BHP 3Q Iron-Ore Output Down, Raises Annual Copper Guidance
By Rhiannon Hoyle
SYDNEY--BHP Group Ltd. reported a 4% fall in third-quarter
iron-ore output because of unfavorable weather and maintenance, and
said it will likely produce more copper than expected this fiscal
year but less coal.
The world's No. 1 miner by market value on Wednesday said it
produced 59.9 million metric tons of iron ore in the three months
through March. Still, iron-ore output was up 4% to 188.3 million
tons for the first nine months of its fiscal year versus the same
period a year earlier, helping the miner to benefit from a surge in
the iron-ore price to an almost-decade high.
The company kept its full-year production forecast unchanged, at
245 million-255 million tons.
BHP said third-quarter copper output was down by 9%, to 391,400
tons, in big part due to a slimmed down workforce at its Escondida
mine in Chile because of pandemic-related restrictions. Still, the
miner said the operation has been performing better than expected
and raised its full-year guidance to 1.535 million-1.660 million
tons. It had previously forecast annual output of 1.510
million-1.645 million tons.
The miner downgraded its guidance for metallurgical coal output,
to 39 million-41 million tons from 40 million-44 million
previously, citing weather-related disruptions.
It also cut its annual guidance for energy coal production to 18
million-20 million tons, from 21 million-23 million tons
Write to Rhiannon Hoyle at email@example.com
(END) Dow Jones Newswires
April 20, 2021 19:01 ET (23:01 GMT)
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