BHP reported on Thursday that its fourth-quarter copper production fell 5%, impacted by lower output from the Escondida and Pampa Norte operations, and warned that production from its Chilean assets is expected to decline further in the coming year.
For the quarter ended 30 June, the world’s largest listed mining company produced 491,900 tonnes of copper, compared with 516,200 tonnes in the same period last year. Full-year copper production totalled 1.95 million tonnes, down 3% from 2.02 million tonnes in the previous year, though still marking the second consecutive year near the 2-million-tonne level.
Escondida, the world’s largest copper mine, reported full-year production of 1.261 million tonnes on a 100% basis, down 3% year-on-year, reflecting lower concentrator feed grades of 0.90% compared with 1.02% last year. The Pampa Norte operations, including Spence, recorded a sharper 21% decline to 212,600 tonnes, attributed to the transition to deeper and geologically more complex ore zones.
Copper production from BHP’s South Australian operations rose 2% to 320,700 tonnes, with Olympic Dam achieving its highest output in 20 years.
BHP issued FY27 group copper production guidance of 1.65 million to 1.80 million tonnes, significantly below FY26 actual output, primarily due to expected continued grade decline at Escondida. Production guidance for Escondida itself remains unchanged at 1.0 million to 1.1 million tonnes. However, Spence production is forecast to decline further to 210,000–230,000 tonnes until recovery rates improve following the commissioning of an approved concentrator upgrade project in FY28.
Despite lower production from some assets, strong commodity prices supported overall performance. BHP’s realised copper price for FY26 averaged US$5.74 per pound, up 35% year-on-year, while the fourth-quarter realised price reached US$6.53 per pound, a 47% increase. Newly appointed Chief Executive Officer Brendan Craig, who took office on 1 July, noted that stronger copper and iron ore prices provided solid support for the company’s operations during the fiscal year.
Post time: Jul-20-2026
