BHP Absolutely Smashed Its Fourth Quarter Iron Ore Output

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BHP’s Q4 iron ore production is up 17%, well above analysts’ predictions.

Shares in BHP were trading up 2.36% or 34.22 cents at 10:33 AM.

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In a statement to the market BHP said output was 47.7 million metric tons in the three months ended June 30, from 40.9 million tons a year earlier.

A Bloomberg survey of five analysts predicted a 43.2 million ton output.

BHP’s rival Rio Tinto’s iron ore output was only up 7%.

Here’s the headline points from BHP’s statement:

  • A strong year of production as two of our major assets, Western Australia Iron Ore and Escondida, exceeded production guidance and annual records were achieved across seven operations and five commodities
  • Western Australia Iron Ore delivered a thirteenth consecutive annual production record as shipments in the June 2013 quarter increased to an annualised rate of 217 million tonnes (100% basis)
  • Escondida copper production increased by 28% to 1.1 million tonnes (100% basis) in the 2013 financial year as the average copper grade mined rose to 1.4% and milling rates improved
  • Queensland Coal production in the June 2013 quarter increased by 54% from the prior corresponding period to an annualised rate of 61 million tonnes (100% basis)
  • Despite strong performance from Onshore US, extended maintenance and drilling delays at our non-operated Gulf of Mexico assets constrained petroleum production growth to 6% during the 2013 financial year

Now read: UBS Said The Outlook For Commodity Markets Is Getting Worse And Downgraded Rio And BHP

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