✂ Fed’s first rate cut since 2020: Use our free Stock Screener to find new opportunities fastExplore for FREE

BHP misses full-yr iron ore guidance by 3 mln/t

Published 20/07/2016, 08:50 am
© Reuters.  BHP misses full-yr iron ore guidance by 3 mln/t
BHP
-
BHPB
-

SYDNEY, July 20 (Reuters) - BHP Billiton BHP.AX BLT.L said on Wednesday it fell three million tonnes short of its iron ore production guidance for fiscal 2016 due to its Samarco disaster in Brazil.

The world No. 3 miner of the steelmaking ingredient said fourth-quarter output reached 55.6 million tonnes, pushing the annual total to 257 million tonnes against guidance of 260 million.

Production for the current financial year is forecast to increase to between 265 million tonnes and 275 million tonnes, all from the company's Western Australia mines, it said.

BHP earlier this year cut its Western Australia iron ore production for the year to June 30, 2016 by 10 million tonnes to 260 million tonnes, blaming a cyclone that ripped through the Pilbara iron ore region in January coupled with accelerated railway maintenance work.

BHP cited for the lower output a halt to production from its half-owned Samarco iron ore business in Brazil in early November due to a dam burst.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.