BHP Billiton
(ASX:BHP) has cut its iron ore target output by four percent to 237Mt for the 2016 financial year.
The miner said the lower than previous guidance reflects the suspension of operations at its Samarco project in Brazil.
BHP reported a four percent increase in total iron ore production for the December 2015 half year to 118Mt.
BHP chief executive Andrew Mackenzie acknowledged a substantial fall in commodity prices in the first half of 2016 did place pressure on the whole resources sector, and reiterated the miner’s commitment to protecting a strong balance sheet in order to provide financial flexibility to manage further volatility and take advantage of the expected recovery in copper and oil over the medium term.
BHP Billiton recorded a net profit of $3.74 billion at 30 June 2015.
