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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Bhp Group Limited | LSE:BHP | London | Ordinary Share | AU000000BHP4 | ORD NPV (DI) |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 18.50 | 0.98% | 1,908.00 | 1,904.50 | 1,906.00 | 1,913.00 | 1,892.00 | 1,892.00 | 1,238,753 | 16:35:17 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Crude Petroleum & Natural Gs | 56.94B | 7.9B | 1.5575 | 24.88 | 95.8B |
From Mar 2020 to Mar 2025
TIDMBLT
RNS Number : 9227E
BHP Billiton PLC
15 April 2014
NEWS RELEASE Release Time IMMEDIATE Date 16 April 2014 Number 08/14
BHP BILLITON OPERATIONAL REVIEW FOR THE NINE MONTHS ENDED 31 MARCH 2014
-- BHP Billiton maintained strong momentum in the nine months ended March 2014 with record production achieved for four commodities and at 10 operations.
-- Strong operating performance throughout the period, the relatively limited impact of the wet season and the continued ramp-up of Jimblebar underpinned record production at Western Australia Iron Ore of 163 million tonnes (100% basis). Full-year production guidance has been raised by a further five million tonnes to 217 million tonnes (100% basis).
-- Queensland Coal achieved record annualised production of 69 million tonnes (100% basis) in the March 2014 quarter. A sustainable improvement in productivity and the successful ramp-up of Daunia has underpinned an increase in total metallurgical coal production guidance to 43.5 million tonnes for the 2014 financial year.
-- Petroleum liquids production increased by 16% to 77 million barrels of oil equivalent for the nine months ended March 2014, underpinned by a 71% increase at Onshore US. As a result of the successful divestment of Liverpool Bay and well remediation activities in the Hawkville that are now complete, total petroleum production for the 2014 financial year is expected to be approximately 245 million barrels of oil equivalent. The overall reduction in full-year guidance has been mitigated by an increased contribution from higher-margin crude and condensate.
-- Full-year copper production guidance remains unchanged at 1.7 million tonnes, with a strong June 2014 quarter anticipated.
BHP Billiton Chief Executive Officer, Andrew Mackenzie, said: "Our productivity agenda continues to deliver outstanding results, underpinning a 10 per cent(1) increase in production so far this year. Having achieved record iron ore and metallurgical coal production during the first nine months of this year, we have raised full-year guidance for both commodities. The strong contribution from our high-margin Gulf of Mexico operations and the predictability of Escondida's performance is also pleasing. We continue to expect cumulative production growth of 16 per cent(1) over the two years to the end of the 2015 financial year.
"During the period, the fourth pellet plant at Samarco achieved first production and commissioning at Caval Ridge commenced ahead of schedule. Our newest hard coking coal mine will add to our uniquely diversified and opportunity-rich portfolio of large mining and petroleum operations. Group capital and exploration expenditure remains on track to decline by 25 per cent in the 2014 financial year, before declining again next year. By maintaining strict financial discipline and a focus on our four pillars of Iron Ore, Copper, Coal and Petroleum, we continue to believe that an average rate of return of greater than 20%(2) is achievable for our major development options."
Note: Unless specified otherwise: variance analysis relates to the relative performance of BHP Billiton and/or its operations during the nine months ended March 2014 compared with the nine months ended March 2013 or the March 2014 quarter compared with the December 2013 quarter; production volumes, sales volumes and capital and exploration expenditure from subsidiaries (which include Escondida, Jimblebar, BHP Billiton Mitsui Coal and our manganese operations) are reported on a 100 per cent basis; production volumes, sales volumes and capital and exploration expenditure from equity accounted investments (which include Antamina, Samarco and Cerrejón) and other operations are reported on a proportionate consolidation basis. Abbreviations referenced in this report are explained on page 11.
Summary
Hot Features
Premium
MAR MAR MAR YTD14 MAR Q14 MAR Q14
2014 2014 vs vs vs
Production summary YTD QTR MAR YTD13 MAR Q13 DEC Q13
----------------------------------- ------- ------ ---------- -------- --------
Total petroleum production (MMboe) 181.3 60.9 3% 10% 6%
----------------------------------- ------- ------ ---------- -------- --------
Copper (kt) 1,257.1 413.9 2% (5%) (6%)
----------------------------------- ------- ------ ---------- -------- --------
Iron ore (kt) 147,387 49,567 21% 23% 1%
----------------------------------- ------- ------ ---------- -------- --------
Metallurgical coal (kt) 33,192 11,467 24% 28% (1%)
----------------------------------- ------- ------ ---------- -------- --------
Energy coal (kt) 55,129 17,723 2% 11% 0%
----------------------------------- ------- ------ ---------- -------- --------
Alumina (kt) 3,853 1,250 7% 3% (8%)
----------------------------------- ------- ------ ---------- -------- --------
Aluminium (kt) 898 286 3% (6%) (5%)
----------------------------------- ------- ------ ---------- -------- --------
Manganese ores (kt) 6,047 1,801 (4%) (10%) (18%)
----------------------------------- ------- ------ ---------- -------- --------
Manganese alloys (kt) 465 162 9% 13% (2%)
----------------------------------- ------- ------ ---------- -------- --------
Nickel (kt) 112.3 34.1 (1%) (19%) (10%)
----------------------------------- ------- ------ ---------- -------- --------
BHP Billiton maintained strong momentum in the nine month period ended March 2014 with record production achieved for four commodities and at 10 operations. In total, production increased by 10 per cent(1) during the period and is expected to grow by 16 per cent(1) over the two years to the end of the 2015 financial year.
Record production at Western Australia Iron Ore (WAIO) for the nine month period was underpinned by strong operating performance, the relatively limited impact of the wet season and the continued ramp-up of Jimblebar. Despite tie-in activities associated with the commissioning of the first replacement shiploader scheduled for the June 2014 quarter, we have raised production and sales guidance for the 2014 financial year to 217 Mt (100 per cent basis). In total, we have raised production guidance for this high-margin business by 10 Mt (100 per cent basis) during the course of the year.
Metallurgical coal production for the nine month period increased by 24 per cent to a record 33 Mt and included record production at all Queensland Coal operations(3). As a result, total metallurgical coal production guidance for the full year has increased by 2.5 Mt to 43.5 Mt.
Following the successful divestment of Liverpool Bay, production guidance for the 2014 financial year has been rebased to 245 MMboe. The two per cent reduction to previous guidance also reflects lower gas and natural gas liquids production in the Hawkville area of the Eagle Ford, although planned well remediation activities have now been completed. Total Onshore US production of approximately 107 MMboe is now anticipated for the 2014 financial year and primarily reflects a lower contribution from natural gas. The overall reduction in full-year guidance has been mitigated by an increased contribution from higher-margin crude and condensate, predominantly from our Gulf of Mexico operations.
During the March 2014 quarter, the fourth pellet plant at Samarco achieved first production and commissioning at Caval Ridge commenced ahead of schedule. The Samarco Fourth Pellet Plant project will not be reported in future Operational Reviews. BHP Billiton's share of capital and exploration expenditure in the 2014 financial year is expected to decline by 25 per cent to US$16.1 billion(4), as planned.
We continued to simplify our portfolio during the period with the successful divestment of Liverpool Bay. In the last two years alone, the Group has announced or completed divestments in Australia, the United States, Canada, South Africa and the United Kingdom, including petroleum, copper, coal, mineral sands, uranium and diamonds assets. As we announced to the market on 1 April 2014, we continue to actively study the next phase of simplification, including structural options, but we will only pursue options that maximise value for BHP Billiton shareholders.
Petroleum and Potash
Production
MAR MAR MAR YTD14 MAR Q14 MAR Q14
2014 2014 vs vs vs
YTD QTR MAR YTD13 MAR Q13 DEC Q13
----------------------------------------------------- ------ ------ ---------- -------- --------
Crude oil, condensate and natural gas liquids (Mboe) 77,280 27,254 16% 31% 14%
----------------------------------------------------- ------ ------ ---------- -------- --------
Natural gas (bcf) 624.4 202.0 (5)% (3)% 0%
----------------------------------------------------- ------ ------ ---------- -------- --------
Total petroleum production (MMboe) 181.3 60.9 3% 10% 6%
----------------------------------------------------- ------ ------ ---------- -------- --------
Total petroleum production - Total petroleum production for the nine months ended March 2014 increased by three per cent to 181.3 MMboe.
Following the successful divestment of Liverpool Bay, production guidance for the 2014 financial year has been rebased to 245 MMboe. The two per cent reduction to previous guidance also reflects lower gas and natural gas liquids production in the Hawkville area of the Eagle Ford, although planned well remediation activities have now been completed. Total Onshore US production of approximately 107 MMboe is now anticipated for the 2014 financial year and primarily reflects a lower contribution from natural gas. The overall reduction in full-year guidance has been mitigated by an increased contribution from higher-margin crude and condensate, predominantly from our Gulf of Mexico operations.
Crude oil, condensate and natural gas liquids - A 16 per cent increase in liquids production for the nine months ended March 2014 was underpinned by a 71 per cent increase at Onshore US. This was supported by a doubling of production at Atlantis as volumes benefited from the start-up of a new production well in the September 2013 quarter. We expect to carry strong momentum at Atlantis into the 2015 financial year with a further two production wells scheduled for completion in the coming months.
An 84 per cent increase in liquids production at Pyrenees in the March 2014 quarter followed the completion of major planned maintenance during the December 2013 quarter and the start-up of three new production wells during the period.
Production in the Eagle Ford accelerated at the end of the March 2014 quarter and we continue to expect growth in Onshore US liquids production of approximately 75 per cent for the full-year as a significant inventory of completed wells is brought online.
Natural gas - Natural gas production for the nine months ended March 2014 declined by five per cent to 624 bcf. The successful delivery of first gas from Macedon partially offset lower seasonal demand at Bass Strait and natural field decline at Haynesville, which reflected our decision to prioritise Onshore US development drilling in the liquids-rich Black Hawk region of the Eagle Ford.
Projects
Capital expenditure Initial production
Project and ownership (US$m) target date Capacity Progress
---------------------- ---------------------- ---------------------- ---------------------- ----------------------
North West Shelf 400 CY16 To maintain LNG plant On schedule and
Greater Western throughput from the budget. The overall
Flank-A North West Shelf project is 70%
(Australia) operations. complete.
16.67% (non-operator)
---------------------- ---------------------- ---------------------- ---------------------- ----------------------
Bass Strait Longford 520 CY16 Designed to process On schedule and
Gas Conditioning Plant approximately 400 budget. The overall
(Australia) MMcf/d project is 29%
50% (non-operator) of high-CO2 gas. complete.
---------------------- ---------------------- ---------------------- ---------------------- ----------------------
Onshore US drilling and development expenditure totalled US$3.4 billion in the nine months ended March 2014. As anticipated, the rate of expenditure reduced in the March 2014 quarter to US$1.0 billion, in-line with our planned annual investment program of approximately US$4.0 billion. Approximately 75 per cent of drilling activity occurred in the Eagle Ford, with the majority focused on our Black Hawk acreage.
Petroleum exploration
Exploration and appraisal wells drilled during the quarter or in the process of drilling as at 31 March 2014.
BHP Total
Billiton Water well
Well Location Target equity Spud date depth depth Status
--------- ---------------- -------- ----------- --------------- ---------- ---------- -------------------------
Rydal-1 Carnarvon Basin Oil 50% 13 January 2014 752 m 3,268 m Plugged and abandoned
WA-255P (operator) Hydrocarbons encountered
Non-commercial
----------------------------------- ----------- --------------- ---------- ---------- -------------------------
Bunyip-1 Carnarvon Basin Gas 52.5% 4 February 2014 1,187 m 4,579 m Plugged and abandoned
WA-335P (operator) Hydrocarbons encountered
Under evaluation
----------------------------------- ----------- --------------- ---------- ---------- -------------------------
Petroleum exploration expenditure for the nine months ended March 2014 was US$434 million, of which US$231 million was expensed. A US$600 million exploration program, largely focused on the Gulf of Mexico and Western Australia, is planned for the 2014 financial year.
Potash
Project and Investment
ownership (US$m) Scope Progress
------------- ----------- ------------------------------------------------------------------------------------ -------------------------------------
Jansen Potash 2,600 Investment to finish the excavation and lining of the production and service shafts, On budget. The overall project is 25%
and to complete.
continue the installation of essential surface infrastructure and utilities. The rat
e of shaft
development is expected to reflect our level of investment.
(Canada)
100%
------------- ----------- ------------------------------------------------------------------------------------ -------------------------------------
We believe that Jansen is the world's best undeveloped potash resource and is likely to be one of the lowest cost sources of supply once fully developed. Investment in Jansen could underpin a potential fifth pillar of BHP Billiton, given the opportunity to develop a multi-decade, multi-mine basin in Saskatchewan.
Shaft excavation resumed in the March 2014 quarter following a thorough review of the activities completed to date. Learnings are being adopted as we continue to progress the production and service shafts in a staggered manner to mitigate risk and optimise their development. With our investment premised on the attractive longer-term market fundamentals for potash, we will continue to modulate the pace of development as we seek to time our entrance to meet market demand, thereby maximising shareholder returns.
As a result of this measured approach, the level of expenditure in the 2014 financial year is now expected to be approximately 25 per cent below prior guidance of US$800 million. While the shafts are no longer expected to be completed in the previously defined timeframe, this does not affect our US$2.6 billion budget or longer-term development plans as the shafts are not on the critical path. On the basis of our current projections for market demand, the Jansen mine could ramp-up to its theoretical design capacity of approximately 10 Mtpa in the decade beyond 2020.
Copper
Production
MAR MAR MAR YTD14 MAR Q14 MAR Q14
2014 2014 vs vs vs
YTD QTR MAR YTD13 MAR Q13 DEC Q13
-------------------------------------- ------------ ------- ---------- -------- --------
Copper (kt) 1,257.1 413.9 2% (5%) (6%)
------------------------------------------- ------- ------- ---------- -------- --------
Lead (t) 141,861 47,577 (4%) (3%) (1%)
------------------------------------------- ------- ------- ---------- -------- --------
Zinc (t) 80,819 19,409 (2%) (36%) (41%)
------------------------------------------- ------- ------- ---------- -------- --------
Silver (koz) 26,295 8,757 (4%) (4%) (1%)
------------------------------------------- ------- ------- ---------- -------- --------
Uranium oxide concentrate (uranium) (t) 2,944 966 (1%) 4% (4%)
------------------------------------------- ------- ------- ---------- -------- --------
Copper - Total copper production for the nine months ended March 2014 increased by two per cent to 1.3 Mt. Our guidance for the 2014 financial year remains unchanged at 1.7 Mt.
Escondida copper production of 830 kt for the nine months ended March 2014 was broadly unchanged from the prior period as an increase in mill throughput and concentrator utilisation offset declining ore grades. As a result of these productivity-led gains, Escondida remains on track to produce approximately 1.1 Mt of copper in the 2014 financial year before increasing to approximately 1.3 Mt in the 2015 financial year.
Antamina achieved record copper production for the nine months ended March 2014. This was underpinned by record mining and milling throughput, and higher average ore grades in the first half of the year. Full-year copper production at Antamina is expected to be broadly unchanged from the 2013 financial year given a decline in copper ore grades in the second half of the year, consistent with the mine plan.
A seven per cent increase in copper production at Pampa Norte in the March 2014 quarter reflected improved recoveries at both Cerro Colorado and Spence. Full-year copper production at Pampa Norte is expected to be broadly unchanged from the 2013 financial year.
Olympic Dam copper production for the nine months ended March 2014 increased by 10 per cent and was underpinned by record mining and hoisting rates. Planned maintenance is expected to impact the smelter over a 20-day period in the June 2014 quarter. Full-year copper production at Olympic Dam is expected to be broadly unchanged from the 2013 financial year.
Lead/silver - Lead and silver production for the nine months ended March 2014 decreased by four per cent as record material mined was offset by lower average ore grades at Cannington, consistent with the mine plan. Antamina achieved record silver production for the period.
Zinc - Total zinc production for the nine months ended March 2014 was broadly unchanged from the prior period.
Uranium - Uranium production for the nine months ended March 2014 was broadly unchanged from the prior period.
Projects
Initial
Capital production
expenditure target
Project and ownership (US$m) date Capacity Progress
---------------------- ----------- ---------- ------------------------------------------------------------------------ ------------------------------------
Escondida Oxide Leach 721 H1 CY14 New dynamic leaching pad and mineral handling system. Maintains oxide On schedule. Budget under review
Area Project leaching capacity. following challenges associated with
(Chile) civil engineering works,
57.5% which have since been resolved. The
overall project is 88% complete.
---------------------- ----------- ---------- ------------------------------------------------------------------------ ------------------------------------
Escondida Organic 3,838 H1 CY15 Replaces the Los Colorados concentrator with a new 152 ktpd plant. On schedule and budget. The overall
Growth Project 1 project is 71% complete.
(Chile)
57.5%
---------------------- ----------- ---------- ------------------------------------------------------------------------ ------------------------------------
Escondida Water Supply 3,430 CY17 New desalination facility to ensure continued water supply to Escondida. On schedule and budget. The overall
project is 8% complete.
(Chile)
57.5%
---------------------- ----------- ---------- ------------------------------------------------------------------------ ------------------------------------
Major increase in Mineral Resource at Escondida
BHP Billiton today announced a 28 per cent increase in the Mineral Resource at Escondida compared to a previous estimate as at 30 June 2013. The increase largely reflects the inclusion of 46 km of in-fill drilling that has continued to delineate the Escondida Este deposit, which is adjacent to the Escondida mine.
The Escondida Mineral Resource estimate includes the Escondida and Escondida Norte deposits that jointly provide ore feed to a concentrator and heap leach processing complex. The neighbouring deposits are centred on Eocene-aged feldspar porphyry bodies intruded into Palaeozoic and Mesozoic rhyolite and andesite volcanic units. Vertically extensive hypogene mineralisation (chalcopyrite with or without bornite) has been overprinted by sub-horizontal high-grade supergene enrichment (chalcocite with or without covellite). Oxidised brochantite with or without chalcocite occurs above the supergene enrichment zone.
Mineral Resource estimates are largely based on 2 m samples obtained from diamond HQ and NQ diameter core (DDH) drill holes and a lesser quantity of 5.5 inch Reverse Circulation (RC) holes. The most recent estimate is based on approximately 2,300 km of drilling in 7,400 holes.
Core samples are hydraulically split and RC chips are riffle split. Samples are crushed to 90 per cent minus 10 mesh and pulverised to 95 per cent minus 150 mesh. Pulps (200 grams) are analysed by 3-acid digestion for total copper, iron and arsenic with Atomic Absorption (AA) measurement. Acid soluble copper is analysed by sulphuric acid digestion and measured by AA.
Estimation is performed by ordinary kriging using search criteria consistent with a geostatistical model separately developed for numerous ore constituents according to the appropriate geological controls. Mineral Resources have been classified considering the spatial distribution and density of drill holes, geological framework and copper grade continuity (Table 1).
Table 1. Nominal drill grid spacing for Mineral Resource category ------------------------------------------------------------------------- Classification Oxide Mixed Sulphide ----------------------------- ------------ ------------- ------------- Measured (average) 40x40 m 45x45 m 60x60 m ----------------------------- ------------ ------------- ------------- Indicated (average) 60x60 m 60x60 m 115x115 m ----------------------------- ------------ ------------- ------------- Inferred (maximum) 90x90 m 110x110 m 350x350 m ----------------------------- ------------ ------------- -------------
The cut-off grade used to differentiate waste from mineralisation is 0.30 per cent total copper for the Sulphide and Mixed resources whereas the Oxide resources are reported above 0.20 per cent acid soluble copper. These cut-off grades are based on break-even economic analysis and assumed open-pit extraction and concentrator or heap leach processing.
Mineral Resources (100%)(5)
As at 31 March 2014 As at 30 June 2013
---------------------------------------------------------------------------------------- ---------------------------
Deposit Ore Measured Indicated Inferred Total Total BHP
Type Resource Resource Resource Resource Resource Billiton
interest
Copper Mt %TCu Mt %TCu Mt %TCu Mt %TCu Mt %TCu %
-------------- ---------- ------ ----- ------ ----- ------- ----- ------- ----- ------- ------ ----------
Escondida(6) Oxide 118 0.80 66 0.67 36 0.58 220 0.72 221 0.71 57.5
Mixed 63 0.78 48 0.51 75 0.45 186 0.58 231 0.59
Sulphide 5,220 0.65 2,590 0.52 10,200 0.51 18,000 0.55 13,890 0.57
------------------------- ------ ----- ------ ----- ------- ----- ------- ----- ------- ------ ----------
Additional information is contained in Appendix 1.
Iron Ore
Production
MAR MAR MAR YTD14 MAR Q14 MAR Q14
2014 2014 vs vs vs
YTD QTR MAR YTD13 MAR Q13 DEC Q13
-------------- ------- ------ ---------- -------- --------
Iron ore (kt) 147,387 49,567 21% 23% 1%
-------------- ------- ------ ---------- -------- --------
Iron ore - Iron ore production for the nine months ended March 2014 increased by 21 per cent to a record 147 Mt and included a 23 per cent increase in WAIO production. This record result was underpinned by strong operating performance, the relatively limited impact of the wet season and the continued ramp-up of Jimblebar. The significant improvement in equipment and labour productivity achieved during the period will also enable Orebody 18, the last of our contractor-run sites, to transition to be owner-operated early in the 2015 financial year.
Despite tie-in activities associated with the commissioning of the first replacement shiploader scheduled for the June 2014 quarter, we have raised production and sales guidance for the 2014 financial year to 217 Mt (100 per cent basis). In total, we have raised production guidance for this high-margin business by 10 Mt (100 per cent basis) during the course of the year.
The ramp-up of phase one capacity at Jimblebar to 35 Mtpa (100 per cent basis) is expected to be completed by the end of the 2015 financial year. Longer term, a low-cost option to expand Jimblebar to 55 Mtpa (100 per cent basis) and the broader debottlenecking of the supply chain are expected to underpin further capital-efficient growth in capacity to approximately 260 Mtpa to 270 Mtpa (100 per cent basis).
Samarco production of 4.6 Mt (100 per cent basis) in the March 2014 quarter was affected by tie-in activities associated with the Fourth Pellet Plant project, which achieved first production during the period.
Total iron ore production for the 2014 financial year is now expected to be 197 Mt.
Projects
Initial
Capital production
expenditure target
Project and ownership (US$m) date Capacity Progress
--------------------------- ----------- ---------- ----------------------------------------------------------------------- -----------------------------------------------------------------
Samarco Fourth Pellet Plant 1,750 H1 CY14 Increases iron ore pellet production capacity by 8.3 Mtpa to 30.5 Mtpa. First production was achieved in Q1 CY14. On schedule and budget.
The overall project is 99%
complete.
(Brazil)
50%
--------------------------- ----------- ---------- ----------------------------------------------------------------------- -----------------------------------------------------------------
Coal
Production
MAR MAR MAR YTD14 MAR Q14 MAR Q14
2014 2014 vs vs vs
YTD QTR MAR YTD13 MAR Q13 DEC Q13
------------------------ ------ ------ ---------- -------- --------
Metallurgical coal (kt) 33,192 11,467 24% 28% (1%)
------------------------ ------ ------ ---------- -------- --------
Energy coal (kt) 55,129 17,723 2% 11% 0%
------------------------ ------ ------ ---------- -------- --------
Metallurgical coal - Metallurgical coal production for the nine months ended March 2014 increased by 24 per cent to a record 33 Mt. This strong result reflected the successful ramp-up of Daunia and record production at all Queensland Coal operations(3).
Queensland Coal achieved annualised production of 69 Mt (100 per cent basis) in the March 2014 quarter as a sustainable increase in truck and wash-plant utilisation rates supported an overall improvement in performance. A longwall move at the Broadmeadow mine is scheduled for the June 2014 quarter.
Illawarra Coal production increased by four per cent from the December 2013 quarter as the Dendrobium mine recovered from an extended outage. Longwall moves at the Appin and West Cliff mines are scheduled for the June 2014 quarter.
Continued strong performance at Queensland Coal has underpinned an increase in total metallurgical coal production guidance to 43.5 Mt for the 2014 financial year.
Energy coal - Energy coal production of 55 Mt for the nine months ended March 2014 was broadly unchanged from the prior period. Record production at our New South Wales Energy Coal and Cerrejón assets was offset by reduced customer demand for our Navajo Coal product and lower production at BECSA. The decline in production at BECSA reflected the impact of adverse weather conditions on our operations and extended outages at both a local utility and the Richards Bay Coal Terminal.
Total energy coal production guidance for the 2014 financial year remains unchanged at 73 Mt.
Projects
Initial
Capital production
expenditure target
Project and ownership (US$m) date Capacity Progress
------------------------------- ----------- ---------- -------------------------------------------------------------------------------------------- ------------------------------------------------------
Caval Ridge 1,870(7) CY14 Greenfield mine development to produce an initial 5.5 Mtpa of export metallurgical coal. Commissioning commenced in Q1 CY14, ahead of schedule.
The final cost is expected to be under
budget. The overall project is 98% complete.
(Australia)
50%
------------------------------- ----------- ---------- -------------------------------------------------------------------------------------------- ------------------------------------------------------
Hay Point Stage Three Expansion 1,505(7) CY15 Increases port capacity from 44 Mtpa to 55 Mtpa and reduces storm vulnerability. On revised schedule and budget. The overall project is
82% complete.
(Australia)
50%
------------------------------- ----------- ---------- -------------------------------------------------------------------------------------------- ------------------------------------------------------
Appin Area 9 845 CY16 Maintains Illawarra Coal's production capacity with a replacement mining domain and capacity On schedule and budget. The overall project is 63% com
to produce 3.5 Mtpa of metallurgical coal. plete.
(Australia)
100%
------------------------------- ----------- ---------- -------------------------------------------------------------------------------------------- ------------------------------------------------------
Aluminium, Manganese and Nickel
Production
MAR MAR MAR YTD14 MAR Q14 MAR Q14
2014 2014 vs vs vs
YTD QTR MAR YTD 13 MAR Q13 DEC Q13
---------------------- ----- ----- ----------- -------- --------
Alumina (kt) 3,853 1,250 7% 3% (8%)
---------------------- ----- ----- ----------- -------- --------
Aluminium (kt) 898 286 3% (6%) (5%)
---------------------- ----- ----- ----------- -------- --------
Manganese ores (kt) 6,047 1,801 (4%) (10%) (18%)
---------------------- ----- ----- ----------- -------- --------
Manganese alloys (kt) 465 162 9% 13% (2%)
---------------------- ----- ----- ----------- -------- --------
Nickel (kt) 112.3 34.1 (1%) (19%) (10%)
---------------------- ----- ----- ----------- -------- --------
Alumina - Alumina production for the nine months ended March 2014 increased by seven per cent to 3.9 Mt and included records at both the Worsley and Alumar refineries. While two planned calciner outages at Worsley constrained production during the March 2014 quarter, volumes are expected to recover as the refinery processes stockpiled hydrate in future periods.
Aluminium - Aluminium production for the nine months ended March 2014 increased by three per cent to 898 kt and included record production at Hillside. However, challenging conditions in the aluminium industry continue to persist. As a result, capacity at Alumar will be curtailed by 58 ktpa (BHP Billiton share) in the June 2014 quarter. This follows the suspension of 45 ktpa (BHP Billiton share) of capacity at Alumar in the September 2013 quarter.
In January 2014, BHP Billiton commenced formal stakeholder consultation regarding the proposed cessation of aluminium smelting activities and associated services at Bayside from the end of June 2014. The Bayside cast house will be supplied by our Hillside smelter as we continue to assess its future.
Manganese ores - Manganese ore production for the nine months ended March 2014 decreased by four per cent to 6.0 Mt. Higher than usual rainfall at GEMCO which impacted feed rates and yields, and planned maintenance in South Africa, led to an 18 per cent decline in production in the March 2014 quarter.
Manganese alloys - Manganese alloy volumes increased by nine per cent from the nine months ended March 2013, which was affected by the temporary suspension of operations at TEMCO.
Nickel - Nickel production for the nine months ended March 2014 was broadly unchanged from the prior period, despite planned maintenance at both Cerro Matoso and the Nickel West Kwinana refinery in the March 2014 quarter.
On 31 October 2013, production at the Nickel West Leinster Perseverance underground mine was suspended following a significant seismic event. A subsequent review of the incident determined it was unsafe to resume operations. The Rocky's Reward open-cut mine, near Leinster, will provide a temporary alternative ore supply to the integrated Nickel West asset. As a result, total saleable nickel production at Nickel West in the 2014 financial year is expected to remain broadly unchanged from the previous year, before declining by approximately 10 per cent in the 2015 financial year.
Minerals exploration
Minerals exploration expenditure in the nine months ended March 2014 was US$282 million, of which US$242 million was expensed. Greenfield minerals exploration is predominantly focused on advancing copper targets within Chile and Peru.
This report represents the Interim Management Statement for the purposes of the UK Listing Authority's Disclosure and Transparency Rules. There have been no significant changes in the financial position of the Group in the quarter ended 31 March 2014.
1 Refers to copper equivalent production based on average realised product prices for the 2013 financial year, as disclosed in the 2013 Annual Report.
2 Ungeared, after tax, nominal dollars.
3 Excludes the Gregory open-cut operation which ceased production on 10 October 2012.
4 Represents the share of capital and exploration expenditure (on an accruals basis) attributable to BHP Billiton shareholders. Includes BHP Billiton proportionate share of equity accounted investments; excludes non-controlling interests and capitalised deferred stripping.
5 Competent Persons - L. Soto (MAusIMM), M. Cortes, (MAusIMM).
The statement of Mineral Resources is presented on a 100 per cent basis, represents an estimate as at 31 March 2014, and is based on information compiled by the above named Competent Persons. Mr. Soto and Mr. Cortes are full time employees of Minera Escondida Ltda., are members of The Australasian Institute of Mining and Metallurgy, and have sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity they are undertaking to qualify as Competent Persons as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Mr. Soto and Mr. Cortes consent to the inclusion in the report of the matters based on their information in the form and context in which it appears.
6 The change in Mineral Resource from the statement as at 30 June 2013, apart from depletion due to production, is mostly due to a revised estimate stemming from an additional 303 km drilling, including 46 km of development drilling in the area known as Escondida Este. The new data also includes 106 km of drilling in the Pampa Escondida deposit to improve understanding of the transition zone between the deposits. In-fill drilling has enabled reclassification of Inferred to Indicated Resource and Indicated to Measured Resource.
7 Excludes announced pre-commitment funding.
The following abbreviations have been used throughout this report: billion cubic feet (bcf); grams per tonne (g/t); kilograms per tonne (kg/t); kilometre (km); metre (m); million barrels of oil equivalent (MMboe); million cubic feet per day (MMcf/d); million tonnes (Mt); million tonnes per annum (Mtpa); per cent total copper (%TCu); standard cubic feet (scf); thousand barrels of oil equivalent (Mboe); thousand ounces (koz); thousand tonnes (kt); thousand tonnes per day (ktpd); tonnes (t).
Further information on BHP Billiton can be found at: www.bhpbilliton.com
Media Relations Investor Relations
Australia Australia
Emily Perry Tara Dines
Tel: +61 3 9609 2800 Mobile: +61 477 325 Tel: +61 3 9609 2222 Mobile: +61 499 249 005
803 email: Tara.Dines@bhpbilliton.com
email: Emily.Perry@bhpbilliton.com
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Tel: +61 3 9609 2211 Mobile: +61 427 777 email: Jodie.Phillips@bhpbilliton.com
908
email: Fiona.Hadley@bhpbilliton.com United Kingdom and South Africa
Eleanor Nichols Jonathan Price
Tel: +61 3 9609 2360 Mobile: +61 407 064 Tel: +44 20 7802 4131 Mobile: +44 7990 527 726
748 Email: Jonathan.H.Price@bhpbilliton.com
email: Eleanor.Nichols@bhpbilliton.com
Dean Simon
United Kingdom Tel: +44 20 7802 7461 Mobile: +44 7717 511 193
email: Dean.Simon@bhpbilliton.com
Ruban Yogarajah
Tel: +44 20 7802 4033 Americas
Mobile: +44 7827 082 022
email: Ruban.Yogarajah@bhpbilliton.com James Agar
Tel: +1 212 310 1421 Mobile: +1 347 882 3011
Jennifer White email: James.Agar@bhpbilliton.com
Tel: +44 20 7802 7462
Mobile: +44 7827 253 764 Joseph Suarez
email: Jennifer.White@bhpbilliton.com Tel: +1 212 310 1422 Mobile: +1 646 400 3803
email: Joseph.Suarez@bhpbilliton.com
Americas
Ruban Yogarajah
Tel: +44 20 7802 4033
Mobile: +44 7827 082 022
email: Ruban.Yogarajah@bhpbilliton.com
BHP Billiton Limited ABN 49 004 028 077 BHP Billiton Plc Registration number 3196209
Registered in Australia Registered in England and Wales
Registered Office: Level 16, 171 Collins Registered Office: Neathouse Place
Street London SW1V 1LH United Kingdom
Melbourne Victoria 3000 Australia Tel +44 20 7802 4000 Fax +44 20 7802 4111
Tel +61 1300 55 4757 Fax +61 3 9609 3015
Members of the BHP Billiton Group which is headquartered in Australia
BHP BILLITON PRODUCTION SUMMARY
-------------------------------------------------------------------------------------------------------------- ------
QUARTER ENDED YEAR TO DATE % CHANGE
------------------------------ -------------------- --------------------------
MAR MAR MAR
YTD14 Q14 Q14
MAR DEC MAR MAR MAR vs vs vs
2013 2013 2014 2014 2013 MAR MAR DEC
YTD13 Q13 Q13
---------- -------- -------- --------- --------- -------- -------- ------
Petroleum
Crude oil,
condensate
and NGL (Mboe) 20,871 23,973 27,254 77,280 66,610 16% 31% 14%
Natural gas (bcf) 207.3 202.7 202.0 624.4 659.8 (5%) (3%) (0%)
Total petroleum
production (MMboe) 55.4 57.7 60.9 181.3 176.6 3% 10% 6%
Copper
Copper (kt) 433.7 439.9 413.9 1,257.1 1,227.7 2% (5%) (6%)
Lead (t) 49,080 47,839 47,577 141,861 147,398 (4%) (3%) (1%)
Zinc (t) 30,193 32,855 19,409 80,819 82,324 (2%) (36%) (41%)
Gold (oz) 46,157 45,655 43,883 134,583 128,699 5% (5%) (4%)
Silver (koz) 9,093 8,850 8,757 26,295 27,311 (4%) (4%) (1%)
Uranium (t) 926 1,008 966 2,944 2,961 (1%) 4% (4%)
Molybdenum (t) 321 379 281 1,118 1,185 (6%) (12%) (26%)
Iron ore
Iron Ore (kt) 40,205 48,867 49,567 147,387 122,167 21% 23% 1%
Coal
Metallurgical
coal (kt) 8,966 11,540 11,467 33,192 26,792 24% 28% (1%)
Energy coal (kt) 16,002 17,767 17,723 55,129 53,884 2% 11% (0%)
Aluminium, Manganese and Nickel
Alumina (kt) 1,213 1,352 1,250 3,853 3,615 7% 3% (8%)
Aluminium (kt) 303 302 286 898 869 3% (6%) (5%)
Manganese ore (kt) 2,008 2,200 1,801 6,047 6,271 (4%) (10%) (18%)
Manganese alloy (kt) 143 166 162 465 426 9% 13% (2%)
Nickel (kt) 42.1 37.8 34.1 112.3 113.8 (1%) (19%) (10%)
Throughout this report figures in italics indicate that this figure has been adjusted since it was previously reported.
BHP BILLITON PRODUCTION
----------------------------------------------------------------------------------------------------------------------------------------
QUARTER ENDED YEAR TO DATE
---------------------------------------------------------------------------- ---------------------------
BHP
Billiton MAR JUN SEP DEC MAR MAR MAR
interest 2013 2013 2013 2013 2014 2014 2013
Petroleum
Production
Crude oil,
condensate
and NGL
(Mboe)(1) 20,871 23,441 26,053 23,973 27,254 77,280 66,610
Natural gas
(bcf) 207.3 214.5 219.7 202.7 202.0 624.4 659.8
----------------- --------- -------------- -------------- ------------ -------------- -------------- ------------ -------------
Total petroleum
production
(MMboe) 55.4 59.2 62.7 57.7 60.9 181.3 176.6
----------------- --------- -------------- -------------- ------------ -------------- -------------- ------------ -------------
Copper (2)
Copper
Payable metal in
concentrate
(kt)
Escondida(3) 57.5% 222.6 223.0 205.1 208.0 190.6 603.7 608.5
Antamina 33.8% 25.2 34.7 41.9 42.4 33.0 117.3 105.0
Pinto Valley 100% 5.3 10.8 10.9 1.6 - 12.5 5.8
----------------- --------- -------------- -------------- ------------ -------------- -------------- ------------ -------------
Total 253.1 268.5 257.9 252.0 223.6 733.5 719.3
----------------- --------- -------------- -------------- ------------ -------------- -------------- ------------ -------------
Cathode (kt)
Escondida(3) 57.5% 75.3 79.3 73.2 77.5 75.8 226.5 218.6
Pampa Norte(4) 100% 56.4 64.7 43.5 59.4 63.4 166.3 167.9
Pinto Valley 100% 1.2 1.3 0.8 0.1 - 0.9 3.6
Olympic Dam 100% 47.7 47.9 27.9 50.9 51.1 129.9 118.3
----------------- --------- -------------- -------------- ------------ -------------- -------------- ------------ -------------
Total 180.6 193.2 145.4 187.9 190.3 523.6 508.4
----------------- --------- -------------- -------------- ------------ -------------- -------------- ------------ -------------
Total Copper 433.7 461.7 403.3 439.9 413.9 1,257.1 1,227.7
----------------- --------- -------------- -------------- ------------ -------------- -------------- ------------ -------------
Lead
Payable metal in
concentrate
(t)
Cannington 100% 48,899 66,666 46,287 47,259 47,214 140,760 146,759
Antamina 33.8% 181 368 158 580 363 1,101 639
----------------- --------- -------------- -------------- ------------ -------------- -------------- ------------ -------------
Total 49,080 67,034 46,445 47,839 47,577 141,861 147,398
----------------- --------- -------------- -------------- ------------ -------------- -------------- ------------ -------------
Zinc
Payable metal in
concentrate
(t)
Cannington 100% 11,045 20,206 16,033 16,123 10,074 42,230 36,075
Antamina 33.8% 19,148 25,675 12,522 16,732 9,335 38,589 46,249
----------------- --------- -------------- -------------- ------------ -------------- -------------- ------------ -------------
Total 30,193 45,881 28,555 32,855 19,409 80,819 82,324
----------------- --------- -------------- -------------- ------------ -------------- -------------- ------------ -------------
Gold
Payable metal in
concentrate
(oz)
Escondida(3) 57.5% 18,626 17,593 17,347 19,384 15,253 51,984 53,936
Olympic Dam
(refined
gold) 100% 27,531 38,477 27,649 26,271 28,630 82,550 74,763
Pinto Valley 100% - - 49 - - 49 -
----------------- --------- -------------- -------------- ------------ -------------- -------------- ------------ -------------
Total 46,157 56,070 45,045 45,655 43,883 134,583 128,699
----------------- --------- -------------- -------------- ------------ -------------- -------------- ------------ -------------
Silver
Payable metal in
concentrate
(koz)
Escondida(3) 57.5% 743 890 891 982 1,078 2,951 2,070
Antamina 33.8% 802 1,297 1,205 1,350 961 3,516 2,655
Cannington 100% 7,323 9,101 6,361 6,306 6,465 19,132 21,961
Olympic Dam
(refined
silver) 100% 214 266 190 212 253 655 614
Pinto Valley 100% 11 48 41 - - 41 11
----------------- --------- -------------- -------------- ------------ -------------- -------------- ------------ -------------
Total 9,093 11,602 8,688 8,850 8,757 26,295 27,311
----------------- --------- -------------- -------------- ------------ -------------- -------------- ------------ -------------
Uranium
Payable metal in
concentrate
(t)
Olympic Dam 100% 926 1,105 970 1,008 966 2,944 2,961
----------------- --------- -------------- -------------- ------------ -------------- -------------- ------------ -------------
Total 926 1,105 970 1,008 966 2,944 2,961
----------------- --------- -------------- -------------- ------------ -------------- -------------- ------------ -------------
Molybdenum
Payable metal in
concentrate
(t)
Antamina 33.8% 321 376 458 379 281 1,118 1,185
----------------- --------- -------------- -------------- ------------ -------------- -------------- ------------ -------------
Total 321 376 458 379 281 1,118 1,185
----------------- --------- -------------- -------------- ------------ -------------- -------------- ------------ -------------
Iron Ore
Production
(kt)(5)
Newman(6) 85% 13,028 15,408 15,362 14,186 15,544 45,092 37,589
Yarrie 85% 296 - 202 428 206 836 1,106
Area C Joint
Venture 85% 10,983 12,552 11,814 11,383 11,282 34,479 32,165
Yandi Joint
Venture 85% 13,302 17,027 18,146 17,135 15,622 50,903 43,027
Jimblebar(7) 85% - - 700 2,894 4,632 8,226 -
Samarco 50% 2,596 2,702 2,729 2,841 2,281 7,851 8,280
----------------- --------- -------------- -------------- ------------ -------------- -------------- ------------ -------------
Total 40,205 47,689 48,953 48,867 49,567 147,387 122,167
----------------- --------- -------------- -------------- ------------ -------------- -------------- ------------ -------------
Coal
Metallurgical
coal
Production
(kt)(8)
BMA 50% 5,327 6,696 6,705 7,494 7,461 21,660 15,949
BHP Mitsui Coal
(9) 80% 1,862 1,846 2,057 2,114 1,995 6,166 5,217
Illawarra 100% 1,777 2,316 1,423 1,932 2,011 5,366 5,626
----------------- --------- -------------- -------------- ------------ -------------- -------------- ------------ -------------
Total 8,966 10,858 10,185 11,540 11,467 33,192 26,792
----------------- --------- -------------- -------------- ------------ -------------- -------------- ------------ -------------
Energy coal
Production (kt)
South Africa(10) 90% 7,302 7,902 7,937 7,036 7,398 22,371 23,725
USA 100% 3,351 2,752 3,145 2,896 2,359 8,400 10,039
Australia 100% 3,837 4,893 5,372 4,544 5,018 14,934 13,117
Colombia 33.3% 1,512 3,014 3,185 3,291 2,948 9,424 7,003
----------------- --------- -------------- -------------- ------------ -------------- -------------- ------------ -------------
Total 16,002 18,561 19,639 17,767 17,723 55,129 53,884
----------------- --------- -------------- -------------- ------------ -------------- -------------- ------------ -------------
Aluminium,
Manganese and
Nickel
Alumina
Saleable
production (kt)
Worsley 86% 911 961 946 1,024 936 2,906 2,714
Alumar 36% 302 304 305 328 314 947 901
----------------- --------- -------------- -------------- ------------ -------------- -------------- ------------ -------------
Total 1,213 1,265 1,251 1,352 1,250 3,853 3,615
----------------- --------- -------------- -------------- ------------ -------------- -------------- ------------ -------------
Aluminium
Production (kt)
Hillside 100% 178 181 184 183 172 539 484
Bayside 100% 24 24 24 24 23 71 72
Alumar 40% 37 39 35 28 26 89 115
Mozal 47.1% 64 66 67 67 65 199 198
----------------- --------- -------------- -------------- ------------ -------------- -------------- ------------ -------------
Total 303 310 310 302 286 898 869
----------------- --------- -------------- -------------- ------------ -------------- -------------- ------------ -------------
Manganese ore
Saleable
production (kt)
South Africa(11) 44.4% 859 939 864 944 782 2,590 2,551
Australia(11) 60% 1,149 1,307 1,182 1,256 1,019 3,457 3,720
----------------- --------- -------------- -------------- ------------ -------------- -------------- ------------ -------------
Total 2,008 2,246 2,046 2,200 1,801 6,047 6,271
----------------- --------- -------------- -------------- ------------ -------------- -------------- ------------ -------------
Manganese alloy
Saleable
production (kt)
South
Africa(11)(12) 60% 86 104 86 94 91 271 270
Australia(11) 60% 57 78 51 72 71 194 156
----------------- --------- -------------- -------------- ------------ -------------- -------------- ------------ -------------
Total 143 182 137 166 162 465 426
----------------- --------- -------------- -------------- ------------ -------------- -------------- ------------ -------------
Nickel
Saleable
production (kt)
Cerro Matoso 99.9% 12.3 12.8 12.0 12.3 9.8 34.1 38.0
Nickel West 100% 29.8 27.5 28.4 25.5 24.3 78.2 75.8
----------------- --------- -------------- -------------- ------------ -------------- -------------- ------------ -------------
Total 42.1 40.3 40.4 37.8 34.1 112.3 113.8
----------------- --------- -------------- -------------- ------------ -------------- -------------- ------------ -------------
Refer footnotes on page 17.
(1) LPG and ethane are reported as Natural Gas Liquid (NGL). Product-specific conversions are made and NGL is reported in barrels of oil equivalent (boe).
(2) Metal production is reported on the basis of payable metal.
(3) Shown on 100% basis following the application of IFRS 10 which came into effect from 1 July 2013. BHP Billiton interest in saleable production is 57.5%.
(4) Includes Cerro Colorado and Spence.
(5) Iron ore production is reported on a wet tonnes basis.
(6) Newman includes Mt Newman Joint Venture and Wheelarra.
(7) Shown 100% basis. BHP Billiton interest in saleable production is 85%.
(8) Metallurgical coal production is reported on the basis of saleable product. Production figures include some thermal coal.
(9) Shown on 100% basis. BHP Billiton interest in saleable production is 80%.
(10) Shown on 100% basis. BHP Billiton interest in saleable production is 90%.
(11) Shown on 100% basis. BHP Billiton interest in saleable production is 60%, except Hotazel Manganese Mines which is 44.4%.
(12) Production includes Medium Carbon Ferro Manganese.
PRODUCTION AND SALES REPORT
----------------------------------------------- ------- ------- ---------- ------- ---------- ------- ---------
QUARTER ENDED YEAR TO DATE
------------------------------------------------- ------------------
MAR JUN SEP DEC MAR MAR MAR
2013 2013 2013 2013 2014 2014 2013
------- ------------------- ------------ ------- ------- ---------- ------- ---------- ------- ---------
Petroleum
Crude oil, condensate and NGL (Mboe)
Crude oil and condensate
Bass Strait 1,934 2,229 2,247 1,958 2,095 6,300 6,584
North West Shelf 1,526 1,646 1,865 1,497 1,504 4,866 5,222
Stybarrow 323 401 348 317 282 947 1,321
Pyrenees 1,659 1,817 1,707 1,295 2,386 5,388 6,643
Other Australia (1) 15 12 14 12 11 37 47
Atlantis (2) 1,471 2,594 2,953 3,988 3,734 10,675 5,401
Mad Dog (2) 791 649 732 496 704 1,932 2,066
Shenzi (2) 3,580 3,378 3,467 3,201 3,467 10,135 11,371
Onshore US (3) 3,071 3,614 5,044 4,238 5,589 14,871 8,087
Trinidad/Tobago 331 259 320 314 279 913 1,069
Other Americas (2) (4) 384 403 378 373 329 1,080 1,161
UK (5) 326 282 142 305 254 701 941
Algeria 1,207 1,210 1,142 1,156 1,069 3,367 3,832
Pakistan 71 65 62 52 49 163 208
----------------------------------- --------- ------- ------- ---------- ------- ---------- ------- ---------
Total 16,689 18,559 20,421 19,202 21,752 61,375 53,953
----------------------------------- --------- ------- ------- ---------- ------- ---------- ------- ---------
NGL
Bass Strait 1,405 1,753 2,001 1,603 1,621 5,225 4,800
North West Shelf 323 312 399 234 276 909 1,062
Atlantis (2) 96 200 255 348 288 891 359
Mad Dog (2) 55 - 38 24 36 98 143
Shenzi (2) 269 224 266 252 280 798 963
Onshore US (3) 2,004 2,375 2,656 2,295 2,986 7,937 5,256
Other Americas (2) (4) 13 9 11 10 12 33 46
UK (5) 17 9 6 5 3 14 28
----------------------------------- --------- ------- ------- ---------- ------- ---------- ------- ---------
Total 4,182 4,882 5,632 4,771 5,502 15,905 12,657
----------------------------------- --------- ------- ------- ---------- ------- ---------- ------- ---------
Total crude oil, condensate and
NGL 20,871 23,441 26,053 23,973 27,254 77,280 66,610
----------------------------------- --------- ------- ------- ---------- ------- ---------- ------- ---------
Natural gas (bcf)
Bass Strait 23.4 33.6 34.2 22.7 21.2 78.1 90.1
North West Shelf 31.3 30.3 34.2 30.3 31.4 95.9 100.7
Other Australia (1) 5.2 4.5 9.3 15.1 13.2 37.6 16.9
Atlantis (2) 0.5 0.8 1.3 1.9 1.8 5.0 2.0
Mad Dog (2) 0.2 0.1 0.1 0.1 0.1 0.3 0.4
Shenzi (2) 0.8 0.8 0.8 0.8 0.8 2.4 3.9
Onshore US (3) 115.7 118.1 114.9 105.3 109.7 329.9 361.3
Trinidad/Tobago 8.8 9.1 9.9 9.7 9.3 28.9 27.2
Other Americas (2) (4) 0.6 0.3 0.3 0.3 0.2 0.8 1.4
UK (5) 6.4 4.1 3.5 6.2 5.4 15.1 15.0
Pakistan 14.4 12.8 11.2 10.3 8.9 30.4 40.9
----------------------------------- --------- ------- ------- ---------- ------- ---------- ------- ---------
Total 207.3 214.5 219.7 202.7 202.0 624.4 659.8
----------------------------------- --------- ------- ------- ---------- ------- ---------- ------- ---------
Total petroleum production (MMboe)(6) 55.4 59.2 62.7 57.7 60.9 181.3 176.6
----------------------------------------------- ------- ------- ---------- ------- ---------- ------- ---------
(1) Other Australia includes Minerva and Macedon. Macedon achieved first production in August 2013.
(2) Gulf of Mexico volumes are net of royalties.
(3) Onshore US volumes are net of mineral holder royalties.
(4) Other Americas includes Neptune, Genesis and Overriding Royalty Interest.
(5) UK includes Bruce/Keith and Liverpool Bay. BHP Billiton completed the sale of its 46.1% operated interest in Liverpool Bay on 31 March 2014.
(6) Total boe conversions are based on 6,000 scf of natural gas equals 1 boe.
PRODUCTION AND SALES REPORT
----------------------------------------- ---------- ----------- ----------- ------- --------- ---------- ----------
QUARTER ENDED YEAR TO DATE
-------------------------------------------------------- ----------------------
MAR JUN SEP DEC MAR MAR MAR
2013 2013 2013 2013 2014 2014 2013
--- ---- ------------- --------------- ---------- ----------- ----------- ------- --------- ---------- ----------
Copper
Metals production is payable metal unless otherwise stated.
Escondida, Chile (1)
Material mined (kt) 94,567 98,665 93,744 93,814 96,420 283,978 294,004
Sulphide ore milled (kt) 18,964 19,295 18,276 19,584 21,051 58,911 54,610
Average copper grade (%) 1.44% 1.42% 1.37% 1.30% 1.12% 1.26% 1.40%
Production ex mill (kt) 229.3 231.9 210.6 214.4 195.5 620.5 631.1
Production
Payable copper (kt) 222.6 223.0 205.1 208.0 190.6 603.7 608.5
Payable gold
concentrate (fine oz) 18,626 17,593 17,347 19,384 15,253 51,984 53,936
Copper cathode (EW) (kt) 75.3 79.3 73.2 77.5 75.8 226.5 218.6
Payable silver
concentrate (koz) 743 890 891 982 1,078 2,951 2,070
Sales
Payable copper (kt) 215.8 228.2 192.3 228.1 173.2 593.6 608.0
Payable gold
concentrate (fine oz) 18,325 15,831 12,490 18,602 20,889 51,981 53,210
Copper cathode (EW) (kt) 59.1 95.0 63.0 86.7 76.4 226.1 208.0
Payable silver
concentrate (koz) 720 908 836 1,076 1,046 2,958 2,055
(1) Shown on 100% basis following the application of IFRS 10 which came into effect from 1
July 2013. BHP Billiton interest in saleable production is 57.5%.
Pampa Norte, Chile
Cerro Colorado
Material mined (kt) 14,964 16,303 15,771 17,487 15,939 49,197 46,753
Ore milled (kt) 4,350 4,351 4,161 4,501 4,508 13,170 13,061
Average copper grade (%) 0.65% 0.82% 0.78% 0.76% 0.75% 0.76% 0.62%
Production
Copper cathode (EW) (kt) 14.6 21.2 17.6 19.4 22.0 59.0 50.3
Sales
Copper cathode (EW) (kt) 13.7 21.7 17.3 17.6 12.4 47.3 48.6
Spence
Material mined (kt) 28,861 28,646 24,331 27,911 25,037 77,279 82,401
Ore milled (kt) 4,041 4,146 4,860 4,788 4,735 14,383 11,954
Average copper grade (%) 1.38% 1.16% 1.11% 1.25% 1.23% 1.20% 1.28%
Production
Copper cathode (EW) (kt) 41.8 43.5 25.9 40.0 41.4 107.3 117.6
Sales
Copper cathode (EW) (kt) 29.8 57.9 25.9 35.9 40.0 101.8 103.5
Antamina, Peru
Material mined (100%) (kt) 48,032 56,254 56,428 50,872 45,837 153,137 151,760
Sulphide ore milled
(100%) (kt) 10,330 12,424 11,765 12,521 11,729 36,015 34,356
Average head grades
- Copper (%) 0.88% 1.03% 1.21% 1.15% 1.00% 1.12% 1.07%
- Zinc (%) 0.93% 1.02% 0.56% 0.72% 0.54% 0.61% 0.73%
Production
Payable copper (kt) 25.2 34.7 41.9 42.4 33.0 117.3 105.0
Payable zinc (t) 19,148 25,675 12,522 16,732 9,335 38,589 46,249
Payable silver (koz) 802 1,297 1,205 1,350 961 3,516 2,655
Payable lead (t) 181 368 158 580 363 1,101 639
Payable molybdenum (t) 321 376 458 379 281 1,118 1,185
Sales
Payable copper (kt) 24.1 31.9 41.3 44.5 30.2 116.0 106.5
Payable zinc (t) 16,062 22,560 16,123 18,397 10,158 44,678 49,455
Payable silver (koz) 772 1,165 1,503 1,367 910 3,780 2,722
Payable lead (t) 115 262 297 368 405 1,070 721
Payable molybdenum (t) 371 283 411 442 347 1,200 1,288
Cannington, Australia
Material mined (kt) 810 802 893 974 773 2,640 2,344
Ore milled (kt) 713 866 750 852 779 2,381 2,279
Average head grades
- Silver (g/t) 364 401 315 274 311 299 345
- Lead (%) 7.7% 9.1% 7.4% 6.7% 7.3% 7.1% 7.4%
- Zinc (%) 2.7% 3.8% 3.2% 3.1% 2.4% 2.9% 2.7%
Production
Payable silver (koz) 7,323 9,101 6,361 6,306 6,465 19,132 21,961
Payable lead (t) 48,899 66,666 46,287 47,259 47,214 140,760 146,759
Payable zinc (t) 11,045 20,206 16,033 16,123 10,074 42,230 36,075
Sales
Payable silver (koz) 7,265 7,793 7,844 6,548 6,127 20,519 22,465
Payable lead (t) 48,661 64,633 56,500 47,185 43,649 147,334 154,022
Payable zinc (t) 9,439 21,056 17,286 18,241 11,020 46,547 36,139
Olympic Dam, Australia
Material mined (1) (kt) 2,448 2,750 2,897 2,717 2,495 8,109 6,797
Ore milled (kt) 2,353 2,641 2,404 2,641 2,421 7,466 7,259
Average copper grade (%) 1.73% 1.86% 1.85% 1.86% 1.90% 1.87% 1.78%
Average uranium grade (kg/t) 0.50 0.56 0.53 0.52 0.54 0.53 0.52
Production
Copper cathode (ER) (kt) 44.7 45.1 25.9 47.6 48.4 121.9 109.1
Copper cathode (EW) (kt) 3.0 2.8 2.0 3.3 2.7 8.0 9.2
Uranium oxide
concentrate (t) 926 1,105 970 1,008 966 2,944 2,961
Refined gold (fine oz) 27,531 38,477 27,649 26,271 28,630 82,550 74,763
Refined silver (koz) 214 266 190 212 253 655 614
Sales
Copper cathode (ER) (kt) 40.1 46.4 26.8 43.3 47.5 117.6 108.4
Copper cathode (EW) (kt) 3.1 3.5 2.1 2.8 2.5 7.4 9.2
Uranium oxide
concentrate (t) 816 1,374 930 1,037 732 2,699 2,774
Refined gold (fine oz) 24,678 38,394 21,675 32,226 31,129 85,030 70,854
Refined silver (koz) 211 275 176 177 262 615 645
(1) Material mined refers to run of mine ore mined and hoisted.
Pinto Valley, US (1)
Production
Payable copper (kt) 5.3 10.8 10.9 1.6 - 12.5 5.8
Copper cathode (EW) (kt) 1.2 1.3 0.8 0.1 - 0.9 3.6
Payable silver (koz) 11 48 41 - - 41 11
Payable gold (oz) - - 49 - - 49 -
Sales
Payable copper (kt) 2.6 9.9 10.0 - - 10.0 3
Copper cathode (EW) (kt) 1.1 1.4 1.1 0.2 - 1.3 3.5
Payable silver (koz) 11 48 41 - - 41 11
Payable gold (oz) - - 49 - - 49 -
(1) On 11 October 2013 BHP Billiton completed the sale of its Pinto Valley operations.
PRODUCTION AND SALES REPORT
--------------------------------------------
QUARTER ENDED YEAR TO DATE
------------------------------------------- ---------------------
MAR JUN SEP DEC MAR MAR MAR
2013 2013 2013 2013 2014 2014 2013
---- ----- ---------------------- ------- ------- ------- ------- ------- ------- --------- ----------
Iron ore
(kt)
Iron ore
Pilbara, Australia
Production (1)
Newman (2) 13,028 15,408 15,362 14,186 15,544 45,092 37,589
Yarrie (3) 296 - 202 428 206 836 1,106
Area C Joint Venture 10,983 12,552 11,814 11,383 11,282 34,479 32,165
Yandi Joint Venture 13,302 17,027 18,146 17,135 15,622 50,903 43,027
Jimblebar (4) - - 700 2,894 4,632 8,226 -
Total 37,609 44,987 46,224 46,026 47,286 139,536 113,887
------- ------- ------- ------- ------- --------- ----------
Total production (100%) 44,245 52,926 54,258 53,638 54,812 162,708 133,985
Sales
Lump 9,339 11,284 10,292 9,996 11,230 31,518 27,483
Fines 28,370 34,621 35,235 35,756 35,888 106,879 87,567
Total 37,709 45,905 45,527 45,752 47,118 138,397 115,050
------- ------- ------- ------- ------- --------- ----------
Total sales (100%) 44,363 54,006 53,561 53,808 55,018 162,387 135,351
(1) Iron ore production and sales are reported on a wet tonnes basis.
(2) Newman includes Mt Newman Joint Venture and Wheelarra.
(3) Yarrie ceased production on 25 February 2014.
(4) Shown on 100% basis. BHP Billiton interest in saleable production is 85%.
Samarco, Brazil
Production (1) 2,596 2,702 2,729 2,841 2,281 7,851 8,280
Sales 2,515 2,651 2,676 3,025 2,036 7,737 8,364
(1) Iron ore production and sales are reported on a wet tonnes basis.
PRODUCTION AND SALES REPORT
---------------------------------------
QUARTER ENDED YEAR TO DATE
---------------------------------------------- ---------------------
MAR JUN SEP DEC MAR MAR MAR
2013 2013 2013 2013 2014 2014 2013
------------------------------------- -------- -------- -------- ------- ------- ----------- --------
Coal
(kt)
Metallurgical coal
Queensland Coal
Production (1)
BMA
Blackwater 1,157 1,539 1,691 1,655 1,759 5,105 3,893
Goonyella 1,478 1,816 1,737 1,999 2,041 5,777 4,405
Peak Downs 1,225 1,140 1,112 1,201 1,314 3,627 3,405
Saraji 711 971 1,197 1,195 1,108 3,500 2,478
Gregory Joint Venture 657 854 464 850 654 1,968 1,669
Daunia 99 376 504 594 585 1,683 99
Total BMA 5,327 6,696 6,705 7,494 7,461 21,660 15,949
-------- -------- -------- ------- ------- ----------- --------
BHP Mitsui Coal (2)
South Walker Creek 1,188 1,215 1,298 1,313 1,312 3,923 3,136
Poitrel 674 631 759 801 683 2,243 2,081
Total BHP Mitsui Coal 1,862 1,846 2,057 2,114 1,995 6,166 5,217
----------- --------
Total Queensland Coal 7,189 8,542 8,762 9,608 9,456 27,826 21,166
-------- -------- -------- ------- ------- ----------- --------
Sales
Coking coal 4,933 6,316 6,123 6,517 7,030 19,670 14,552
Weak coking coal 2,029 2,417 2,397 2,505 2,594 7,496 5,394
Thermal coal 75 30 160 271 122 553 551
Total 7,037 8,763 8,680 9,293 9,746 27,719 20,497
-------- -------- -------- ------- ------- ----------- --------
(1) Metallurgical coal production is reported on the basis of saleable product. Production
figures include some thermal coal.
(2) Shown on 100% basis. BHP Billiton interest in saleable production is 80%.
Illawarra, Australia
Production (1) 1,777 2,316 1,423 1,932 2,011 5,366 5,626
Sales
Coking coal 1,595 1,877 1,084 1,495 1,581 4,160 5,155
Thermal coal 145 436 359 318 460 1,137 974
Total 1,740 2,313 1,443 1,813 2,041 5,297 6,129
-------- -------- -------- ------- ------- ----------- --------
(1) Metallurgical coal production is reported on the basis of saleable product. Production figures include some thermal coal.
Energy Coal
South Africa (1)
Production 7,302 7,902 7,937 7,036 7,398 22,371 23,725
Sales
Export 3,604 3,363 2,504 4,087 3,179 9,770 10,572
Local utility 4,171 4,353 4,543 3,811 3,478 11,832 13,655
Inland 32 24 - - - - 98
Total 7,807 7,740 7,047 7,898 6,657 21,602 24,325
------- ----------- ------- ---------------- ------- ------- -------
(1) Shown on 100% basis. BHP Billiton interest in saleable production is 90%.
New Mexico, USA
Production
Navajo Coal (1) 1,944 1,569 1,670 1,400 975 4,045 5,899
San Juan Coal 1,407 1,183 1,475 1,496 1,384 4,355 4,140
Total 3,351 2,752 3,145 2,896 2,359 8,400 10,039
------- ----------- ------- ---------------- ------- ------- -------
Sales - local utility 3,275 2,815 3,129 2,950 2,360 8,439 9,960
(1) BHP Billiton completed the sale of Navajo Mine on 30 December 2013. As BHP Billiton will
retain control of the mine until full consideration is received, production will continue
to be reported by the Group.
NSW Energy Coal, Australia
Production 3,837 4,893 5,372 4,544 5,018 14,934 13,117
Sales
Export 4,505 4,289 4,037 4,887 4,346 13,270 13,180
Inland 174 478 446 332 270 1,048 689
Total 4,679 4,767 4,483 5,219 4,616 14,318 13,869
------- ----------- ------- ---------------- ------- ------- -------
Cerrejon, Colombia
Production 1,512 3,014 3,185 3,291 2,948 9,424 7,003
Sales - export 1,774 3,157 3,155 3,067 2,647 8,869 7,106
PRODUCTION AND SALES REPORT
--------------------------------------
QUARTER ENDED YEAR TO DATE
-------------------------------------------------------- ----------------
MAR JUN SEP DEC MAR MAR MAR
2013 2013 2013 2013 2014 2014 2013
------------------------------------ ------- ----------- ------- ---------------- ------- ------- -------
Aluminium, Manganese and Nickel
(kt)
Alumina
Saleable production
Worsley, Australia 911 961 946 1,024 936 2,906 2,714
Alumar, Brazil 302 304 305 328 314 947 901
Total 1,213 1,265 1,251 1,352 1,250 3,853 3,615
------- ----------- ------- ---------------- ------- ------- -------
Sales
Worsley, Australia 910 1,031 897 961 986 2,844 2,646
Alumar, Brazil 296 329 278 320 262 860 946
Total 1,206 1,360 1,175 1,281 1,248 3,704 3,592
------- ----------- ------- ---------------- ------- ------- -------
Aluminium
Production
Hillside, South Africa 178 181 184 183 172 539 484
Bayside, South Africa 24 24 24 24 23 71 72
Alumar, Brazil 37 39 35 28 26 89 115
Mozal, Mozambique 64 66 67 67 65 199 198
Total 303 310 310 302 286 898 869
------- ----------- ------- ---------------- ------- ------- -------
Sales
Hillside, South Africa 166 191 180 173 187 540 476
Bayside, South Africa 27 26 24 24 24 72 79
Alumar, Brazil 39 38 34 28 25 87 126
Mozal, Mozambique 76 65 68 74 72 214 199
Total 308 320 306 299 308 913 880
------- ----------- ------- ---------------- ------- ------- -------
Manganese Ore
Saleable production
South Africa (1) 859 939 864 944 782 2,590 2,551
Australia (1) 1,149 1,307 1,182 1,256 1,019 3,457 3,720
------- ----------- ------- ---------------- ------- ------- -------
Total 2,008 2,246 2,046 2,200 1,801 6,047 6,271
------- ----------- ------- ---------------- ------- ------- -------
Sales
South Africa (1) 835 970 920 714 915 2,549 2,521
Australia (1) 1,326 1,102 1,078 1,445 1,252 3,775 3,476
------- ----------- ------- ---------------- ------- ------- -------
Total 2,161 2,072 1,998 2,159 2,167 6,324 5,997
------- ----------- ------- ---------------- ------- ------- -------
Manganese alloy
Saleable production
South Africa (1) (2) 86 104 86 94 91 271 270
Australia (1) 57 78 51 72 71 194 156
------- ----------- ------- ---------------- ------- ------- -------
Total 143 182 137 166 162 465 426
------- ----------- ------- ---------------- ------- ------- -------
Sales
South Africa (1) (2) 89 110 88 87 113 288 275
Australia (1) 68 61 54 63 85 202 166
------- ----------- ------- ---------------- ------- ------- -------
Total 157 171 142 150 198 490 441
------- ----------- ------- ---------------- ------- ------- -------
(1) Shown on 100% basis. BHP Billiton interest in saleable production is 60%, except Hotazel
Manganese Mines which is 44.4%.
(2) Production includes Medium Carbon Ferro Manganese.
Nickel
Cerro Matoso, Colombia
Production 12.3 12.8 12.0 12.3 9.8 34.1 38.0
Sales 13.0 13.1 12.6 12.3 10.0 34.9 39.0
Nickel West, Australia
Saleable production
Nickel contained in concentrate 3.1 3.0 3.4 2.4 2.5 8.3 8.5
Nickel contained in finished matte 9.7 8.6 8.8 6.1 6.1 21.0 23.1
Nickel metal 17.0 15.9 16.2 17.0 15.7 48.9 44.2
------- ----------- ------- ---------------- -------
Nickel production 29.8 27.5 28.4 25.5 24.3 78.2 75.8
------- ----------- ------- ---------------- ------- ------- -------
Sales
Nickel contained in concentrate 3.1 3.0 2.7 2.8 2.3 7.8 7.6
Nickel contained in finished matte 9.0 9.7 7.8 7.4 5.3 20.5 22.7
Nickel metal 19.5 17.7 15.3 17.2 16.7 49.2 46.5
------- ----------- ------- ---------------- -------
Nickel sales 31.6 30.4 25.8 27.4 24.3 77.5 76.8
------- ----------- ------- ---------------- ------- ------- -------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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