23rd Jul 2014 05:50
LONDON (Alliance News) - Mining giant BHP Billiton Ltd reported Wednesday a 19% year-over-year increase in iron ore production for the fourth quarter, and a 15% growth from the previous third quarter. Production of metallurgical coal grew 9%.
Total iron ore production for the full-year 2014 also increased 20%, delivering its fourteenth consecutive annual production record.
Smaller rival Rio Tinto PLC reported on July 15 that its global iron ore production for the second quarter grew 11% from last year.
Issuing its production report for the fourth quarter ended June 30, 2014, the world's largest mining company said Wednesday it recorded a 19% increase in production of iron ore to 56.64 million tonnes from the year-ago period. Production also grew 15% from the prior quarter.
The company reported a 20% increase in full-year 2014 production to a record 203.56 million tonnes from last year. Iron ore is the main raw material used for steel production. The company also achieved annual production records across twelve operations and four commodities.
BHP noted that this was a strong year of production as two of its major assets, Western Australia Iron Ore and Queensland Coal, exceeded production guidance.
BHP's fourth-quarter production of metallurgical coal, which is also used in steel making, grew 9% from last year to 11.89 million tonnes, and increased 4% from the third quarter. Production for the year also increased 20% to 45.08 million tonnes.
Meanwhile, energy coal production edged down 1% from the prior-year quarter to 18.36 million tons. However, it edged up 1% for the year to 73.49 million tonnes.
The miner said its total petroleum production for the fourth quarter grew 9% from the year-ago period to 64.7 million barrels of oil equivalent. Total petroleum production also increased 4% in 2014.
The company's alumina production grew 5% to 1.33 million tonnes from last year. However, aluminum production for the quarter decreased 11% to 0.28 million tonnes from the year-ago period.
The company's copper production for the fourth quarter increased 2% to 470,200 tons, while production of lead declined 31% to 46,165 tonnes from last year. Nickel production also decreased 23% to 30,900 tonnes from last year.
Looking ahead 2015 financial year, the company forecast total iron ore production to increase 11% to 225 million tonnes, and metallurgical coal production is forecast to increase four percent to 47 million tonnes as the ramp-up of Caval Ridge is completed.
"We expect to maintain strong momentum and remain on track to generate Group production growth of 16% over the two years to the end of the 2015 financial year. In Petroleum, we are investing in our highest-return acreage while a broader improvement in productivity is expected to underpin stronger iron ore, copper and metallurgical coal volumes," CEO Andrew Mackenzie said in a statement.
BHP closed Tuesday's regular trading session on the NYSE at USD73.29, up USD1.22 or 2.69% on a volume of 1.54 million shares. In the past 52 weeks, the stock has been trading in a range of USD62.49 to USD73.46.
Copyright RTT News/dpa-AFX
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