BHP copper output slides 19% amid weather and maintenance disruptions in Chile

BHP reported a 19% Y/Y decline in Q1 copper production, missing estimates due to disruptions in Chile and Australia. Iron ore, steelmaking coal, and thermal coal production rose. Copper prices surged 53% Y/Y, offsetting a 9% drop in iron ore prices. Full-year guidance remains unchanged, with an increased Olympic Dam copper resource estimate.

BHP's Q1 copper production fell short of estimates due to weather and a fatal accident at its Chilean mine. The company kept its annual guidance unchanged. BHP's stock dropped 1.7% on the news. (BHP:NYSE)

BHP reported a 19% drop in copper production for Q1 2027, missing consensus estimates. The decline was due to planned maintenance, weather disruptions, and safety stoppages. Iron ore production rose 2.4%, but prices fell 9% YoY. BHP maintained full-year guidance and raised its copper resource estimate at Olympic Dam.

BHP reported a first underground block cave resource at Olympic Dam, South Australia, with 10,730 Mt at 0.59% Cu, 0.19 kg/t U3O8, 0.21 g/t Au, and 1 g/t Ag. The resource supports long-life mining, but economics depend on scale and by-product credits. BHP is focusing on copper while divesting non-core assets.

BHP reported a new underground block cave (BC) resource at its Olympic Dam mine, containing 10,730 Mt with 0.59% Cu, 0.19 kg/t U3O8, 0.21 g/t Au, and 1 g/t Ag. The total underground mineral resource is now 88.1 Mt Cu, 2.8 Mt U3O8, 103 Moz Au, and 498 Moz Ag. BHP noted that mining studies are ongoing and may alter the resource estimates.

BHP reported Q1 2027 iron ore output of 71.91 million mt, up 2.4% YoY, maintaining full-year guidance at 286–298 million mt. Iron ore futures and spot prices saw slight declines, with traders and mills active but cautious. Freight rates showed mixed movements. Analysts expect prices to remain range-bound.