BHP has released its operational review for the nine months ended 31 March 2025. Commenting on the review, the company´s chief executive officer, Mike Henry, said: “BHP’s performance in the 2025 fiscal year (FY25) to date demonstrates the resilience of our business, with our copper and iron ore operations achieving record nine-month production amid challenging operating and market conditions. Group copper production rose 10%, underpinned by a 20% increase in output at Escondida and strong performances at Spence and Copper SA.”  Total copper production increased to 1.5 million metric tonnes (Mm/t). Copper production guidance for FY25 remains unchanged at between 1.845 and 2.045 Mm/t.

“In our WA iron ore operations, we continue to demonstrate supply chain excellence from pit to port, and delivered record tonnes from the Central Pilbara hub,” Mr Henry said. Iron ore production increased 1% to a record 193 Mm/t. Production guidance for FY25 remains unchanged at between 255 and 265.5 Mm/t.

“At BMA (BHP Mitsubishi Alliance) in Queensland, in the highest rainfall wet season in more than a decade, steelmaking coal volumes rose by 5% following a strong performance across the open cut mines,” Mr Henry added. Production guidance for FY25 remains unchanged at between 16.5 and 19 Mm/t (33 and 38 Mm/t on a 100% basis).

“BHP recently achieved 40% female representation across our global employee base, a 23% increase since 2016. The efforts that have underpinned this have made BHP a safer, more productive, and better performing business. We have a distinctive competitive advantage in responding to labour and skills shortages across our sector,” Mr Henry said.

The review pointed out that, despite the limited direct impact of tariffs on BHP, the implication of slower economic growth and a fragmented trading environment could be more significant. China’s ability to shift toward a consumption-led economy and for trade flows to adapt to the new environment will be key to sustaining the global outlook. “In the face of global volatility and policy uncertainty, BHP is poised to benefit from a flight to quality with tier one assets, industry-leading margins and high-return organic growth opportunities that will underpin value and returns through the cycle,” Mr Henry concluded.