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BHP (New York Stock Exchange: BHP) reported lower iron ore production but higher copper output in the first three months of its fiscal year, and said it sold two metallurgical coal mines in the Australian state of Queensland to Whitehaven Coal (OTCPK:WHITF).
BHP (BHP) did not offer details about the sale, but analysts have valued the Duania and Blackwater coal mines at more than $3 billionand wait Whitehaven (OTCPK:WHITF) to finance at least half of the operation in cash.
In its First quarter reportBHP (BHP) said it produced 63.2 million metric tonnes of iron ore, down 3% year-on-year, citing maintenance and work on its rail infrastructure.
The miner said metallurgical coal production fell 16% year-on-year to 5.6 million tonnes, again citing planned plant maintenance.
BHP’s (BHP) first-quarter copper production rose 11% year-on-year to 457,000 tonnes, supported by higher output from its largest operations, including Chile’s Escondida mine, the world’s largest producer of copper concentrates and cathodes. .
The company maintained FY2024 production guidance for Western Australian iron ore at 282-294 million metric tonnes and copper at 1.72-1.91 million tonnes.