BHP's Copper and Iron Ore Assets Deliver Strong Results

Commodities giant BHP (ASX:BHP,NYSE:BHP,LSE:BHP) published an operational review for the second half of 2025, highlighting strong results at its copper and iron ore operations.

BHP CEO Mike Henry attributed the company's performance to the positive price environment, saying that copper prices were up 32 percent year-on-year, while iron ore prices were 4 percent higher.

Escondida, BHP’s flagship copper operation located in the Atacama Desert in Northern Chile, achieved record concentrator throughput during the period. The Chilean asset is regarded as the world’s largest copper concentrate and cathode producer, displaying a production record of 646,000 metric tons.

“Antamina has also lifted its production guidance, and Spence and Copper South Australia are tracking to plan, with Copper South Australia achieving record refined gold output,” Henry added.

The company’s South Australian copper assets include the Olympic Dam, Carrapateena and Prominent Hill properties, which were recently highlighted in a copper outlook and review by the South Australian government.

“BHP is the largest producer of copper in the world, and we expect to grow our copper base from 1.7 million tonnes to around 2.5 million tonnes per annum,” said BHP COO Edgar Basto in an October 2025 statement.

For iron ore, BHP achieved record production and shipments at its Western Australia Iron Ore (WAIO) operation.

WAIO’s production rose 1 percent compared to its previous record of the same period, putting out a total of 146.6 million metric tons of iron ore in the half year ended on December 31, 2025.

Volumes from BHP’s 50/50 Brazilian joint venture Samarco were also highlighted, rising as a result of strong operational performance at the second concentrator following its restart.

Main dam commissioning at Samarco is advanced and scheduled for completion by 2029.

In a separate announcement, BHP updated its cost estimate for Stage 1 of its Jansen potash project, which is said to be on track for production in mid-2027. From the previously estimated US$7 billion number, the cost now stands at US$7.4 billion (including contingencies). The initial estimate of the investment cost in August 2021 was US$5.7 billion.

“As announced in July 2025, these cost increases have been driven by inflationary and real cost escalation pressures, design development and scope changes and lower productivity outcomes,” BHP said.

The mining giant said it is entering the second half of its 2026 fiscal year “with strong operating momentum.”

BHP's half-year financial results are scheduled to come out on February 17.

“We’re investing for the decade ahead, with a significant copper growth pipeline and a pathway to approximately 2 million tonnes of attributable copper production in the 2030s," the firm said.

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Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.