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BHP Misses Q1 Iron Ore Target as Maintenance Cuts Output

Planned maintenance at Port Hedland temporarily trimmed output without changing the full-year outlook.

Overview

  • Western Australia iron ore production was 70.2 million tonnes for the quarter ended Sept. 30, below the 71.55 million-tonne consensus and down from 71.6 million tonnes a year earlier.
  • A major rebuild of Car Dumper 3 at Port Hedland reduced volumes by about 4.3 million tonnes and was completed roughly 8% ahead of schedule.
  • BHP kept its fiscal 2026 Western Australia iron ore guidance unchanged at 284 million to 296 million tonnes.
  • Sales were broadly in line with last year, including a 5% increase in higher-value lump ore shipments.
  • Total copper output rose about 4% to 493.6 kilotons with guidance unchanged, and the Jansen potash project advanced with Stage 1 73% complete and Stage 2 13% complete.