4/19/2018, 11:02 AM (Source: TeleTrader)
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BHP cuts iron ore output forecast for fiscal year

BHP Billiton Group said on Thursday its guidance for the production of oil and coal for the 12 months ending with June would be met, with petroleum at the upper end of the range between 180 and 190 million barrels of oil equivalent. The resources powerhouse plans to slowly dispose of assets in the segment in the United States. Car dumper reliability issues resulted in a downward revision for iron ore to between 236 and 238 million tons from a range of 239 to 243 million for the year through June, the statement adds.

The world's biggest listed miner, which trades as BHP Billiton Plc at the London Stock Exchange and BHP Billiton Ltd. in Sydney, lifted iron ore volumes by 8% to 58 million tons in the third fiscal quarter year over year and 2% to a record 175 million in the nine-month period.

The production of copper jumped 101% to 457,000 tons and 37% to 1.29 million tons, respectively. The forecast annual range was narrowed slightly, to between 1.7 million and 1,785,000 tons, with a moderate cut in guidance for the Olympic Dam facility in the south of Australia.

Baha Breaking News (BBN) / IT