Sport Investors League
  • Politics
  • Stocks
  • Investing
  • Business

Sport Investors League

  • Politics
  • Stocks
  • Investing
  • Business
Investing

BHP Releases Latest Quarterly Results, Olympic Dam Faces Temporary Halt

by admin October 22, 2024
October 22, 2024
BHP Releases Latest Quarterly Results, Olympic Dam Faces Temporary Halt

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’s 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’s largest copper mines.

Iron ore production at BHP’s 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.

BHP’s 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.

However, it’s worth noting that these numbers exclude BHP’s recently divested Blackwater and Daunia mines. When they are included, coal production was down 19 percent year-on-year.

Steelmaking coal output for the year is expected to be within the 16.5 million to 19 million tonne range.

The 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.

Nickel 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’s intent to reduce production costs. BHP plans to invest about US$300 million annually to maintain operational readiness should market conditions improve.

Olympic Dam faces temporary halt

A day after the release of BHP’s quarterly results, news hit that operations at the company’s Olympic Dam mine have been temporarily halted after transmission infrastructure was damaged by electrical storms.

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.

Tom Koutsantonis, the state’s energy minister, said Olympic Dam would be offline for five to seven days.

‘We 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,” a BHP spokesperson said, adding that transmission lines that supply Olympic Dam were structurally damaged by the electrical storms.

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.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

This post appeared first on investingnews.com

0
FacebookTwitterGoogle +Pinterest
previous post
How Will the US Election Affect the Crypto Industry?
next post
Blinken arrives in Israel as Biden-Harris admin faces scrutiny over compromising Jerusalem’s security

Related Posts

Lupin Protein Health Benefits Presentation

March 24, 2025

Apple Beats on Revenue Despite AI Hiccups and...

January 31, 2025

5 Best-performing Canadian Uranium Stocks of 2024

October 18, 2024

CONNEQT Launches Apple Health Integration on iPhone

April 1, 2025

Pinnacle Provides Update on Proposed Acquisition of El...

January 30, 2025

US Operations Update

November 28, 2024

Trident Royalties Announces Results of Court Meeting and...

July 28, 2024

Panelists: Gold “Essential” to Own as Volatility Rises...

February 11, 2025

Oil Markets Buckle Under Tariff Pressure, Recession Fears...

April 9, 2025

Strategic Consolidation of Hidden Lake and Board Changes

December 13, 2024

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent

    • Find Highest Probability Counter-Trend Setups

      June 26, 2025
    • Bernie Moreno wants Senate to call for Nobel Peace Prize to go to Trump

      June 26, 2025
    • Iran, Israel and US agree that Islamic Republic nuclear sites were ‘badly damaged’ despite leaked intel report

      June 26, 2025
    • UN’s atomic agency’s Iran policy gets mixed reviews from experts after US-Israel ‘obliterate’ nuclear sites

      June 26, 2025
    • Democratic congressman hurls profanity-laced message at Stephen Miller

      June 26, 2025

    Categories

    • Business (997)
    • Investing (2,471)
    • Politics (3,067)
    • Stocks (1,095)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: sportinvestorsleague.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 sportinvestorsleague.com | All Rights Reserved