BHP faces copper output slump and coal protests ahead of AGM

BHP will convene its shareholders at the Sydney Showgrounds on Thursday, marking the inaugural AGM under chief executive Brandon Craig, who assumed the role in July. The miner revealed that copper production in the September quarter slipped to 400,000 tonnes, a 19% decline from the June quarter and short of analyst expectations, following severe weather and a fatality at the Escondida mine in Chile's Atacama Desert. Despite the shortfall, BHP left its 2026/27 copper output guidance of 1.65-1.8 million tonnes unchanged, though the margin for error is narrow.

Analysts highlighted the need for disciplined capital allocation across copper, potash and iron ore without compromising shareholder returns. The meeting will also see protests by the Pacific Climate Warriors in nearby Cathy Freeman Park, targeting BHP's remaining coal assets, including the Mt Arthur mine in NSW and five coking coal operations in Queensland's Bowen Basin. Shares were trading at $58.52, up 27.9% year-to-date.