BHP Issues Fiscal-Year Guidance; Lower Copper Output Guidance Draws Market Attention

BHP lowered its fiscal-year copper production guidance, sending its share price lower.

Output guidance lowered

On 7 August 2026, BHP reported strong June-quarter results in its latest operational review, but the copper production guidance for the next fiscal year (FY27) disappointed the market, triggering a share sell-off. Management expects FY27 copper production of 1.65 million to 1.80 million tonnes, a reduction of more than 150,000 tonnes from FY26. Copper accounted for 51% of group earnings in the first half of FY26, surpassing iron ore as the main profit driver.

Shares fall

The production guidance cut mainly reflects lower ore grades at Escondida and the outage at Carrapateena. In addition, Western Australia iron ore output was flat at 291 million tonnes, with FY27 guidance maintained unchanged due to strike risks and maintenance work. The company targets 305 million tonnes in FY28.