BHP +1.14%: Released strong 3rd quarter production numbers highlighting the miner is on track to meet or beat full-year targets with iron ore and copper particularly impressive.
- Iron ore production 61.77 million tons, +0.5% y/y
- Copper production 513,200 tons, +10% y/y
- Metallurgical coal production 3.92 million tons, -35% y/y
- Thermal coal production 3.60 million tons, -13% y/y
FY25 production guidance all assets remain unchanged, a much better result than rival Rio Tinto (RIO) yesterday, which announced significant impact to WA operations due to wet weather. Despite recent share price weakness, BHP remains poised to benefit from a flight to quality with tier one assets, industry-leading margins and organic growth opportunities.
- We continue to own BHP in both the Active Growth and Active Income portfolios
MM remains long and bullish BHP
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