHP.AX) reported first-quarter copper production fell 19% year-over-year to 400.7 kt, while iron ore output rose 4% to 66.5 mt, the mining giant said Tuesday. Shares in Australia traded at A$59.40, down 1.74%. Copper output declined both year-over-year and sequentially, reflecting planned grade declines, scheduled maintenance, severe weather disruptions in Chile, safety-related stoppages and a conveyor failure at Carrapateena. Escondida production totaled 252.6 kt, down 23% from a year earlier. Average realized copper prices climbed 53%, while iron ore prices dropped 9%. Iron ore production slipped 2% sequentially. BHP maintained its fiscal 2027 guidance, still expecting copper production of 1,650 kt to 1,800 kt and iron ore production of 260 Mt to 272 Mt.