BHP(US:BHP) HUAXI Securities·2026-01-23 12:19Investment Rating - The industry rating is "Recommended" [6] Core Insights - In Q4 2025, copper production decreased by 4% year-on-year to 490.5 thousand tons, with an average price of $5.90 per pound, reflecting a 58% increase year-on-year [2] - Iron ore production increased by 5% year-on-year to 69.7 million tons, with an average price of $85.33 per wet ton, up 4% year-on-year [3] - Coking coal production decreased by 3% year-on-year to 8.6 million tons, with an average price of $196.72 per ton, down 1% year-on-year [4] - Thermal coal production increased by 25% year-on-year to 4.6 million tons, with an average price of $96.24 per ton, down 23% year-on-year [5] Summary by Sections Copper - Q4 2025 copper production was 490.5 thousand tons, down 4% year-on-year and down 1% quarter-on-quarter [2] - The average copper price in Q4 2025 was $5.90 per pound, up 58% year-on-year and up 29% quarter-on-quarter [9] - FY26 guidance for copper production is set at 1.9 to 2.0 million tons, an increase from previous guidance [8] Iron Ore - Q4 2025 iron ore production reached 69.7 million tons, up 5% year-on-year and up 9% quarter-on-quarter [3] - The average iron ore price was $85.33 per wet ton, reflecting a 4% increase year-on-year and a 2% increase quarter-on-quarter [9] - FY26 guidance for iron ore production remains at 258 to 269 million tons [8] Coking Coal - Coking coal production in Q4 2025 was 8.6 million tons, down 3% year-on-year and down 12% quarter-on-quarter [4] - The average price for coking coal was $196.72 per ton, down 1% year-on-year but up 9% quarter-on-quarter [9] - FY26 guidance for coking coal production is set at 36 to 40 million tons [8] Thermal Coal - Thermal coal production in Q4 2025 was 4.6 million tons, up 25% year-on-year and up 31% quarter-on-quarter [5] - The average price for thermal coal was $96.24 per ton, down 23% year-on-year and up 1% quarter-on-quarter [9] - FY26 guidance for thermal coal production is set at 14 to 16 million tons [8]