BHP's fiscal 2027 first-quarter copper sales of 307,000 metric tons are 5% down on a year ago and 13% below the previous quarter. But Western Australian Iron Ore, or WAIO, fared better: sales volumes of 66 million metric tons are 6% up on a year ago, though flat on the fourth quarter of fiscal 2026.
BHP is likely to increase copper production from existing as well as new mines such as Vicuña over the next decade.
Bears
BHP has shown improved capital allocation since its missteps during the China boom, but continuing high commodity prices could encourage it to once again aggressively expand output.
BHP is a global diversified miner mainly supplying iron ore and copper. The merger of BHP Limited and Billiton PLC created the present-day BHP Group. The dual-listed structure from the 2001 BHP and Billiton merger was collapsed in 2022. Major assets include Pilbara iron ore and Escondida copper. Onshore US oil and gas assets were sold in 2018, and the remaining petroleum assets were spun off and merged with Woodside in 2022, with BHP vesting the Woodside shares it received to BHP shareholders. It purchased copper miner Oz Minerals in fiscal 2023 and half of the Vicuña copper joint venture in fiscal 2025. It is entering the potash market through the development of its Jansen project in Canada. However, due to low prices, BHP placed its nickel business on care and maintenance in 2024.