BHP’s Q1 iron ore production rises as COVID-19 impacts recede (NYSE:BHP)

Iron Ore reclaimer machine and stockpile

Dazman/E+ through Getty Photographs

BHP (NYSE:BHP) noted Wednesday its iron ore production rose in the 1st quarter of its fiscal yr, reflecting continued strong provide chain efficiency and decrease COVID-19 relevant impacts than the prior quarter.

The world’s largest miner by market price stated it generated 65.1M metric tons of iron ore in the quarter, up 3% Y/Y, citing a robust operational general performance at its Western Australian belongings and a ongoing ramp-up at its South Flank challenge.

Q1 copper manufacturing rose 9% Y/Y to 410K metric tons, citing a rebound in Olympic Dam output pursuing sizeable smelter maintenance work in the year-previously interval, and nickel output jumped 16% to 20.7K metric tons, also rebounding from maintenance work a year in the past.

Having said that, soaked weather was blamed for a 1% decrease in output of metallurgical coal to 6.7M tons and a 38% drop in thermal coal manufacturing to 2.6M tons.

BHP (BHP) also mentioned it was doing the job to convey ahead its Jansen stage 1 potash challenge in Canada, targeting initially production in 2026.

Iron ore prices are in the vicinity of their least expensive in a year right after China’s President Xi Jinping reiterated his zero-tolerance policy for COVID-19 that has dented steel demand from customers.

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