BHP stock: Copper output falls 19% as FY27 guidance holds
Published on 11/02/2026 at 09:21 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWSCopper weakness meets steady targets
- BHP reported first-quarter FY27 copper production of 400.7 kilotonnes, down 19% from the year-earlier period.
- Iron ore production rose 4% to 66.5 million tonnes, while energy coal production increased 26% to 4.4 million tonnes.
- Management kept full-year production guidance unchanged and cited growth projects in copper and potash.
BHP reported weaker copper production in the first quarter of fiscal 2027, but left its full-year production targets unchanged. In its quarterly activities report published on October 20, the mining group said copper output fell 19% year on year to 400.7 kilotonnes for the three months ended September 30. The report was published by Investor Meet Company.
Production mix sends mixed signals
The copper decline reflected planned lower concentrator feed grades, scheduled maintenance, severe weather in Chile, temporary safety stoppages and a conveyor failure at Carrapateena. BHP's largest copper asset, Escondida, produced 252.6 kilotonnes, down 23% from the year-earlier quarter. Pampa Norte production fell 15% to 47.4 kilotonnes, while Copper South Australia output decreased 16% to 60.7 kilotonnes.
Other parts of the portfolio provided support. Iron ore production increased 4% to 66.5 million tonnes, including a 4% rise at Western Australia Iron Ore to 64.3 million tonnes. Energy coal production at NSW Energy Coal rose 26% to 4.4 million tonnes, while steelmaking coal production at the BHP Mitsubishi Alliance edged 1% higher to 4.9 million tonnes.
Commodity pricing was more favorable for copper. BHP reported an average realised copper price of 7.01 US dollars per pound, up 53% from the year-earlier quarter. The average realised iron ore price declined 9% to 76.27 US dollars per wet metric tonne, while the steelmaking coal price rose 34% to 242.82 US dollars per tonne.
Guidance remains a key support
BHP kept fiscal 2027 copper guidance at 1.65 million to 1.80 million tonnes. Iron ore guidance remained 260 million to 272 million tonnes, with steelmaking coal at 18.5 million to 20.5 million tonnes and energy coal at 14 million to 16 million tonnes. The unchanged outlook limits the immediate impact of the weak opening quarter, although the production shortfall leaves execution and operating conditions important for the remaining reporting periods.
Chief Executive Brandon Craig said stronger commodity prices, industrial demand in China and India and investment in data-center infrastructure supported the longer-term copper outlook. He also cited operational risks from geopolitical tensions, trade uncertainty and elevated energy and freight costs.
Growth projects shape the outlook
BHP said it had approved 0.8 billion US dollars of pre-commitment funding, on a 100% basis, for the Escondida New Concentrator in Chile. At Jansen in Canada, the first potash stage was 87% complete and remained on track for first production in mid-2027. The company also outlined a plan to expand Copper South Australia production to about 500 kilotonnes per year by 2035 and as much as 650 kilotonnes by 2040.
At 09:14 CET on Monday, November 2, 2026, BHP stock traded at 71.25 euros on Lang & Schwarz. For live trading information, see the real-time quote of BHP stock.
BHP Group Limited
- ISIN: US0886061086
- Ticker: BHP
- Lang & Schwarz quote: 71.25 euros at 09:14 CET on November 2, 2026
- Q1 FY27 copper production: 400.7 kilotonnes, down 19% year on year
- FY27 copper guidance: 1.65 million to 1.80 million tonnes
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