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17 Apr 2019 | 07:44

BHP maintains FY guidance despite lowering ire ore output estimates

BHP Billiton lowered its output guidance on iron ore following the tropical cyclone that battered parts of Australia earlier this year.

But the miner maintained its full-year output as copper output modestly increased in March quarter, while petroleum output fell slipped from the previous quarter. For the March quarter, copper equivalent production increased by 1%, iron ore production rose 3% and petroleum fell 5%, when compared with the December quarter. Copper guidance for the 2019 financial year remained unchanged at between 1,645 and 1,740 kt. Production guidance for annual iron ore output was reduced to between 235 and 239 Mt, or 265 and 270 Mt on a 100 per cent basis, reflecting a 6 to 8 Mt impact from Tropical Cyclone Veronica. Total petroleum production was flat at 92 MMboe. Guidance for the 2019 financial year unchanged at between 113 and 118 MMboe, with volumes expected to be towards the upper end of the guidance range. 'During the March 2019 quarter, we had a strong operational performance despite weather impacts across Australia and Chile. We approved Atlantis Phase 3 and now have five major projects under development. Those projects, our work on transformation, technology and culture, and our successful petroleum and copper exploration and appraisal programs will grow value and returns for years to come,' said BHP Chief Executive Officer, Andrew Mackenzie

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