.bhp has increased its ironore expectations for 2023, but has warned that Queensland coal royalties could impact investment in the state mining resources copper nickel
PERTH – Diversified miner BHP has reported increased production across its portfolio of commodities during the June quarter, but has also taken a swipe at the Queensland government over the introduction of new coal royalties, saying it would impact future investment decisions.
For the full year, iron-ore production was in line with the previous period at 253.2-million tonnes, and BHP has now set a production target of between 249-million and 260-million tonnes for 2023. For the full year, BHP produced 1.57-million tonnes of copper, which was down 4% on the 2021 financial year.
“Queensland metallurgical coal delivered strong underlying performance for the quarter in the face of significant wet weather. BHP is assessing the impacts on BMA economic reserves and mine lives as a result of the increase in coal royalties by the Queensland government. The near tripling of top-end royalties has worsened what was already one of the world’s highest coal royalty regimes, threatening investment and jobs in the state,” Henry said on Tuesday.
BHP also noted that the new tax damages Queensland’s reputation as a stable place to invest, and would make it harder for the state to compete against other global jurisdictions in attracting major new investments that would deliver longer-term value to communities and the state economy. In terms of its potash development in Canada, Henry told shareholders that the $5.7-billion Jansen project was tracking to plan, and that BHP was working to bring first production forward to 2026.
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