{"id":11488,"date":"2024-10-22T01:52:22","date_gmt":"2024-10-22T01:52:22","guid":{"rendered":"https:\/\/businesstriumphs.com\/index.php\/2024\/10\/22\/bhp-releases-latest-quarterly-results-olympic-dam-faces-temporary-halt\/"},"modified":"2024-10-22T01:52:22","modified_gmt":"2024-10-22T01:52:22","slug":"bhp-releases-latest-quarterly-results-olympic-dam-faces-temporary-halt","status":"publish","type":"post","link":"https:\/\/businesstriumphs.com\/index.php\/2024\/10\/22\/bhp-releases-latest-quarterly-results-olympic-dam-faces-temporary-halt\/","title":{"rendered":"BHP Releases Latest Quarterly Results, Olympic Dam Faces Temporary Halt"},"content":{"rendered":"

Mining giant BHP (ASX:BHP,LSE:BHP,NYSE:BHP) reported a solid start to its 2025 fiscal year.<\/strong><\/p>\n

For the quarter ended in September, BHP\u2019s copper production rose by 4 percent year-on-year, driven by higher feed grades and recoveries at its Escondida mine in Chile, one of the world\u2019s largest copper mines.<\/p>\n

\tIron ore production at BHP\u2019s Western Australia Iron Ore operations also increased, rising 3 percent year-on-year. BHP is maintaining its iron ore production guidance at 255 million to 265.5 million tonnes for its 2025 fiscal year. <\/p>\n

\tBHP\u2019s steelmaking coal operations posted a significant 20 percent increase in production. The company attributes this rise to improved operational stability following challenges in previous quarters. <\/p>\n

However, it\u2019s worth noting that these numbers exclude BHP\u2019s recently divested Blackwater and Daunia mines. When they are included, coal production was down 19 percent year-on-year. <\/p>\n

<\/span>Steelmaking coal output for the year is expected to be within the 16.5 million to 19 million tonne range.<\/p>\n

\tThe potash sector is another area of focus for BHP, with the Jansen Stage 1 project in Canada now 58 percent complete. The company is targeting first production in approximately two years. The asset is seen as a long-term growth driver for BHP as global demand for potash, a key ingredient in fertilisers, is expected to rise over the next decade.<\/p>\n

\tNickel production faced a 3 percent decline, with BHP announcing a temporary suspension of operations at its Nickel West site. The decision was prompted by lower nickel prices and the company\u2019s intent to reduce production costs. BHP plans to invest about US$300 million annually to maintain operational readiness should market conditions improve.<\/p>\n

\n

Olympic Dam faces temporary halt <\/h3>\n

A day after the release of BHP\u2019s quarterly results, news hit that operations at the company\u2019s Olympic Dam mine have been temporarily halted after transmission infrastructure was damaged by electrical storms. <\/p>\n

According to the Australian Financial Review, surface infrastructure at the South Australian site has been switched to care-and-maintenance mode, and is running off of backup generators. <\/p>\n

Tom Koutsantonis, the state\u2019s energy minister, said Olympic Dam would be offline for five to seven days. <\/p>\n

\u2018We have paused the majority of our underground mining and surface processing operations. Backup generation is providing power to Roxby Downs township, along with critical on-site infrastructure,\u201d a BHP spokesperson said, adding that transmission lines that supply Olympic Dam were structurally damaged by the electrical storms. <\/p>\n

Olympic Dam is a major producer of copper, gold and uranium, and the company is currently evaluating a potential expansion that could double its smelting and production capacity by 2027. <\/span><\/p>\n<\/div>\n

<\/span>Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.<\/strong><\/p>\n<\/p>\n

This post appeared first on investingnews.com<\/div>\n","protected":false},"excerpt":{"rendered":"

Mining giant BHP (ASX:BHP,LSE:BHP,NYSE:BHP) reported a solid start to its 2025 fiscal year. For the quarter ended in September, BHP\u2019s copper production rose by 4 percent year-on-year, driven by higher feed grades and recoveries at its Escondida mine in Chile, one of the world\u2019s largest copper mines. Iron ore production at BHP\u2019s Western Australia Iron […]<\/p>\n","protected":false},"author":0,"featured_media":11489,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-11488","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investing"],"_links":{"self":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts\/11488","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/comments?post=11488"}],"version-history":[{"count":0,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts\/11488\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/media\/11489"}],"wp:attachment":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/media?parent=11488"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/categories?post=11488"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/tags?post=11488"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}