BHP Group (BHPB.L/BHP.AX): Q4FY26 operations – copper trends ahead of peers, FY26 costs likely towards the bottom end

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BHP Group (BHPB.L/BHP.AX): Q4FY26 operations – copper trends ahead of peers, FY26 costs likely towards the bottom end

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15 Jul 2026 21:58:57 ET │ 16 pages

BHP Group (BHPB.L/BHP.AX)

Q4’FY26 operations – copper trends ahead of peers, FY26 costs likely

towards the bottom end

Ephrem Ravi AC

CITI'S TAKE +44-20-7986-2462

BHP reported in-line production results for Jun’26 quarter with copper ephrem.ravi@citi.com

production at 492kt, largely meeting VA consensus expectations, while iron Krishan M Agarwal

ore shipments were also in-line, with a seasonal volume recovery at 9% vs

last quarter. Gold/silver by-product credits remain key tailwinds for BHP’s +44-020-7986-4092

copper operations, leading to unit cost guidance towards the bottom end of krishan.agarwal@citi.com

its FY26 guidance range across the portfolio. BHP maintains its Escondida Ijeoma Ihuegbu

FY27 copper guidance, while flat production expectations at Spence and +44-207-986-3914

Copper SA are likely to be offset by a slight y/y decline at Antamina. We see

the copper operating trends being ahead of its peers reporting earlier in the ijeoma.ihuegbu@citi.com

week as a key positive, while guidance for better unit costs could be a driver Thiago Ojea

for low-single-digit upgrades to FY26 earnings on VA consensus. +61-2-8225-2404

thiago.ojea@citi.com

Steady copper at higher levels, operational trends ahead of peers’ — Copper

production at 492kt recovered vs last quarter and met VA consensus expectations. Jack Whelan

The key positive from the results was gold production at 149koz, staying flat q/q at +61-2-8225-5979

relatively elevated levels. We flag that BHP’s copper production recovered 3% vs last jack.whelan@citi.com

quarter and came in ahead of ANTO and RIO reporting 1% and 7% q/q declines earlier