Mining giant BHP has released our operational review for the year ended 30 June 2022. BHP Chief Executive Officer Mr Mike Henry said “Our performance for the year has been underpinned by safe, reliable operations and firm demand for our commodities. We completed another year fatality free and we are unwavering in our effort to improve safety, and this includes addressing sexual assault and harassment, racism and bullying. We delivered record full-year sales volumes at our iron ore business in Western Australia as a result of reliable operational performance and the South Flank project which continued to ramp up. In copper, Escondida in Chile had record material mined and near-record concentrator throughput, while Olympic Dam in South Australia performed strongly in the fourth quarter after planned smelter maintenance. Queensland metallurgical coal delivered strong underlying performance for the quarter in the face of significant wet weather. BHP is assessing the impacts on BMA economic reserves and mine lives as a result of the increase in coal royalties by the Queensland Government. The near tripling of top end royalties has worsened what was already one of the world’s highest coal royalty regimes, threatening investment and jobs in the state.” Iron Ore Production - 282.773 million tonnes, flat YoYIron Ore Sales - 283.943 million tonnes, flat YoY Coking Coal Production - 66.206 million tonnes, down 9% YoYCoking Coal Sales - 65.871 million tonnes, down 9% YoY Thermal Coal Production - 17.937 million tonnes, down 7% YoYThermal Coal Sales - 18.316 million tonnes, down 5% YoY Copper Production - 1.004 million tonnes, down 6% YoYCopper Sales - 1.001 million tonnes, down 6% YoY Mr Henry also said “Broader market volatility continues and we expect the lag effect of inflationary pressures to continue through the 2023 financial year, along with labour market tightness and supply chain constraints. Over the year ahead, China is expected to contribute positively to growth as stimulus policies take effect, however, the continuing conflict in the Ukraine, the unfolding energy crisis in Europe and policy tightening globally is expected to result in an overall slowing of global growth. Our strong focus on safety, operational reliability, cost control and social value will help us navigate these challenges and continue to deliver for all of our stakeholders.” Production Guidance 100% basis for FY23 Iron Ore 278–290 million tonnes Coking Coal 58-64 million tonnes
Mining giant BHP has released our operational review for the year ended 30 June 2022. BHP Chief Executive Officer Mr Mike Henry said “Our performance for the year has been underpinned by safe, reliable operations and firm demand for our commodities. We completed another year fatality free and we are unwavering in our effort to improve safety, and this includes addressing sexual assault and harassment, racism and bullying. We delivered record full-year sales volumes at our iron ore business in Western Australia as a result of reliable operational performance and the South Flank project which continued to ramp up. In copper, Escondida in Chile had record material mined and near-record concentrator throughput, while Olympic Dam in South Australia performed strongly in the fourth quarter after planned smelter maintenance. Queensland metallurgical coal delivered strong underlying performance for the quarter in the face of significant wet weather. BHP is assessing the impacts on BMA economic reserves and mine lives as a result of the increase in coal royalties by the Queensland Government. The near tripling of top end royalties has worsened what was already one of the world’s highest coal royalty regimes, threatening investment and jobs in the state.” Iron Ore Production - 282.773 million tonnes, flat YoYIron Ore Sales - 283.943 million tonnes, flat YoY Coking Coal Production - 66.206 million tonnes, down 9% YoYCoking Coal Sales - 65.871 million tonnes, down 9% YoY Thermal Coal Production - 17.937 million tonnes, down 7% YoYThermal Coal Sales - 18.316 million tonnes, down 5% YoY Copper Production - 1.004 million tonnes, down 6% YoYCopper Sales - 1.001 million tonnes, down 6% YoY Mr Henry also said “Broader market volatility continues and we expect the lag effect of inflationary pressures to continue through the 2023 financial year, along with labour market tightness and supply chain constraints. Over the year ahead, China is expected to contribute positively to growth as stimulus policies take effect, however, the continuing conflict in the Ukraine, the unfolding energy crisis in Europe and policy tightening globally is expected to result in an overall slowing of global growth. Our strong focus on safety, operational reliability, cost control and social value will help us navigate these challenges and continue to deliver for all of our stakeholders.” Production Guidance 100% basis for FY23 Iron Ore 278–290 million tonnes Coking Coal 58-64 million tonnes
