BHP Annual Iron-ore Output Flat; Forecasts Rise in FY20
July 16 2019 - 7:25PM
Dow Jones News
By Rhiannon Hoyle
SYDNEY--BHP Group Ltd. (BHP.AU) said iron-ore production was
flat over the past 12 months, but forecast a rise in output in the
year ahead.
The mining company, the world's biggest by market value, said it
produced 238 million metric tons of iron ore from its Australian
pits in the year through June as record output at its Jimblebar
mine was offset by setbacks from a cyclone and a train derailment.
BHP projected output of between 242 million and 253 million tons in
its current fiscal year.
The company also reported a 1% rise in annual petroleum
production, which it attributed to higher gas volumes. It forecast
output from that division to fall in the year ahead because of
planned maintenance at one field and natural field decline across
its portfolio.
BHP's annual copper output was down 4% because of weaker output
from Escondida, the world's biggest copper mine.
Production of metallurgical coal, used to make steel, and energy
coal, used in electricity generation, were down 1% and 6%,
respectively.
The company also forecast a US$1 billion productivity loss for
the year, saying underlying improvements in efficiency were offset
by unplanned shutdowns. It is also reviewing assumptions used to
determine provisions for the Samarco dam failure in Brazil, and
said it expects a US$260 million charge tied to dam decommissioning
costs.
Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com
(END) Dow Jones Newswires
July 16, 2019 19:10 ET (23:10 GMT)
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