BHP stock weighs copper decline against Olympic Dam resource

Published on 11/03/2026 at 15:25 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

BHP stock faces weaker copper output after a disruption-heavy quarter. Iron ore and growth projects provide support as guidance remains unchanged.

Operational update and growth options

Copper production fell 19 percent year over year in the September quarter, while fiscal 2027 guidance stayed unchanged.
Iron ore output rose 4 percent, providing a counterweight to weaker copper production.
Jansen potash remains on track for first production in mid-2027, while Olympic Dam resource work expands BHP's copper pipeline.

BHP, US0886061086, Illustration mit AI erstellt.

BHP's September-quarter review showed a sharp copper setback but no change to its fiscal 2027 production outlook. The operational review, released on October 20, also highlighted stronger iron ore and coal production and further progress on major growth projects.

According to the BHP operational review, copper production fell 19 percent year over year to 400.7 kt in the quarter ended September 30, 2026. Planned lower grades and maintenance combined with severe weather in Chile, safety stoppages and a conveyor failure at Carrapateena.

Mixed production across commodities

Escondida produced 252.6 kt of copper, down 23 percent year over year, while Spence output fell 15 percent to 47.4 kt. Antamina partly offset the decline with production of 40.0 kt, an 18 percent increase.

Iron ore production rose 4 percent to 66.5 Mt, and Western Australia Iron Ore output increased 4 percent to 64.3 Mt. BMA steelmaking coal production edged up 1 percent to 4.9 Mt, while NSW Energy Coal rose 26 percent to 4.4 Mt.

Guidance and growth remain in focus

BHP retained fiscal 2027 copper guidance of 1,650 to 1,800 kt. The company also approved USD 0.8 billion of pre-commitment funding for the Escondida New Concentrator. Jansen Stage 1 was 87 percent complete and remained on track for first potash production in mid-2027.

The review added an updated Olympic Dam underground block-cave mineral resource of 10,730 Mt at 0.59 percent copper. BHP said the resource contains estimated metals including 88.1 Mt of copper, though these contained-metal figures are not estimates of recoverable metal.

BHP stock traded at EUR 71.25 on Lang & Schwarz at 3:12 p.m. CET on Tuesday, November 3, 2026; the real-time quote of BHP stock is updated continuously.

Investors will next focus on whether production recovers across Chilean copper operations while BHP advances its potash and Olympic Dam growth plans.

Commodity markets and Australian miners remain influenced by demand from industrial activity and infrastructure investment; the S&P/ASX 200 market environment provides the relevant regional backdrop.

More news and analyses on BHP stock.