BHP lifts FY26 copper guidance after record half-year at Escondida and WA iron ore

BHP raised FY26 group copper guidance to 1.9–2.0 Mt after record concentrator throughput at Escondida and strong iron ore performance at WAIO. The miner also highlighted a ~US$2bn transaction with GIP and progress at Jansen potash.

BHP said it delivered “another half of very strong performance” in the six months ended 31 December 2025, citing operational records across its copper and iron ore portfolio and a supportive price environment. The miner noted copper prices were up 32% year-on-year and iron ore prices were 4% higher, helping underpin stronger operating momentum into the second half of FY26.

Against that backdrop, BHP increased its FY26 group copper production guidance on the back of stronger delivery across its assets, led by record performance at its flagship Chilean mine, Escondida.

Copper: guidance raised as Escondida posts record concentrator throughput

BHP’s total copper production for the half-year was 984 kt, broadly flat year-on-year, but the company upgraded its full-year outlook. BHP lifted FY26 group copper guidance to 1,900–2,000 kt, from 1,800–2,000 kt previously.

The upgrade was driven primarily by Escondida and Antamina:

• Escondida (Chile): Half-year production was 646 kt (100% basis), supported by record concentrator throughput and improved recoveries. BHP raised Escondida’s FY26 guidance to 1,200–1,275 kt, from 1,150–1,250 kt previously. 
  The company said stronger recoveries were aided by operational enhancements, including the introduction of new reagents, partly offset by a lower planned feed grade versus the prior year.
• Antamina (Peru, equity-accounted): Copper production increased to 72 kt for the half-year and FY26 copper guidance was lifted to 140–150 kt, from 120–140 kt previously (zinc guidance unchanged at 90–110 kt).

Elsewhere in copper:

• Spence (Pampa Norte): Half-year output fell 10% to 114 kt, consistent with planned lower cathode production as the operation transitions into deeper hypogene mineralization. Guidance held at 230–250 kt.
• Copper South Australia: Half-year production rose 2% to 148 kt on record material mined and solid operational performance. Guidance remained 310–340 kt, weighted to the second half, with record refined gold by-product output noted in the period.

On pricing, BHP reported an average realised copper price of US$5.28/lb, up 32% year-on-year.

Iron ore: WAIO hits first-half records; Samarco volumes jump

In iron ore, BHP reported half-year production of 134 Mt, up 2%, with FY26 guidance unchanged at 258–269 Mt. Average realised iron ore price rose to US$84.71/wmt, up 4% year-on-year.

BHP’s Western Australia Iron Ore (WAIO) business produced 130 Mt in the half (147 Mt on a 100% basis) and achieved record first-half production and shipments, which management said positions the company “well ahead” of the typically wet third quarter.

At Samarco (Brazil), production rose 48% to 4.0 Mt (8 Mt on a 100% basis), supported by stronger performance at the second concentrator following ramp-up and improved feed grades and recoveries.

A ~US$2 billion infrastructure transaction with GIP

BHP highlighted a transaction with Global Infrastructure Partners (GIP) involving WAIO’s inland power network. Once completed, BHP expects to realise proceeds of ~US$2 billion while retaining ownership and operational control—an arrangement it described as innovative and value accretive.

Coal: steelmaking up, energy coal rises 10% as prices soften

BHP reported steelmaking coal production of 9.2 Mt, up 2%, with FY26 guidance unchanged at 18–20 Mt (36–40 Mt on a 100% basis). The company cited its highest first-half stripping volumes in five years at BMA, while noting ongoing geotechnical challenges at Broadmeadow and a deferral of a planned longwall move from Q2 to Q3 FY26.

Energy coal (NSWEC) production rose 10% to 8.1 Mt, with guidance unchanged at 14–16 Mt and now expected to be in the upper half of the range.

On pricing, BHP reported an average realised steelmaking coal price of US$188.58/t (down 9%) and energy coal at US$95.76/t (down 23%).

Growth pipeline: Escondida expansion, Argentina copper options, and Jansen potash

BHP reiterated that it is “investing for the decade ahead,” pointing to its copper growth pipeline and a pathway to around 2 Mt of attributable copper production in the 2030s.