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BHP Q1 Iron Ore Production Up 8%; But Cuts FY Copper Production Outlook

(RTTNews) - BHP (BHP.AX, BLT.L, BBL, BHP) reported that its total iron ore production for the first-quarter increased by 10 per cent to 61 million tonnes, while it increased 8 percent to 69 million tonnes on a 100 per cent basis. Guidance for the 2019 financial year remains unchanged at between 241 million tonnes and 250 million tonnes, or between 273 million tonnes and 283 million tonnes on a 100 per cent basis.

At WAIO, increased volumes were supported by record production at Jimblebar and improved reliability across rail network and port operations. .

Mining and processing operations at Samarco remain suspended following the failure of the FundA?o tailings dam and SantarA©m water dam on 5 November 2015.

BHP Chief Executive Officer, Andrew Mackenzie, said: "a?¦.. We are on track to meet guidance for the 2019 financial year across our commodities, except copper where we have reduced production guidance slightly following outages at Olympic Dam in Australia and Spence in Chile. a?¦. The Onshore US sale process is progressing to plan and is expected to be completed For personal use only by the end of October 2018."

Total copper production for the first-quarter quarter was broadly flat at 409 thousand tonnes. Total copper production guidance for the 2019 financial year is reduced by about 3% to between 1.620 million tonnes and 1.705 million tonnes reflecting lower volumes now expected at Spence (electro-winning plant outage) and Olympic Dam (acid plant outage).

Olympic Dam copper production decreased by 21 per cent to 33 thousand tonnes as a result of an unplanned acid plant outage in August 2018.

Total Conventional petroleum production was broadly flat at 33 million barrels of oil equivalent. Guidance for the 2019 financial year remains unchanged at between 113 million barrels of oil equivalent and 118 million barrels of oil equivalent.

Metallurgical coal production was down two per cent to 10 million tonnes. Guidance for the 2019 financial year remains unchanged at between 43 million tonnes and 46 million tonnes, with volumes weighted to the second half of the year.

Energy coal production decreased by one per cent to 7 million tonnes. Guidance for the 2019 financial year is unchanged at about 28 million tonnes to 29 million tonnes.

Nickel West production decreased by eight per cent to 21 thousand tonnes.
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