Multi-metal mining giant BHP Billiton now expects full-year iron ore output is now expected to exceed prior guidance of 159m tonnes per annum, after a strong first half of iron ore production in the Pilbara region of Western Australia.
Production of iron ore, which contributed to almost a third of group revenue in the year ended June 30th 2011, reached 80.64m tonnes in the half-year ended December 31st, up 23% on the year before.
The firm saw Western Australia iron ore (WAIO) production rise to a record annualised rate of 178m tonnes per annum in the second quarter, 25% higher than the year before.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
BHP admitted that scheduled maintenance, tie-in activities and the wet season in the Pilbara are expected to affect production in WAIO in the second half, but that didn't stop the group raising guidance.
Production of all base metals (copper, lead, zinc, silver and uranium) declined in the first half, compared with the first half of last year, however, copper, lead, zinc and silver volumes all showed a strong increase in the second quarter, compared with the first.
Petroleum production jumped by 36% in the half year after the acquisition of the Fayetteville and Petrohawk onshore businesses in the US a long with strong uptime performance from existing operated assets, the firm said.
In BHP's separate exploration and development report also published today, it revealed a near-700% increase in the mineral resource tonnage at its Spence mine in northern Chile. The firm said that the increase is due to the initial declaration of a significant hypogene (chalcopyrite) extension of the supergene (chalcocite and copper oxide) mineralisation that comprises the current mineral resource, following a four-year $30m brownfield exploration programme.
-
What happens if you can’t pay your tax bill, and what is "Time to Pay"?Millions are due to file their tax return this Friday as the self-assessment deadline closes. Though the nightmare is not over until you pay the taxman what you owe - or face a penalty. But what happens if you can't afford to pay HMRC your tax bill, and what is "Time to Pay"?
-
What does Rachel Reeves’s plan for growth mean for UK investors?Rachel Reeves says she is going “further and faster” to kickstart the UK economy, but investors are unlikely to be persuaded
