BHP Billiton: Q4 iron ore production falls 1 per cent in fiscal year 2019 expects production to rebound in fiscal year 2020

Published: Jul 17, 2019 10:08 (GMT+8)

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BHP Billiton (BHP) said on Wednesday that iron ore production fell to 71 million tons in the fourth quarter ended June 30, compared with 72 million tons a year earlier. BHP Billiton now expects iron ore production to rebound in fiscal 2020, or 6 per cent to 273 million-286 million tonnes.

SMM7 17-BHP Billiton (BHP) said Wednesday that iron ore production fell to 71 million tons in the fourth quarter ended June 30, compared with 72 million tons a year earlier.

The company had previously reduced iron ore production from 273 million tons to 283 million tons to 265 million tons to 270 million tons in fiscal 2019 (as of July) due to the impact of hurricane weather in Australia.

In the end, the company produced 269.6 million tons of iron ore in fiscal 2019, down from 275 million tons in fiscal 2018, but also in line with the company's production target.

BHP Billiton now expects iron ore production to rebound in fiscal 2020, or 6 per cent to 273 million-286 million tonnes, mainly due to huge demand for iron ore from the Chinese steel industry.

And given the surge in iron ore prices (iron ore prices soared 65 per cent this year to a five-year high) and the decline in Brazilian iron ore exports, BHP Billiton (BHP) had previously said 11 more iron ore mines could be built in the Pilbala (Pilbara) region of Western Australia over the next 50 to 100 years. "related news-BHP Billiton plans to build 11 new iron mines in Western Australia

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