SHANGHAI, Apr 21 (SMM) - On April 21, BHP announced its operating report for the third fiscal quarter ended March 31.
The report shows that the company's iron ore production in the third quarter was 59.8 million mt, which was flat year-on-year. Among them, the iron ore production of Western Australia's iron ore business (based on 100% equity) totalled 66.2 million mt, a year-on-year decrease of 1%.
Iron ore production in the first nine months of the financial year was 192 million mt, with iron ore output in Western Australia setting a company record of 188 million mt (213 million mt based on a 100% interest basis).
BHP has reiterated its annual forecast for iron ore production in Western Australia, projecting an output (on a 100% interest basis) of 278-290 million mt and a unit cost of between $18-19/mt.
Iron ore output guidance remains unchanged for the full year.
Copper output in the third quarter increased by 10% year-on-year to 405,900 mt.
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But BHP cut its full-year production guidance for its Escondida copper operation in Chile to 1.05-1.08 million mt from a previous range of 1.08-1.18 million mt, saying geotechnical challenges in the high-grade portion of the pit had led to changes in the mine’s plan.
In view of the strong performance of other copper assets, BHP maintains its full-year copper production guidance at 1.635-1.825 million mt.
For its nickel business, BHP cuts its full-year production guidance to 75,000-85,000 mt from the previous range of 80,000-90,000 mt, as its Australian nickel operations were affected by heavy rainfall in early April.
Both coking coal and thermal coal production guidance remain unchanged for the full year.
It is understood that BHP has been trying to increase its exposure to commodities such as copper.
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