BHP Q1 Iron Ore Production Flat; Backs FY Iron Ore Production View

BHP (BHP.AX,BLT.L,BBL,BHP) reported that its first-quarter total iron ore production declined by 1 percent, and was flat on a 100 per cent basis, reflecting planned maintenance at Port Hedland. It reaffirmed its fiscal 2020 iron ore production outlook.

The company will present to the board for an investment decision on Jansen Stage 1 potash project in Canada by February 2021, BHP said in a statement.

BHP Chief Executive Officer, Andrew Mackenzie, said,”… While Group production for the quarter decreased slightly due to the expected impacts of planned maintenance and natural field decline in Petroleum, guidance remains unchanged and we are on track to deliver slightly higher volumes than last financial year.”

The company’s total iron ore production for the first-quarter declined by 1 percent to 61 million tonnes, while it was flat at 69 million tonnes on a 100 per cent basis.

Guidance for annual iron ore production remains unchanged at between 242 million tonnes and 253 million tonnes, or 273 million tonnes and 286 million tonnes on a 100 per cent basis.

Total petroleum production for the first-quarter decreased by 11 per cent to 29 million barrels of oil equivalent. Guidance for the 2020 financial year remains unchanged at between 110 million barrels of oil equivalent and 116 million barrels of oil equivalent.

Crude oil, condensate and natural gas liquids production declined by 11 percent to 13 MMboe due to the impact of Tropical Storm Barry in the Gulf of Mexico and natural field decline across the portfolio. This decline was partially offset by higher up time at Pyrenees following the 70 day dry dock maintenance during the same period last year.

Total copper production increased by five percent to 430 thousand tonnes. Guidance for the 2020 financial year remains unchanged at between 1.705 million tonnes and 1.820 million tonnes.

Source: Read Full Article