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BHP iron ore output higher, petroleum lower; sees virus-led disruptions ahead

By BFN News | 07:37 AM | Tuesday 21 July, 2020


Mining company BHP met full-year production guidance for iron ore, metallurgical coal and copper, but petroleum production fell marginally below guidance following the impact of Covid-19 in the June 2020 quarter. Annual iron ore and copper production rose 4% to 248m tonnes and 2% to 1.72m tonnes 2%, respectively, while metallurgical coal and petroleum output fell 3% to 41m tonnes and 10% to 109m barrels of oil, respectively. For the June quarter, however, petroleum output was up 5% on-quarter, and metallurgical coal up 26%. Looking ahead, copper equivalent production was expected to be slightly lower in the 2021 financial year amid coronaviurs-led disruptions, while lower gas demand in Eastern Australia and Trinidad and Tobago were expected to weigh on petroleum volumes. The company estimated fiscal 2021 iron production of 244-to-253Mt, copper production of 1.48m-to-1.645m, metallurgical coal output of 40m-to-44m tonnes and petroleum production of 95-to-102m boe. Story provided by StockMarketWire.com

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