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De May 2019 a May 2020
By Rhiannon Hoyle
SYDNEY--BHP Group Ltd. (BHP.AU) said iron-ore production was flat over the past 12 months, but forecast a rise in output in the year ahead.
The mining company, the world's biggest by market value, said it produced 238 million metric tons of iron ore from its Australian pits in the year through June as record output at its Jimblebar mine was offset by setbacks from a cyclone and a train derailment. BHP projected output of between 242 million and 253 million tons in its current fiscal year.
The company also reported a 1% rise in annual petroleum production, which it attributed to higher gas volumes. It forecast output from that division to fall in the year ahead because of planned maintenance at one field and natural field decline across its portfolio.
BHP's annual copper output was down 4% because of weaker output from Escondida, the world's biggest copper mine.
Production of metallurgical coal, used to make steel, and energy coal, used in electricity generation, were down 1% and 6%, respectively.
The company also forecast a US$1 billion productivity loss for the year, saying underlying improvements in efficiency were offset by unplanned shutdowns. It is also reviewing assumptions used to determine provisions for the Samarco dam failure in Brazil, and said it expects a US$260 million charge tied to dam decommissioning costs.
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(END) Dow Jones Newswires
July 16, 2019 19:10 ET (23:10 GMT)
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