BHP see 11% increase in quarterly production

Company News

by Rachael Jones

BHP (ASX:BHP) released an operational review of the year showing 2019 financial year finished with an 11 per cent increase in quarterly production.

This was due to strong operational performances including annual production records at a number of petroleum, copper, iron ore and metallurgical coal operations.

Metallurgical coal and energy coal production was marginally below guidance predominantly as a result of lower than expected wash plant yields and adverse weather impacts during the June 2019 quarter.

Total iron ore production was broadly unchanged at 238 million tonnes.

Underlying improvements in productivity were largely offset by the impact of unplanned production outages of US$835 million during the first half, in addition to grade decline in copper and higher unit costs in coal.

A negative movement of approximately US$1 billion is now expected to be recorded for the 2019 financial year.

Shares in BHP (ASX:BHP) closed 0.4 per cent higher at $41.16 yesterday.
 

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.