ASX:BHP faces industrial action at Pilbara and output pressures—FY23–26 copper production fell and Q4 dropped—while booking a ~$2.3B Jansen impairment and higher D&A; unit costs vary by asset even as BHP greenlights ~$900M Ministers North iron ore project and NSW plans post‑mine rezoning.
Previous Week Recap
- Pilbara Action Hits BHP: BHP (BHP) hit by sustained Pilbara industrial action: electrical trades staged stoppages and an eight-hour Port Hedland strike; unions announced protected action and negotiations scheduled to resume.
- Copper Output Dips, Guidance Cuts: BHP Group (BHP) produced 1.95M t copper year to June 30, down 3%; Q4 output 491.9k t, down 5%. Lower output at Escondida, Pampa Norte and a SA mechanical fault cut next-year guidance up to 15.5%.
- BHP Impairment For Jansen: BHP (BHP) will record a ~ $2.3B impairment in H2 FY2026 tied to the Jansen project; Jansen to show ~-$150M EBITDA and ~ $450M extra D&A from capitalized projects.
- FY26 Unit Costs Outlook: BHP says FY26 unit costs: bottom end of guidance for copper assets, within WAIO range, and near top end for BMA (BHP Mitsubishi Alliance).
- Ministers North Iron Ore Approved: BHP approved ~$900M to develop Ministers North iron ore in Western Australia with partners. Construction starts this month; production targeted H2 2028, first ore in FY2029, ~20Mtpa output.
- Mt Arthur Land-Use Master Plan: NSW unveiled a Master Plan to rezone BHP’s Mt Arthur coal mine land for post‑mining uses; studies estimate the precinct could support up to 4,890 jobs, affecting BHP asset land use.
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