Why Mining Giant BHP Shares Are Sliding Premarket Tuesday



BHP Group Ltd (NYSE:BHP) shares are trading lower after it reported results for the half year ended December 31, 2023.

Revenue rose 6% Y/Y to $27.2 billion, led by higher iron ore and copper prices and the contribution of new mines Prominent Hill and Carrapateena. 

Unit costs increased 5.4% across its major assets on disciplined cost, operational performance, and the normalization of commodity-linked consumable prices such as diesel and acid. 

Copper production rose 7% Y/Y to 894kt, and the average realized price was up 5% Y/Y to $3.66/lb. Iron ore production was down 2% Y/Y to 129Mt, and the average realized price rose 21% Y/Y to $103.70/wmt.

Underlying EBITDA grew 5% Y/Y to $13.9 billion and the margin stood at 53.3% vs. 53.5% a year ago, with Western Australia Iron Ore (WAIO) …

Full story available on Benzinga.com


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