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BHP Billiton (NYSE: BHP Billiton) reported on Tuesday that annual iron ore production hit a new high, in line with expectations, while forecasting stable output in the coming year.
The world’s largest miner by market capitalization said in its fiscal 2024 operating review that it produced Iron ore production in the June quarter was 69.2 million tonnes, mainly from the Western Australia iron ore operation in the Pilbara region, bringing full-year production to a record 259.7 million tonnes, up 1% from the same period last year and in line with guidance.
BHP has been ramping up production at its newest and largest iron ore mine, the South Flank mine in the Pilbara, which it says has reached full production this year.
The miner expects iron ore production in the coming year to be 2% higher or lower than production in fiscal 2024.
BHP Billiton’s (BHP) full-year copper production increased by 9% to 1.87 million tons, also in line with expectations. This was boosted by the acquisition of Oz Minerals last year as well as the Escondida mine and South Australian operations.
The company predicts that copper production may grow by 10% in the next year.
However, BHP Billiton (BHP) said metallurgical coal production fell 23% to 22.3 million tons and expected a continued decline of 15%-25% in the new financial year, after which it expected to grow again in the next five years.
BHP Billiton (BHP) reported a 2% increase in annual nickel production to 81,600 tons; the company said last week that it would close its Australian nickel operations later this year due to a global oversupply of nickel mines.
