The BHP Group Ltd (ASX: BHP) share price is under the spotlight after reporting its FY26 third quarter.
BHP is a major global mining business which produces multiple commodities including copper, iron ore and coal.
BHP production in March 2026 quarter
The miner announced how its production performed in the three months to March 2026 (the FY26 third quarter), compared to both the second quarter of FY26 and the third quarter of FY25.
Copper production was 476.8kt, down 3% quarter on quarter and down 7% year on year.
Iron ore production came to 62.8mt for the March 2026 quarter, down 10% quarter on quarter, but up 2% year on year.
Steelmaking coal production was 3.8mt, down 11% quarter on quarter and down 3% year on year.
Energy coal production was 4mt, down 12% quarter on quarter and up 12% year on year.
Strong copper update
The business revealed that its FY26 group copper production is now expected to be in the upper half of its 1,900kt to 2,000kt production guidance range, with the Escondida project (expected to achieve upper half production) and the Antamina project (increased guidance) offsetting the lowered guidance for Spence because of ongoing challenges of “managing variable ore characteristics”.
BHP also said that the FY26 unit cost guidance has been improved at the Escondida project.
The ASX mining share also noted that in March it submitted its Environmental Impact Declaration (DIA) permit for the new Escondida concentrator, which is the central piece of Escondida’s growth program.
BHP also noted that Resolution Copper, a joint venture between Rio Tinto Ltd (ASX: RIO) – which owns 55% and is the operator – and BHP (45% owner) completed a land exchange in the US state of Arizona. Resolution Copper can now advance further resource data collection and initiate early underground development at one of the largest untapped, high-grade copper resources in the world.
Management comments
The BHP CEO Mike Henry – who is being replaced later this year by Brandon Craig – said:
BHP has delivered strong performance over the past nine months, including record material mined and concentrator throughput at Escondida and record production at WAIO. These results reflect the consistency of our operations and the strength of our high margin diversified portfolio in an evolving operating environment.
In copper, strong performance at Escondida and Antamina supports our expectation of delivering production in the upper half of FY26 Group copper guidance. We continue to make steady progress across our copper growth program, consistent with our focus on long-life, high-quality copper supply and disciplined capital allocation.
Our balance sheet remains strong, and in the last month we have realised ~US$4.8 bn by completing the Antamina silver streaming transaction and finalising the divestment of Carajás, as well as cash received in relation to the earlier divestment of Blackwater and Daunia.
Our centralised procurement capability and our low-cost operations have positioned us advantageously in the face of industry wide pressure on the cost of energy and consumables as a result of the conflict in the Middle East.
Final thoughts on the BHP share price
BHP is one of the strongest miners in the world and has great exposure to copper, but we need to pay attention what price to buy ASX mining shares at because their earnings and valuation can be quite cyclical.
So, after rising around 50% in the past year, this doesn’t seem like the best time to consider the business. There are other ASX dividend shares that could be a better buy.
