BHP(US:BHP) HUAXI Securities·2025-07-19 11:34Investment Rating - Industry rating: Recommended [8] Core Insights - In Q2 2025, copper production increased by 2% year-on-year to 516,200 tons, with a full-year production forecast of 2,016,700 tons, an 8% increase compared to the previous year [2][11] - Nickel production in Q2 2025 saw a significant decline of 99% year-on-year, totaling 300 tons, due to temporary shutdowns [3][12] - Iron ore production reached 70.3 million tons in Q2 2025, a 2% increase year-on-year, with a full-year forecast of 263 million tons, reflecting a 1% increase [4][13] - Coking coal production increased by 5% year-on-year to 10.3 million tons in Q2 2025, while full-year production is expected to decrease by 19% to 36 million tons [5][14] - Thermal coal production rose by 8% year-on-year to 4.1 million tons in Q2 2025, with a full-year forecast of 15 million tons, a 2% decrease [6][15] Summary by Sections Copper - Q2 2025 copper production was 516,200 tons, up 2% year-on-year and 1% quarter-on-quarter [2] - Average realized price for copper was $4.43 per pound, down 3% year-on-year and quarter-on-quarter [19] Nickel - Q2 2025 nickel production was 300 tons, down 99% year-on-year and 87% quarter-on-quarter [3] - Full-year nickel production forecast is 30,200 tons, a 63% decrease compared to the previous year [12] Iron Ore - Q2 2025 iron ore production was 70.3 million tons, up 2% year-on-year and 14% quarter-on-quarter [4] - Average realized price for iron ore was $79.93 per wet ton, down 12% year-on-year and 8% quarter-on-quarter [19] Coking Coal - Q2 2025 coking coal production was 10.3 million tons, up 5% year-on-year and 31% quarter-on-quarter [5] - Average realized price for coking coal was $177.32 per ton, down 28% year-on-year and 4% quarter-on-quarter [19] Thermal Coal - Q2 2025 thermal coal production was 4.1 million tons, up 8% year-on-year and 13% quarter-on-quarter [6] - Average realized price for thermal coal was $85.70 per ton, down 31% year-on-year and 12% quarter-on-quarter [19] Major Projects - The Jansen project is progressing, with 68% completion of the JS1 project, and capital expenditure expected to rise to between $7 billion and $7.4 billion [16]