BHP(US:BHP) 智通财经网·2025-07-18 02:31Core Viewpoint - BHP's fourth-quarter and annual operational report indicates rising costs and delays in its Canadian potash project, while iron ore and copper production have slightly increased, reaching historical highs [1][2]. Group 1: Potash Project - BHP has invested heavily in the potash sector, completing 68% of the Jansen project phase one, with estimated costs rising from $5.7 billion to between $7 billion and $7.4 billion [1]. - Potential oversupply in the market may delay the phase two execution of the Jansen project by two years [1]. - The company is considering extending the execution timeline for phase two of the Jansen project as part of its regular review of capital projects [1]. Group 2: Iron Ore Production - In the fourth quarter, BHP's iron ore production reached 70.3 million tons, bringing the fiscal year 2025 iron ore production to 263 million tons, close to the upper limit of its guidance range [1]. - The fiscal year 2024 iron ore production is projected at 260 million tons, reflecting a growth rate of 1% [1]. - BHP's Western Australia iron ore operations set multiple records, including annual production [1]. Group 3: Copper Production - BHP's copper production increased by 2% in the fourth quarter, with the Escondida project in Chile achieving its highest annual output in 17 years [2]. - Total annual copper production exceeded 2 million tons, marking an 8% year-on-year increase and setting a new record [2]. - The CEO highlighted the resilience of global commodity demand since 2025, despite challenges in the market [2].