- Mining company BHP raised its copper output guidance and maintained its iron ore output target with volumes expected to be in the upper half of the target range.

Annual copper production was lifted to a range of 1,535 kt to 1660 kt, from 1,510 to 1,645 kt previously.

Iron ore production estimate was maintained at 245 to 255 Mt, but volumes were expected to be in the upper half of the guidance range as a result of strong performance at WAIO, the company said.

The miner also trimmed its annual cost target at Escondida, forecasting unit costs of between $0.95 and $1.10 per pound, down from $1.00-to-$1.25 per pound previously.

Copper output fell 8% and iron ore production was flat in the March quarter.

Metallurgical coal output was lower to a range of 39Mt-to-41Mt from 40Mt-to-44Mt previously, and energy coal production was cut to a range of 18Mt-to-20Mt, from 21Mt-to-23Mt tons previously.

'Our major projects under development are also progressing to plan. The Ruby project in Trinidad and Tobago is progressing ahead of schedule and on budget, with first production on track for May 2021,' the company said.

'South Flank is tracking well with commissioning activities planned for the June 2021 quarter and is on schedule for first production in the middle of the 2021 calendar year. Jansen Stage 1 project remains on track for Final Investment Decision in the middle of the 2021 calendar year,' it added. At 8:19am: [LON:BHP] Bhp Group PLC share price was 0p at 1630.6p

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