BHP holds FY25 iron ore output target at 282-294 mln wmt
During FY24, BHP's iron ore production in the Pilbara rose by 1% on year to a record 287 million wet tonnes (on a 100% basis), mainly driven by increased capacity achieved via its Port Debottlenecking Project 1 and record production at the new South Flank mine, the report disclosed.
South Flank, described by BHP as "Australia's largest new iron ore mine in more than 50 years" started production in May 2021 and reached full capacity of 80 million wet tonnes/year (on a 100% basis) as scheduled in FY24. This contributed to BHP's record lump sales for the year, the miner said.
Altogether, BHP sold 287.8 million wet tonnes of iron ore (100% basis) during FY24, up by 3% on year, according to the report. Within the total, sales of fines increased by 3% on year to reach 176.4 million wet tonnes, while 79.6 million wet tonnes of lumps were sold, higher by 2% from the prior fiscal year.
For the April-June quarter alone, BHP produced 76.8 million wet tonnes (on a 100% basis) of iron ore in the Pilbara, higher by 13% from the January-March quarter when production was impacted by wet weather and a bushfire near Yandi, the report indicated.
As for BHP's Brazilian operation Samarco Mineração S.A., its 50-50 joint venture with Vale, iron ore production was 5% higher on year at 4.7 million wet tonnes during FY24 thanks to higher concentrator throughput, the report noted.
For the whole of fiscal 2024, BHP's average realized price for iron ore gained by 9% on a yearly basis to reach $101.04/wmt FOB, according to the report.
Written by Irene Zhuang, zhuangailing@mysteel.com
Edited by Russ McCulloch, russ.mcculloch@mysteel.com
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