BHP Downgrades Escondida Copper, Nickel Production Guidance for Fiscal Year

By Rhiannon Hoyle

BHP Group Ltd. on Friday said it expects to produce less copper than expected at the Escondida mine in northern Chile this fiscal year, but retained its group copper-production estimate citing strong performance at other operations in Chile and Australia.

The world's largest miner by market value cut its annual estimate for nickel production, however, due in part to heavy rainfall.

BHP cut its production guidance for the Escondida copper operation in the year through June to 1.05 million to 1.08 million metric tons, from 1.08 million to 1.18 million previously.

"Given the strong performance at the other copper assets, full-year total copper production guidance remains unchanged" at 1.635 million to 1.825 million tons, the company said.

Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com

(END) Dow Jones Newswires

April 20, 2023 19:19 ET (23:19 GMT)

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