Analyst Note
| Jon Mills |BHP reported solid production in the second quarter of fiscal 2023. Helped by the continued ramp up of its new South Flank mine, shipments from the company’s Western Australian Iron Ore operations in the Pilbara rose 4% on the prior quarter, but were flat on the same quarter last year. Iron ore volume guidance is unchanged at 284 to 298 million metric tons on a 100% basis and the company is on track to meet our fiscal 2023 forecast of about 290 million metric tons (100% basis), similar to fiscal 2022. Iron ore accounts for around two thirds of forecast BHP EBIT for our forecast period.