Commodity Comment: BHP Forecasts Higher Iron Ore Output, Weaker Petroleum
16 Julio 2019 - 07:00PM
Noticias Dow Jones
By Rhiannon Hoyle
BHP Group Ltd. (BHP.AU) said it expects group output to be
slightly higher in fiscal-year 2020 versus the year prior, despite
a forecast fall in petroleum volumes, as it released fourth-quarter
production figures on Wednesday. Here are some of the highlights
from the report.
---
Iron Ore
BHP's annual iron-ore production was broadly unchanged at 238
million tons in the year through June, it said. Production of
between 242 million and 253 million tons is forecast for the 2020
fiscal year, during which it will undertake a significant
maintenance program at Port Hedland. That program is designed to
improve productivity as it seeks to raise output further and
includes a car dumper maintenance campaign planned for this
quarter, it said.
---
Petroleum
Petroleum production increased by 1% to 121 million barrels of
oil equivalent during the 12-month period, although volumes are
expected to fall to between 110 and 116 million in the 2020 fiscal
year, it said. That is due to planned maintenance at Atlantis and
natural field decline across the portfolio. The rise in fiscal-year
2019 production was attributed to a 5% increase in natural gas
production, which it said reflected increased tax barrels at
Trinidad and Tobago.
---
Metallurgical Coal
BHP said metallurgical coal production was broadly flat at 42
million tons last fiscal year and that production is expected to be
between 41 million and 45 million tons in the 2020 fiscal year.
"With major wash plant shutdowns at Goonyella, Peak Downs and Caval
Ridge planned in the September 2019 quarter, volumes will be
significantly weighted to the subsequent three quarters of the
financial year," it said.
---
Copper
BHP produced 1.69 million tons of copper during the fiscal year,
4% down on the year prior, because of lower output at Escondida
where production declined by 6%. An expected 12% decline in copper
grade there was partially offset by record average concentrator
throughput, said BHP. Pampa Norte copper production decreased by 7%
due to adverse weather and a fire at the electro-winning plant at
Spence, it said. Group copper production of between 1.71 million
and 1.82 million tons is expected in the 2020 fiscal year, the
miner added.
Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com
(END) Dow Jones Newswires
July 16, 2019 19:45 ET (23:45 GMT)
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