22nd Oct 2013 07:36
LONDON (Alliance News) - BHP Billiton PLC Tuesday said its overall production increased 11% in its third quarter compared to the previous year on strong production rates across the majority of its metals and minerals.
In particular, it said it was maintaining its full-year production guidance for petroleum, copper and coal, while raising its guidance for iron ore.
The FTSE100 global metals and minerals production company said its total petroleum products production increased 2% to 62.7 million barrels of oil equivalent for the three months ended September 30, compared to the previous year, as its US volumes increased at the Black Hawk site and a new well in the US that has been started up called Atlantis.
The company said its copper production increased 6% to 403,300 tonnes during the period but that this number represented a fall of 13% compared to the previous quarter as smelter reliability issues and lower ore grades at the Pampa Norte site in Chile hit production.
BHP's ron ore production increased 23% to 48.8 million tonnes as it achieved first production from its Jimblebar mine in Australia.
The company said optimisation of its West Australian iron ore supply chain continues to unlock substantial value for the company, and it has raised its financial year production guidance in iron ore to 212 million tonnes.
BHP said its metallurgical coal production increased 14% to 10.2 million tonnes and its energy coal production increased 3% to 19.6 million tonnes as its Queensland Coal Project in Australia, ramped up operations.
The company said its alumina production increased 7% to 1.3 million tonnes and its aluminium production increased 15% to 310,000 tonnes, as an efficiency and growth project at its Worsley site in Australia and strong operating performance at its South African smelters improved production.
BHP said its nickel production was up 9% to 40,400 tonnes on strong performance at its Nickel West project in Australia.
However, the company said its manganese production was down 5% to 2.0 million tonnes while its manganese alloy production was up 5% to 137,000 tonnes but that this number represented a 25% decrease in comparison to the immediately prior quarter.
Since the start of the financial year the group has completed major transactions totalling USD6.5 billion, it said, which includes USD2.2 billion received in the financial year to date. "Our ability to simplify our portfolio and focus on our diversified pillars of Petroleum, Copper, Iron Ore and Coal remains an important point of differentiation," the company said.
BHP Billiton shares were up 2.5% to 1,920.00 pence, making it the second biggest riser on the FTSE100 in early trading Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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