BHP Group reported first-quarter copper production of 400,700 metric tons. Output fell 19%, reflecting lower ore grades at its Chilean mines, scheduled maintenance and operational disruptions, including severe weather. BHP shares declined after the announcement.
Western Australian iron ore production increased 4% year over year, helping offset the copper shortfall. BHP maintained its full-year production forecasts for copper and iron ore. The average realized copper price rose 53% year over year, which could support earnings despite lower volumes.