BHP Group lifted production of iron ore in its third quarter helped by Pilbara returning to normal production after Covid, but concerns over China and Australian labour issues overshadowed the numbers.
Heavy rainfall also hit coal production though the increases in copper, nickel and iron ore helped to offset this.
Liberum noted: “BHP reported a decent set of results today but the biggest blemishes were the weakness in thermal coal output, down 33% Q/Q. and met coal down 19%.
“As we've been flagging the wet weather in New South Wales and Queensland has been hurting volumes all year and we expect a significant cut in Glencore guidance at its third-quarter numbers.
“The extraordinary levels of rainfall are being blamed on the La Nina effect, which is now forecasted to continue into next year.”
Production of iron ore rose by 3% to 65 million tonnes (mt) in the three months to end-September 2022, with the full-year target left unchanged at between 246 and 260Mt.
Copper rose by 9% to 410,000t, helped by increases at Escondida and Pampa Norte. Copper guidance for the full year was unchanged.
Nickel production rose while BHP said it wants potash project Jansen in Canada to be in production in 2026.
"We expect global macro-economic uncertainty in the short term to continue to affect supply chains, energy costs, labour markets and equipment and materials availability" said Mike Henry, BHP's chief executive.
BHP shares rose 0.5% to 2,170p.