PILBARA DELIVERS FOR BHP
BHP has hit its full year production targets for iron ore and petroleum but missed its guidance for copper and metallurgical coal due to strikes and bad weather.
The Australian miner said in an operational review yesterday that for the year to June 30 iron ore output increased 4 per cent to 231 million tonnes, with production tipped to increase to 239 million-243 million tonnes in the 2018 financial year.
BHP said its petroleum division’s output shrank by 13 per cent to 208 million barrels of oil equivalent during the year, which was in line with the company’s guidance.
The shale assets in the United States which form part of the petroleum business have been under scrutiny in recent months by US activist investment fund Elliott Management, which believes the assets should be partially or fully sold off.
“Improved productivity led to record annual production at Western Australia Iron Ore, Spence and two Queensland Coal mines,” BHP boss Andrew Mackenzie said in a statement. BHP shares fell 21c to close at $39.43