BHP First-Quarter Iron Ore, Copper Output Falls
By Rhiannon Hoyle
BHP Group Ltd. produced less iron ore, copper and steelmaking
coal in its first fiscal quarter mostly because of planned
maintenance work at its operations.
The world's biggest mining company by market value said it
produced 63.3 million metric tons of iron ore in the three months
through September, down 4% year-over-year and 3% lower than the
quarter immediately prior.
BHP reiterated that it expects to produce between 249 million
and 259 million tons for the year through June, 2022.
The miner's Australian iron-ore mining hub undertook increased
levels of planned maintenance during the quarter, while temporary
rail labor shortages because of pandemic-related border
restrictions also had a minor impact, BHP said. BHP is the world's
third biggest producer of iron ore, a key ingredient in
The company in September received regulatory approval to
increase capacity at its Port Hedland operations, and directors
have approved a so-called debottlenecking program at the port that
should begin before the end of 2021, the miner said.
BHP's copper-mining operations, in Australia and Chile, produced
376,500 tons during the quarter, down 9% on a year ago and 7% lower
than the preceding three months.
The miner reported lower volumes at its Olympic Dam mine in
southern Australia because of a smelter maintenance project, which
was delayed by one month also because of border restrictions within
BHP's petroleum unit, which the miner has agreed to sell to
Australia's Woodside Petroleum Ltd. in an all-stock deal, posted a
3% year-on-year increase to 27.5 million barrels of oil equivalent.
That was also 2% higher than the quarter immediately prior.
BHP, which runs the world's biggest steelmaking coal export
operations in joint venture with Mitsubishi Corp., said its
production of metallurgical coal was down 9% year-on-year and 25%
quarter-on-quarter, to 8.9 million tons, also in large part because
of maintenance work.
Write to Rhiannon Hoyle at firstname.lastname@example.org
(END) Dow Jones Newswires
October 18, 2021 18:23 ET (22:23 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
Historical Stock Chart
From Nov 2021 to Dec 2021
Historical Stock Chart
From Dec 2020 to Dec 2021