BHP shares dip as overspend outweighs record productionShares in the world's biggest mining company are down despite high commodity prices and multiple record production beats due to a multibillion-dollar blowout.2 min read

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A billion dollar cost blowout for a major project has overshadowed multiple production records for Australia’s biggest mining company.The first stage of BHP’s Jansen project, a potash mine in Canada, ...

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billion ($A12.5 billion), compared with a $US5.7 billion ($A8.4 billion) when the project was rubber stamped in 2021.Know the news with the 7NEWS app: Download today ArrowChief executive Mike Henry was optimistic about the miner’s push into potash, a key ingredient in fertiliser.“The Jansen potash project in Canada is on track to begin production in mid-2027,” Mr Henry wrote in the report.“Jansen will be a long life, low cost and scalable asset that will add a new, future facing commodity to BHP’s portfolio, which we expect will generate value for shareholders over many decades.”Most of the cost increase was linked to construction hours and quantities of materials “not included” in previous estimates.“The construction costs were identified following the comprehensive review of Jansen Stage budget and schedule,” the miner wrote in an exchange release.The project blowout overshadowed record-breaking production results across multiple iron ore and copper assets, BHP shares dipping almost 1.3 per cent in early trade to $48.12.BHP’s flagship copper operation achieved record concentrator throughput and raised forward guidance, against a strong price backdrop as the base metal’s price rocketed 32 per cent higher year-on-year.Current financial year production guidance has increased for Group copper, Escondida and Antamina, while NSWEC and Samarco are forecast to produce at the upper end of their guidance ranges.“BHP enters the second half of FY26 with strong operating momentum,” Mr Henry wrote in the review.“We’re investing for the decade ahead, with a significant copper growth pipeline and a pathway to ~2 Mt of attributable copper production in the 2030s.”As iron ore prices grew four per cent over the same period, the miner’s massive West Australian Iron Ore (WAIO) integrated production and logistics operation also broke multiple records, producing almost 68 megatonnes and up five per cent on 2025’s equivalent half.“In iron ore, WAIO achieved record first half production and shipments, positioning us well ahead of the typically wet third quarter,” Mr Henry said.The report highlighted how important copper was becoming to BHP, other miners, and the global economy, eToro market analyst Zavier Wong said.“Over the past 12 months, we have seen just how critical copper has become for the world’s largest miners as they look to secure future supply, highlighted by BHP’s recent failed takeover attempt of Anglo American and Rio Tinto’s current bid for Glencore.”“This is not just a short-term boost from prices, but part of a much broader shift in the commodity 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