SYDNEY: Global mining giant BHP Billiton raised its fiscal year iron ore production outlook for a second time this year yesterday after seeing a better-than-expected jump in output for January-March.
The world’s biggest mining company increased guidance for production the year to June to 217 tonnes, up from the 212 tonnes previously forecast. That comes despite concerns about the strength of the economy in China, the number one buyer of ore.
It said production in January-March quarter rose 23 percent year on year to 49.6 million tonnes, adding that seasonal bad weather in Western Australia had “relatively limited impact” on performance. The news came a day after rival miner Rio Tinto blamed cyclonic activity for a drop in its January-March production and shipment of iron ore. BHP also increased its full-year coking coal guidance by 2.5 million tonnes to 43.5 million tonnes following record nine-month production of 33 million tonnes.
It also said copper output was up two percent at 413,900 tonnes and kept its annual forecast unchanged at 1.7 million tonnes. However, petroleum production outlook was cut for the 2014 financial year by two percent to 254 million barrels following the sale of assets in Britain. March quarter petroleum output rose three percent to 60.9 million year on year. Chief executive Andrew Mackenzie praised the “outstanding results, underpinning a 10 percent increase in production so far this year”. AFP
