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BHP Group shows progress on several fronts in latest quarterly update

BHP Group is one of the world's largest mining companies

BHP Group PLC -

BHP Group PLC (LON:BHP) (ASX:BHP) saw copper equivalent production increase by 2% in the September 2020 quarter.

The company also delivered strong production figures for metallurgical coal and iron ore, with record production achieved at Jimblebar.

All production and unit cost guidance remains unchanged for the 2021 financial year, except that for Cerrejón, where a strike is ongoing, the FTSE 100-listed firm added.

Meanwhile, progress at major projects under development in petroleum, copper and iron ore continues.

Atlantis Phase 3 achieved first production in July 2020, ahead of schedule and on budget. First production from the Spence Growth Option is expected between December 2020 and March 2021.

The Jansen Stage 1 project remains on track for final investment decision in the middle of the 2021 calendar year. As a result of coronavirus delays and the earlier challenges encountered on lining the shafts, the company has approved incremental funding for completion of the current shaft lining project.

In petroleum, BHP Group has agreed to acquire an additional 28% interest in Shenzi, a tier-one asset.

In copper exploration, the third phase of the drilling program at Oak Dam in South Australia delivered encouraging results, with further high grade mineralised intercepts of copper, with associated gold, uranium and silver confirmed.

The project will now move to planning for early-stage design evaluation and commencement of resource definition drilling in the first half of the 2021 calendar

Quick facts: BHP Group PLC

Price: 1728.2 GBX

LSE:BHP
Market: LSE
Market Cap: £87.41 billion
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