Flat production signals slow start to BHP’s financial year
BHP fell 0.5% to A$27.17 in Sydney ahead of the JSE’s opening on Wednesday after reporting flat or lower production for all commodities except copper in the first quarter of its financial year. BHP closed 0.43% lower at R250.87 on the JSE on Tuesday. The world’s largest mining group reported copper production increased 14% to 404,000 tonnes, metallurgical coal production was flat at 11-million tonnes, energy coal production fell 2% to 7-million tonnes, iron ore production fell 3% to 56-million tonnes, and petroleum production fell 8% to 50-million barrels. CEO Andrew Mackenzie said despite the slow start, BHP remained on track to meet its target of 7% volume growth for its 2018 financial year. The production declines were partly due to the weather, with Hurricane Harvey in the Gulf of Mexico disrupting its petroleum operations and Cyclone Debbie hitting its Queensland coal mines. Iron ore output suffered from a fire at a screening plant at Mount Whaleback. The growth in copper produ...
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