BHP copper production in the second quarter of 2023 was 476,200 tons, an increase of 3.0 percent year-on-year and an increase of 17.0 percent quarter-on-quarter.
BHP copper guidance for fiscal 2024 was raised from 1.635m-1.825m tonnes to 1.72-1.91m tonnes.
Escondida copper Mine in Chile (57.5 percent )
Escondida copper production for the second quarter of 2023 was 293,000 tons, up 1.0 percent year-over-year and 16.0 percent sequentially. The increase in production was primarily due to higher ore grades of 0.82 percent and ore grades of 0.78 percent in FY2022, with the positive impact of higher grades partially offset by the impact of road closures throughout Chile in the fourth quarter of 2022, which reduced the availability of supplies from a number of key mines.
Copper guidance for FY2024 was raised from 1.05 to 1.08 million tonnes to 1.08 to 1.18 million tonnes, mainly in anticipation of increased ore grades and throughput.
Pampa Norte Copper Mine in Chile (100 percent )
Pampa Norte copper production in the second quarter of 2023 was 68,500 tons, down 11.0 percent year-on-year and 6.0 percent sequentially. The increase in production was primarily due to higher concentrator throughput at the Spence Growth Option (SGO), partially offset by lower production at Cerro Colorado as it transitioned to shutdown. The previously identified anomalies at the Spence tailings storage facility will continue to be closely monitored.
Copper production guidance for FY2024 was reduced from 240-290,000 tonnes to 21-250,000 tonnes. (FY2024 copper guidance is for Spence only, with Cerro Colorado expected to produce approximately 9,000 tonnes and close on December 31, 2023.)
Antamina Copper Mine, Peru (34 percent )
Antamina's copper equity production in the second quarter of 2023 was 36,500 tons, down 8.0 percent year-on-year and up 23.0 percent sequentially. The year-over-year decrease was primarily due to lower grade, partially offset by higher throughput.
Copper production guidance for FY2024 remains unchanged at 120,000-140,000 tonnes.
Copper production in Olympic Dam, Prominent Hill and Carrapateena in the second quarter of 2023 was 76,600 tonnes, an increase of 38.0 percent year-on-year and 48.0 percent sequentially. The increase was mainly due to record quarterly production at Olympic Dam.
After an Australian court approved its takeover of OZ Minerals in April, BHP has built up its South Australian copper operations, which include the Olympic Dam, Prominent Hill and Carrapateena mines. Prominent Hill and Carrapateena produced 8,000 tonnes and 12,000 tonnes respectively in the first two months. Olympic Dam is producing record copper as concentrator and smelter operations continue to be strong. Consolidation activities are ongoing, including the transfer of a small amount of copper concentrate from Prominent Hill to Olympic Dam for processing.
Olympic Dam, Prominent Hill and Carrapateena copper guidance for fiscal 2024 remains at 310-340,000 tonnes.
