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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Bhp Billiton | LSE:BLT | London | Ordinary Share | GB0000566504 | ORD $0.50 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 1,573.00 | 1,571.40 | 1,572.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMBLT
RNS Number : 8815T
BHP Billiton PLC
17 October 2017
Hot Features
Premium
Release Time IMMEDIATE
18 October
Date 2017
Release Number 32/17
BHP OPERATIONAL REVIEW
FOR THE quarter ended 30 September 2017
-- All production and unit cost guidance remains unchanged for the 2018 financial year.
-- Good progress has been made on our latent capacity projects, with first production from the Los Colorados Extension project and the Olympic Dam Southern Mining Area achieved in the September 2017 quarter and the Caval Ridge Southern Circuit project progressing to plan.
-- All major projects under development are tracking to plan.
-- In Onshore US, our operated rig count increased from five to nine during the September 2017 quarter. Divestment of a small portion of the Hawkville acreage was completed during the quarter, with work underway to exit our remaining Onshore US assets for value.
-- In Petroleum exploration, evaluation of the positive drilling results from Wildling-2 is continuing, with a sidetrack also encountering oil in multiple horizons which will assist with establishing the scale of the discovery.
Production Sep vs Sep
Q17 Q16
Lower volumes reflect natural
field decline and the impact
Petroleum of Hurricane Harvey on US
(MMboe) 50 (8%) petroleum assets.
Increased volumes at Escondida
supported by the start-up
of the Los Colorados Extension
project and higher average
Copper (kt) 404 14% copper grades and throughput.
Improved mine productivity
and record volumes at Jimblebar
offset by the impact of planned
maintenance and lower opening
stockpile levels, following
Iron ore(1) the fire at the Mt Whaleback
(Mt) 56 (3%) screening plant in June 2017.
Record production at Saraji
mine and increased productivity
across Queensland Coal mines
Metallurgical offset by lower production
coal (Mt) 11 0% at Broadmeadow.
Strong performance at New
South Wales Energy Coal offset
Energy coal by the impacts of unfavourable
(Mt) 7 (2%) weather at Cerrejón.
BHP Chief Executive Officer, Andrew Mackenzie, said: "Our performance in the first quarter keeps us on track to deliver seven per cent volume growth in the 2018 financial year.
We manage the portfolio for value and returns. Our transition to lower-cost, high-return, latent capacity projects is delivering results, with first copper production achieved from the Los Colorados Extension project at Escondida and Olympic Dam's Southern Mining Area during the quarter.
Major development work has commenced on the recently approved growth projects, Mad Dog Phase 2 and the Spence Growth Option, with both set to become operational as their respective markets in oil and copper rebalance."
1
Summary
Operational performance
Production for the September 2017 quarter and guidance for the 2018 financial year are summarised in the table below.
Sep
Sep Q17 Q17
vs vs
Sep Jun FY18
Production Sep Q17 Q16 Q17 guidance
Petroleum (MMboe) 50 (8%) (3%) 180 -190
Onshore US (MMboe) 17 (16%) (12%) 61 - 67
119 -
Conventional (MMboe) 33 (3%) 2% 123
1,655
Copper (kt) 404 14% 4% - 1,790
1,130
Escondida (kt) 268 23% 19% - 1,230
525 -
Other copper(i) (kt) 136 (1%) (16%) 560
239 -
Iron ore(ii) (Mt) 56 (3%) (8%) 243
275 -
WAIO (100% basis) (Mt) 64 (4%) (8%) 280(iii)
Metallurgical coal (Mt) 11 0% 24% 44 - 46
Energy coal (Mt) 7 (2%) (18%) 29 - 30
(i) Other copper comprises Pampa Norte, Olympic Dam and Antamina.
(ii) Excludes production from Samarco.
(iii) Subject to regulatory approvals to increase capacity above 270 Mt.
Major development projects
On 17 August 2017, the BHP Board approved an investment of US$2.5 billion for the development of the Spence Growth Option.
At the end of the September 2017 quarter, BHP had four major projects under development in Petroleum, Copper and Potash, with a combined budget of US$7.5 billion over the life of the projects.
Corporate update
On 20 September 2017, BHP released its Economic Contribution Report which shows the Group's direct economic contribution globally in the 2017 financial year was US$26.1 billion. This includes US$4.7 billion in taxes, royalties and other payments to governments. BHP's adjusted effective tax rate in the 2017 financial year was 34.0 per cent. When royalties are included, the rate was 44.0 per cent. In Australia, we anticipate making final corporate income tax cash payments in the first half of the 2018 financial year of approximately US$1.2 billion relating to the prior year.
On 22 September 2017, BHP successfully concluded its US$2.9 billion multi-currency bond repurchase plan. The bond repurchase plan has extended BHP's average debt maturity profile and enhanced the Group's capital structure. The total cost in relation to the repurchase program was approximately US$100 million, which will be reported in net finance costs in the December 2017 half year. This does not take into account the multi-year interest expense saving from a lower average debt balance following the bond repurchase program.
2
Petroleum
Production
Sep Sep
Q17 Q17
vs vs
Sep Sep Jun
Q17 Q16 Q17
Crude oil, condensate and natural
gas liquids (MMboe) 22 (9%) (8%)
Natural gas (bcf) 169 (7%) 1%
Total petroleum production (MMboe) 50 (8%) (3%)
Total petroleum production - Total petroleum production for the September 2017 quarter decreased by eight per cent to 50 MMboe. Guidance for the 2018 financial year remains unchanged at between 180 and 190 MMboe, comprising Conventional volumes between 119 and 123 MMboe and Onshore US volumes between 61 and 67 MMboe.
Crude oil, condensate and natural gas liquids - Crude oil, condensate and natural gas liquids production for the September 2017 quarter declined by nine per cent to 22 MMboe.
Conventional liquids volumes decreased by five per cent to 15 MMboe reflecting natural field decline across the portfolio, the impact of Hurricane Harvey in the Gulf of Mexico and planned maintenance at North West Shelf.
Onshore US liquids volumes decreased by 15 per cent to 7 MMboe as a result of natural field decline and the impact of Hurricane Harvey, which more than offset additional wells put online in the Black Hawk and Permian.
Natural gas - Natural gas production for the September 2017 quarter declined by seven per cent to 169 bcf.
Conventional gas volumes for the September 2017 quarter were broadly unchanged at 107 bcf. Onshore US gas volumes declined by 17 per cent reflecting natural field decline and the impact of Hurricane Harvey, partially offset by additional wells put online in the Black Hawk, Permian and Haynesville.
In the September 2017 quarter, we completed an agreement with Chevron and ExxonMobil to withdraw from our 4.95 per cent interest in the Genesis deepwater asset in the Gulf of Mexico, consistent with our aim to further simplify the portfolio. Financial closing is expected by the end of November 2017, with an effective date of 1 January 2017.
Projects
Initial
Capital production
Project and expenditure target
ownership (US$m) date Capacity Progress
North West 314 CY19 To maintain LNG On schedule
Shelf Greater plant throughput and budget.
Western Flank-B from the North The overall
(Australia) West Shelf operations. project is
16.67% (non-operator) 57% complete.
Mad Dog Phase 2,154 CY22 New floating production On schedule
2 facility and budget.
(US Gulf with the capacity The overall
of Mexico) to produce up project is
23.9% (non-operator) to 140,000 gross 6% complete.
barrels of crude
oil per day.
Petroleum capital expenditure of approximately US$2.0 billion is planned in the 2018 financial year. This includes Conventional capital expenditure of US$0.8 billion, which remains focused on high-return infill drilling opportunities in the Gulf of Mexico, a life extension project at North West Shelf and investment in the Mad Dog Phase 2 project. Onshore US capital expenditure is expected to be approximately US$1.2 billion reflecting increased development activity.
3
Onshore US development activity
Onshore US drilling and development expenditure for the September 2017 quarter was US$131 million. Our operated rig count increased from five to nine during the quarter as two rigs in the Permian, and one in each of the Black Hawk and Haynesville, were added.
-- In the Permian, we continued to drill to meet ongoing Hold by Production obligations while also progressing sub-surface trials intended to de-risk future development.
-- In the Black Hawk, we observed better than expected performance in recent trials which improved completion designs, enhanced staggered laterals and demonstrated commerciality of Upper and Lower Eagle Ford co-development.
-- In the Haynesville, our hedging strategy continues to allow us to reduce price risk and secure average rates of return in excess of 20 per cent.
-- In the Fayetteville, we continue to work with partners to assess the potential of the Moorefield horizon. We anticipate participation in additional non-operated wells in the 2018 financial year.
Liquids Gas focused
September 2017 focused areas
quarter areas
(September 2016 Eagle Permian Haynesville Fayetteville Total
quarter) Ford
Capital expenditure(i) US$ billion 0.1 0.1 0.0 0.0 (0.0) 0.1 (0.1)
(0.0) (0.1) (0.0)
At period
Rig allocation end 2 (1) 3 (1) 4 (0) 0 (0) 9 (2)
Net wells drilled Period
and completed(ii) total 5 (1) 1 (11) 0 (0) 0 (1) 6 (13)
Net productive At period 936 127 393 1,044 2,500
wells end (928) (116) (395) (1,044) (2,483)
(i) Includes land acquisition, site preparation, drilling, completions, well site facilities, mid-stream infrastructure and pipelines.
(ii) Can vary between periods based on changes in rig activity and the inventory of wells drilled but not yet completed at period end.
The divestment of a small portion of the Hawkville acreage was completed in the September 2017 quarter. Work is underway to exit the remaining Onshore US assets for value.
Petroleum exploration
Exploration and appraisal wells drilled during the September 2017 quarter are summarised below.
Total
Spud Water well
Well Location Target BHP equity date depth depth Status
Hydrocarbons
US Gulf encountered,
of Mexico 15 April 1,267 10,205 temporarily
Wildling-2 GC520 Oil 100% 2017 m m abandoned.
(Operator)
Hydrocarbons
US Gulf encountered,
Wildling-2 of Mexico 11 August 1,267 10,177 temporarily
ST01 GC520 Oil 100% 2017 m m abandoned.
(Operator)
The Wildling-2 well was spud on 15 April 2017 and drilling was completed on 11 August 2017. The Wildling-2 well encountered oil in multiple horizons. A sidetrack to the Wildling-2 well commenced on 11 August 2017 to further appraise the discovery and was completed on 26 September 2017. This also encountered oil in multiple horizons and will assist further with establishing the scale of the discovery.
4
In the US Gulf of Mexico, the Scimitar well spud on 1 October 2017 with results expected in the March 2018 quarter. BHP holds a 65 per cent working interest and is the operator of the Scimitar prospect, with partner Repsol (20 per cent working interest) and Statoil (15 per cent working interest).
In Mexico, an Exploration and Appraisal plan for the Trion contractual area license number CNH-A1-Trion/2016 (formerly referred to as blocks AE-0092 and AE-0093) was submitted to the Comisión Nacional de Hidrocarburos of Mexico by BHP and Pemex on 29 August 2017, in line with regulatory requirements.
In Trinidad and Tobago, we continued appraisal work to assess the potential commercialisation of the gas discovery at LeClerc. Preparations continued for Phase 2 deepwater exploration which is expected to commence in the second half of the 2018 financial year.
Petroleum exploration expenditure for the September 2017 quarter was US$207 million, of which US$78 million was expensed. A US$715 million exploration program is planned for the 2018 financial year. This program includes the Scimitar exploration well in the US Gulf of Mexico and three wells in Trinidad and Tobago.
Copper
Production
Sep Sep
Q17 Q17
vs vs
Sep Sep Jun
Q17 Q16 Q17
Copper (kt) 404 14% 4%
Zinc (t) 29,201 90% 0%
Uranium oxide concentrate (t) 880 (4%) 19%
Copper - Total copper production for the September 2017 quarter increased by 14 per cent to 404 kt. Guidance for the 2018 financial year remains unchanged at between 1,655 and 1,790 kt.
Escondida copper production for the September 2017 quarter increased by 23 per cent to 268 kt, supported by the start-up of the Los Colorados Extension (LCE) project on 10 September 2017 and higher average copper grade and throughput. LCE is expected to ramp-up to full capacity during the December 2017 quarter, enabling utilisation of the three concentrators, and support copper production of between 1,130 and 1,230 kt in the 2018 financial year. Escondida and Union Ndeg2 of Supervisors and Staff signed a new Collective Agreement, valid from 1 October 2017, which will have a duration of 36 months. The existing agreement with Union Ndeg1 will expire on 1 August 2018.
Pampa Norte copper production for the September 2017 quarter decreased by seven per cent to 58 kt, despite record material mined at Cerro Colorado and record ore milled at Spence. The decrease was mainly due to unplanned maintenance at Spence's tank house during the quarter. Pampa Norte copper production for the 2018 financial year is expected to be higher than the prior year.
Olympic Dam copper production increased by three per cent to 42 kt with first ore achieved from the high-grade Southern Mining Area in the September 2017 quarter. Copper production of 150 kt is expected in the 2018 financial year as a major smelter maintenance campaign is undertaken. The maintenance campaign commenced on 21 August 2017 and will be phased through to the December 2017 quarter. On completion, improved operating performance, coupled with higher ore grades from the Southern Mining Area, will underpin an expected increase in production to approximately 215 kt in the 2019 financial year.
Antamina copper production for the September 2017 quarter increased by five per cent to 36 kt due to higher head grades. Copper production of approximately 125 kt is expected in the 2018 financial year as mining continues through a zinc-rich ore zone consistent with the mine plan. Zinc production of approximately 100 kt is expected for the 2018 financial year.
5
Projects
Capital Initial
expenditure production
Project and (US$m) target
ownership date Capacity Progress
Spence Growth 2,460 FY21 New 95 ktpd concentrator Project approved
Option is expected to on 17 August
increase Spence's 2017.
payable copper
in concentrate
production by approximately
185 ktpa in the
first 10 years
of operation and
extend the mining
operations by more
than 50 years.
(Chile)
100%
Copper reserves
Hypogene Sulphide Ore Reserves at Spence
BHP confirms the inclusion of significant additional Hypogene Sulphide Ore Reserves to the Spence declaration, and minor increases to the oxide and supergene sulphide reserves previously declared as at 30 June 2017.
The declaration of Hypogene Sulphide Ore Reserves (including minor contributions of transitional sulphide material) reflects the approval of capital expenditure (US$2.46 billion) by BHP on 17 August 2017 for the construction of a concentrator and associated infrastructure at Spence. The Spence pit expansion to exploit the deeper hypogene material has resulted in a minor increase in Ore Reserves for the oxide and supergene sulphide ore types declared as at 30 June 2017. The Spence Growth Option (SGO) project has been assessed as technically achievable and economically viable.
The Spence Hypogene Sulphide Mineral Resources and Ore Reserves are a downward, continuous extension of the currently exploited Supergene Oxide and Sulphide Mineral Resources and Ore Reserves. The supergene oxide and sulphide material is currently processed in a leaching operation whereas the hypogene sulphide material will provide ore feed to a conventional sulphide milling and flotation concentrator plant.
The Spence deposit is centred on porphyry bodies that have intruded sedimentary and volcanic units. Vertically extensive hypogene chalcopyrite with or without molybdenite mineralisation is overprinted by supergene sulphide chalcocite with or without covellite mineralisation. The supergene sulphides are locally oxidised to a copper oxide assemblage. The contact between the supergene and underlying hypogene sulphide zones is transitional.
Reserves are estimated incorporating operational parameters, geotechnical constraints, costs and commodity prices as defined by BHP. Optimal pushback designs are developed by incorporating mine operational aspects, plant capacity, loading equipment and ore exposure to produce a mining production plan. The selection and design options take into account both processing route alternatives and are based on the optimal economic sequence according to operational restrictions. The current and future SGO project fleet size is estimated based on the optimal production levels to maximise the net present value given the existing infrastructure and geotechnical parameters.
Ore Reserves classification reflects the Mineral Resources classification, along with consideration of any uncertainties in relation to modifying factors. Key modifying factors, incorporating Spence's processing alternatives and unit capacities are copper content, mineral hardness, comminution and processing rates, and metallurgical recovery by plant. Approximate drill hole spacing, which is indicative of reserve classification, is presented in the table below.
Nominal drill grid spacing for Ore Reserves classification
Transitional
and Hypogene
Classification Oxide Supergene Sulphide Sulphides
Proved (maximum) 50m x 50m 70m x 70m 70m x 70m
Probable (maximum) 100m x 100m 100m x 100m 100m x 100m
6
The main economic driver for the planned process routes of supergene (leach) versus hypogene (concentrator) is based upon copper mineralisation species, refined by copper cut-off grade. The cut-off grades used to differentiate waste from mineralisation are 0.20 per cent total copper for the supergene, transitional and hypogene sulphide material for concentrator processing and 0.30 per cent total copper for the supergene sulphide and oxide material for heap leaching. These cut-off grades are based on break-even economic analysis and assume open-pit extraction (15m bench height).
Copper in supergene oxide and sulphide mineralisation is currently recovered through heap and dump leaching and a solvent extraction and electrowinning plant. The construction of the SGO project facilities will add a new processing route, sulphide flotation and concentration of the hypogene copper sulphides (chalcopyrite) which are refractory to heap leaching technology. These facilities include: a primary crusher, a semi-autogenous grinding mill, two ball mills, a sulphide froth flotation plant and tailings storage facilities, combined with concentrate export and sea-water desalination and process water delivery facilities. The concentrator plant will generate molybdenum as a separate concentrate product stream, along with gold and silver credits in the copper concentrate.
Concentrator metallurgical recoveries of between 82 and 91 per cent of total copper have been informed on the basis of extensive laboratory and pilot testwork. Studies indicate that arsenic content within the deposit can be managed to minimise product contamination risk. The revised Ore Reserves estimate for Spence as at 17 August 2017 is presented in the table below.
Spence updated Ore Reserves(1) as at 17 August 2017 in 100 per cent terms - reported in compliance with the ASX Listing Rules 2014
As at 17 August 2017 As at 30
June 2017
Proved Ore Probable Total Ore Total Ore
Reserves Ore Reserves Reserves Reserves
Ore Type
(2) (3) Cut-off
(4) (5) TCu TCu SCu Mo TCu SCu Mo TCu SCu Mo TCu SCu Mo
(6) % Mt % % ppm Mt % % ppm Mt % % ppm Mt % % ppm
Oxide 0.30 37 0.64 0.43 - 1.4 0.84 0.66 - 38 0.64 0.43 - 35 0.65 0.45 -
Oxide
Low
Solubility 0.30 14 0.90 0.40 - 8.6 0.63 0.26 - 23 0.80 0.34 - 25 0.77 0.33 -
Supergene
Sulphide 0.30 114 0.58 0.07 - 26 0.59 0.10 - 140 0.58 0.07 - 112 0.79 0.11 -
ROM 0.10 - - - - 9.4 0.37 - - 9.4 0.37 - - 9.4 0.37 0.14 -
Transitional
Sulphide 0.20 19 0.70 - 110 1.9 0.52 - 50 21 0.69 - 100 - - - -
Hypogene
Sulphide 0.20 530 0.47 - 200 725 0.47 - 130 1,260 0.46 - 160 - - - -
Mt - Million Tonnes, TCu - Total Copper, SCu - Acid Soluble Copper, Mo - Molybdenum, % - Weight Per Cent, ppm - Parts per Million, ROM - Run of Mine
Table Footnotes:
1) These Ore Reserves were estimated by C González (MAusIMM) and are an update to Ore Reserves reported by F Barrera (MAusIMM) for the year ended 30 June 2017 in the 2017 BHP Annual Report which can be found at www.bhp.com. Both Mr González and Mr Barrera are full time employees of BHP and have sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which 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'. C González and F Barrera consent to the inclusion in this report of the matters based on the form and context in which they appear.
2) This is a first time Ore Reserves estimate declaration for Spence Transitional and Hypogene Sulphide Ore Types and revised estimate for other Ore Types. The Ore Reserves are supported by a forward-looking copper commodity price protocol based on supply and demand assumptions.
3) Ore Reserves are estimated as dry metric tonnes, on the basis of ore delivered to the process plant.
7
4) The revised Spence Reserves Life is estimated as 40 years based on the current stated Ore Reserves estimate divided by the current approved nominated production rate as at 17 August 2017.
5) The Ore Reserves tabulated are held within existing, permitted mining tenements. BHP's mineral leases are of sufficient duration (or convey a legal right to renew for sufficient duration) to enable all reserves on the leased properties to be mined in accordance with current production schedules. Our Ore Reserves may include areas where some additional approvals remain outstanding, but where, based on the technical investigations we carry out as part of our planning process and our knowledge and experience of the approvals process, we expect that such approvals will be obtained as part of the normal course of business and within the time frame required by the current life of mine schedule.
6) The SGO project is not considered material at the BHP Group level.
Iron Ore
Production
Sep Q17 Sep Q17
vs vs
Sep Q17 Sep Q16 Jun Q17
Iron ore(i) (kt) 55,587 (3%) (8%)
(i) Represents Western Australia Iron Ore (WAIO). Excludes production from Samarco.
Iron ore - Total iron ore production for the September 2017 quarter decreased by three per cent to 56 Mt, or 64 Mt on a 100 per cent basis. Guidance for the 2018 financial year remains unchanged at between 239 and 243 Mt, or between 275 and 280 Mt on a 100 per cent basis, with volumes weighted to the last three quarters of the year.
WAIO production for the September 2017 quarter was lower, as expected. Record production at Jimblebar was more than offset by the impact of lower opening stockpile levels, following the fire at the Mt Whaleback screening plant in June 2017, and planned maintenance in the September 2017 quarter. Mine productivity improved in the quarter as a result of increased plant availability and consistent feed rates. Stockpile levels have been rebuilt and are expected to be partially drawn down in the next quarter. Port debottlenecking activities will extend into the December 2017 quarter. BHP continues to work with the relevant authorities in relation to the necessary approvals to increase system capacity to 290 Mtpa (100 per cent basis).
Mining and processing operations at Samarco remain suspended following the failure of the Fundão tailings dam and Santarém water dam on 5 November 2015.
Coal
Production
Sep Q17 Sep Q17
vs vs
Sep Q17 Sep Q16 Jun Q17
Metallurgical coal (kt) 10,567 0% 24%
Energy coal (kt) 6,732 (2%) (18%)
Metallurgical coal - Metallurgical coal production for the September 2017 quarter was flat at 11 Mt. Guidance for the 2018 financial year remains unchanged at between 44 and 46 Mt.
At Queensland Coal, mining operations have recovered following the impacts of Cyclone Debbie, with record production at Saraji and increased production at Peak Downs and Caval Ridge, underpinned by an improvement in trucking hours and utilisation of latent wash-plant capacity. This was offset by lower production at Broadmeadow due to difficult roof conditions.
The Caval Ridge Southern Circuit project is progressing according to plan, with production expected to ramp-up early in the 2019 financial year.
8
Energy coal - Energy coal production for the September 2017 quarter decreased by two per cent to 7 Mt. Guidance for the 2018 financial year is unchanged at approximately 29 to 30 Mt.
New South Wales Energy Coal production increased by seven per cent as it benefitted from improved stripping performance and additional bypass coal. This was offset by a 15 per cent decrease in volumes at Cerrejón, which was constrained following the impact of extreme wet weather at the end of June 2017.
Other
Nickel production
Sep Q17 Sep Q17
vs vs
Sep Q17 Sep Q16 Jun Q17
Nickel (kt) 22.8 21% (10%)
Nickel - Nickel West production for the September 2017 quarter increased by 21 per cent to 23 kt of nickel primarily due to increased production from the Leinster and Mt Keith operations. Nickel production for the 2018 financial year is expected to remain broadly unchanged from the 2017 financial year.
Potash project
Project and Investment
ownership (US$m) Scope Progress
Jansen Potash 2,600 Investment to finish The project is
the excavation and 73% complete
lining of the production and within the
and service shafts, approved budget.
and to continue the Shaft excavation
installation of essential is progressing.
surface infrastructure
and utilities.
(Canada)
100%
Minerals exploration
Minerals exploration expenditure for the September 2017 quarter was US$43 million, of which US$32 million was expensed. Greenfield minerals exploration is predominantly focused on advancing copper targets within Chile, Ecuador, Peru, Canada, South Australia and the South-West United States.
Variance analysis relates to the relative performance of BHP and/or its operations during the September 2017 quarter compared with the September 2016 quarter, unless otherwise noted. Production volumes, sales volumes and capital and exploration expenditure from subsidiaries are reported on a 100 per cent basis; production and sales volumes from equity accounted investments and other operations are reported on a proportionate consolidation basis. Copper equivalent production based on 2017 financial year average realised prices.
The following footnotes apply to this Operational Review:
(1) Excludes production from Samarco.
The following abbreviations may have been used throughout this report: barrels (bbl); billion cubic feet (bcf); cost and freight (CFR); cost, insurance and freight (CIF); dry metric tonne unit (dmtu); free on board (FOB); 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); ounces (oz); pounds (lb); thousand barrels of oil equivalent (Mboe); thousand ounces (koz); thousand standard cubic feet (Mscf); thousand tonnes (kt); thousand tonnes per annum (ktpa); thousand tonnes per day (ktpd); tonnes (t); and wet metric tonnes (wmt).
9
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10
Production summary
Year to
Quarter ended date
BHP Sep Dec Mar Jun Sep Sep Sep
interest 2016 2016 2017 2017 2017 2017 2016
Petroleum (1)
Petroleum
Crude oil, condensate
and NGL (Mboe)
Onshore US 8,288 8,143 9,439 8,501 7,079 7,079 8,288
Conventional 15,959 15,768 15,369 15,612 15,090 15,090 15,959
Total 24,247 23,911 24,808 24,113 22,169 22,169 24,247
Natural gas (bcf)
Onshore US 73.9 67.8 66.1 67.2 61.4 61.4 73.9
Conventional 107.8 97.1 88.4 99.5 107.3 107.3 107.8
Total 181.7 164.9 154.5 166.7 168.7 168.7 181.7
Total petroleum production
(MMboe) 54.5 51.4 50.6 51.9 50.3 50.3 54.5
Copper (2)
Copper
Payable metal in
concentrate (kt)
Escondida (3) 57.5% 147.0 162.6 67.6 162.4 196.3 196.3 147.0
Antamina 33.8% 34.1 32.0 29.2 38.5 35.9 35.9 34.1
Total 181.1 194.6 96.8 200.9 232.2 232.2 181.1
Cathode (kt)
Escondida (3) 57.5% 70.5 71.5 27.2 62.8 71.9 71.9 70.5
Pampa Norte (4) 100% 62.1 53.8 66.1 72.3 58.0 58.0 62.1
Olympic Dam 100% 40.9 37.2 36.8 51.4 42.0 42.0 40.9
Total 173.5 162.5 130.1 186.5 171.9 171.9 173.5
Total copper (kt) 354.6 357.1 226.9 387.4 404.1 404.1 354.6
Lead
Payable metal in
concentrate (t)
Antamina 33.8% 1,146 1,220 1,308 1,799 1,415 1,415 1,146
Total 1,146 1,220 1,308 1,799 1,415 1,415 1,146
Zinc
Payable metal in
concentrate (t)
Antamina 33.8% 15,367 22,406 20,653 29,076 29,201 29,201 15,367
Total 15,367 22,406 20,653 29,076 29,201 29,201 15,367
Gold
Payable metal in
concentrate (troy
oz)
Escondida (3) 57.5% 27,561 37,784 11,572 33,941 50,525 50,525 27,561
Olympic Dam (refined
gold) 100% 24,366 29,651 21,941 28,188 13,101 13,101 24,366
Total 51,927 67,435 33,513 62,129 63,626 63,626 51,927
11
Year to
Quarter ended date
BHP Sep Dec Mar Jun Sep Sep Sep
interest 2016 2016 2017 2017 2017 2017 2016
Silver
Payable metal in
concentrate (troy
koz)
Escondida (3) 57.5% 1,229 1,323 540 1,234 1,737 1,737 1,229
Antamina 33.8% 1,345 1,446 1,301 1,691 1,596 1,596 1,345
Olympic Dam (refined
silver) 100% 163 188 174 243 131 131 163
Total 2,737 2,957 2,015 3,168 3,464 3,464 2,737
Uranium
Payable metal in
concentrate (t)
Olympic Dam 100% 916 1,060 948 737 880 880 916
Total 916 1,060 948 737 880 880 916
Molybdenum
Payable metal in
concentrate (t)
Antamina 33.8% 561 225 30 328 402 402 561
Total 561 225 30 328 402 402 561
12
Production summary
Year to
Quarter ended date
BHP Sep Dec Mar Jun Sep Sep Sep
interest 2016 2016 2017 2017 2017 2017 2016
Iron Ore
Iron Ore
Production (kt)
(5)
Newman 85% 18,008 17,751 16,283 16,241 13,842 13,842 18,008
Area C Joint Venture 85% 12,384 12,179 11,165 13,016 13,099 13,099 12,384
Yandi Joint Venture 85% 15,729 17,555 14,656 17,415 14,559 14,559 15,729
Jimblebar (6) 85% 6,057 5,178 4,824 5,891 6,283 6,283 6,057
Wheelarra 85% 5,409 7,386 6,647 7,578 7,804 7,804 5,409
Samarco 50% - - - - - - -
Total 57,587 60,049 53,575 60,141 55,587 55,587 57,587
Coal
Metallurgical coal
Production (kt)
(7)
BMA 50% 8,384 8,684 7,996 6,394 8,296 8,296 8,384
BHP Mitsui Coal
(8) 80% 2,145 1,929 2,138 2,100 2,271 2,271 2,145
Haju (9) 75% 102 27 - - - - 102
Total 10,631 10,640 10,134 8,494 10,567 10,567 10,631
Energy coal
Production (kt)
USA 100% 451 - - - - - 451
Australia 100% 3,952 3,851 4,662 5,711 4,235 4,235 3,952
Colombia 33.3% 2,928 2,800 2,756 2,475 2,497 2,497 2,928
Total 7,331 6,651 7,418 8,186 6,732 6,732 7,331
Other
Nickel
Saleable production
(kt)
Nickel West 100% 18.8 22.1 19.0 25.2 22.8 22.8 18.8
Total 18.8 22.1 19.0 25.2 22.8 22.8 18.8
(1) LPG and ethane are reported as natural gas liquids (NGL). Product-specific conversions are made and NGL is reported in barrels of oil equivalent (boe). Total boe conversions are based on 6 bcf of natural gas equals 1 MMboe.
(2) Metal production is reported on the basis of payable metal. (3) Shown on a 100% basis. BHP 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) Shown on a 100% basis. BHP interest in saleable production is 85%.
(7) Metallurgical coal production is reported on the basis of saleable product. Production figures include some thermal coal.
(8) Shown on a 100% basis. BHP interest in saleable production is 80%. (9) Shown on a 100% basis. BHP interest in saleable production is 75%.
Throughout this report figures in italics indicate that this figure has been adjusted since it was previously reported.
13
Production and sales report
Year to
Quarter ended date
Sep Dec Mar Jun Sep Sep Sep
2016 2016 2017 2017 2017 2017 2016
Petroleum (1)
Bass Strait
Crude oil and
condensate (Mboe) 1,922 1,770 1,355 1,552 1,815 1,815 1,922
NGL (Mboe) 2,102 1,460 1,236 1,661 1,950 1,950 2,102
Natural gas (bcf) 41.9 31.3 28.7 37.4 42.6 42.6 41.9
Total petroleum
products (MMboe) 11.0 8.4 7.4 9.4 10.9 10.9 11.0
North West Shelf
Crude oil and
condensate (Mboe) 1,486 1,468 1,239 1,314 1,474 1,474 1,486
NGL (Mboe) 292 263 200 209 227 227 292
Natural gas (bcf) 38.7 36.9 32.2 32.5 36.2 36.2 38.7
Total petroleum
products (MMboe) 8.2 7.9 6.8 6.9 7.7 7.7 8.2
Pyrenees
Crude oil and
condensate (Mboe) 1,676 1,726 1,509 1,606 1,510 1,510 1,676
Total petroleum
products (MMboe) 1.7 1.7 1.5 1.6 1.5 1.5 1.7
Other Australia
(2)
Crude oil and
condensate (Mboe) 10 8 8 9 9 9 10
Natural gas (bcf) 17.5 17.1 15.2 16.3 16.1 16.1 17.5
Total petroleum
products (MMboe) 2.9 2.9 2.5 2.7 2.7 2.7 2.9
Atlantis (3)
Crude oil and
condensate (Mboe) 3,054 3,263 3,881 3,637 3,022 3,022 3,054
NGL (Mboe) 208 207 295 213 218 218 208
Natural gas (bcf) 1.5 1.6 2.1 1.9 1.6 1.6 1.5
Total petroleum
products (MMboe) 3.5 3.7 4.5 4.2 3.5 3.5 3.5
Mad Dog (3)
Crude oil and
condensate (Mboe) 950 1,170 1,185 1,167 1,020 1,020 950
NGL (Mboe) 36 52 59 68 44 44 36
Natural gas (bcf) 0.1 0.2 0.2 0.2 0.1 0.1 0.1
Total petroleum
products (MMboe) 1.0 1.3 1.3 1.3 1.1 1.1 1.0
Shenzi (3)
Crude oil and
condensate (Mboe) 2,632 2,692 2,675 2,588 2,291 2,291 2,632
NGL (Mboe) 94 131 161 179 141 141 94
Natural gas (bcf) 0.5 0.5 0.5 0.6 0.4 0.4 0.5
Total petroleum
products (MMboe) 2.8 2.9 2.9 2.9 2.5 2.5 2.8
Eagle Ford (4)
Crude oil and
condensate (Mboe) 3,871 4,008 5,451 4,278 3,457 3,457 3,871
NGL (Mboe) 2,268 2,159 2,354 2,240 1,856 1,856 2,268
Natural gas (bcf) 16.5 15.2 17.0 15.1 13.8 13.8 16.5
Total petroleum
products (MMboe) 8.9 8.7 10.6 9.0 7.6 7.6 8.9
14
Year to
Quarter ended date
Sep Dec Mar Jun Sep Sep Sep
2016 2016 2017 2017 2017 2017 2016
Permian (4)
Crude oil and
condensate (Mboe) 1,415 1,378 1,202 1,336 1,179 1,179 1,415
NGL (Mboe) 734 580 428 646 587 587 734
Natural gas (bcf) 4.4 4.4 4.0 6.2 4.5 4.5 4.4
Total petroleum
products (MMboe) 2.9 2.7 2.3 3.0 2.5 2.5 2.9
Haynesville (4)
Crude oil and
condensate (Mboe) - 3 1 1 - - -
NGL (Mboe) - 15 3 - - - -
Natural gas (bcf) 28.2 24.0 22.0 21.4 21.5 21.5 28.2
Total petroleum
products (MMboe) 4.7 4.0 3.7 3.6 3.6 3.6 4.7
Fayetteville
(4)
Natural gas (bcf) 24.8 24.2 23.1 24.5 21.6 21.6 24.8
Total petroleum
products (MMboe) 4.1 4.0 3.9 4.1 3.6 3.6 4.1
15
Production and sales report
Year to
Quarter ended date
Sep Dec Mar Jun Sep Sep Sep
2016 2016 2017 2017 2017 2017 2016
Petroleum (1)
(continued)
Trinidad/Tobago
Crude oil and
condensate (Mboe) 140 156 127 139 118 118 140
Natural gas (bcf) 6.4 8.4 8.4 9.4 9.7 9.7 6.4
Total petroleum
products (MMboe) 1.2 1.6 1.5 1.7 1.7 1.7 1.2
Other Americas
(3) (5)
Crude oil and
condensate (Mboe) 275 269 257 238 229 229 275
NGL (Mboe) 1 5 6 10 5 5 1
Natural gas (bcf) 0.1 0.1 0.1 0.1 0.1 0.1 0.1
Total petroleum
products (MMboe) 0.3 0.3 0.3 0.3 0.3 0.3 0.3
UK
Crude oil and
condensate (Mboe) 69 63 72 64 40 40 69
NGL (Mboe) 22 49 32 16 39 39 22
Natural gas (bcf) 1.1 1.0 1.0 1.1 0.5 0.5 1.1
Total petroleum
products (MMboe) 0.3 0.3 0.3 0.3 0.2 0.2 0.3
Algeria
Crude oil and
condensate (Mboe) 990 1,016 1,072 942 938 938 990
Total petroleum
products (MMboe) 1.0 1.0 1.1 0.9 0.9 0.9 1.0
BHP Petroleum
Crude oil and
condensate
Onshore US (Mboe) 5,286 5,389 6,654 5,615 4,636 4,636 5,286
Conventional (Mboe) 13,204 13,601 13,380 13,256 12,466 12,466 13,204
Total (Mboe) 18,490 18,990 20,034 18,871 17,102 17,102 18,490
NGL
Onshore US (Mboe) 3,002 2,754 2,785 2,886 2,443 2,443 3,002
Conventional (Mboe) 2,755 2,167 1,989 2,356 2,624 2,624 2,755
Total (Mboe) 5,757 4,921 4,774 5,242 5,067 5,067 5,757
Natural gas
Onshore US (bcf) 73.9 67.8 66.1 67.2 61.4 61.4 73.9
Conventional (bcf) 107.8 97.1 88.4 99.5 107.3 107.3 107.8
Total (bcf) 181.7 164.9 154.5 166.7 168.7 168.7 181.7
Total petroleum
products
Onshore US (Mboe) 20,605 19,443 20,456 19,701 17,312 17,312 20,605
Conventional (Mboe) 33,926 31,951 30,102 32,195 32,973 32,973 33,926
Total (Mboe) 54,530 51,394 50,558 51,896 50,286 50,286 54,530
16
(1) Total boe conversions are based on 6 bcf of natural gas equals 1 MMboe. Negative production figures represent finalisation adjustments.
(2) Other Australia includes Minerva and Macedon. (3) Gulf of Mexico volumes are net of royalties. (4) Onshore US volumes are net of mineral holder royalties. (5) Other Americas includes Neptune, Genesis and Overriding Royalty Interest.
17
Production and sales report
Year to
Quarter ended date
Sep Dec Mar Jun Sep Sep Sep
2016 2016 2017 2017 2017 2017 2016
Copper
Metals production is payable
metal unless otherwise stated.
Escondida, Chile
(1)
Material mined (kt) 106,504 90,863 26,045 93,389 104,867 104,867 106,504
Sulphide ore
milled (kt) 20,787 19,866 8,054 18,777 24,080 24,080 20,787
Average copper
grade (%) 0.87% 1.02% 1.01% 1.07% 1.06% 1.06% 0.87%
Production ex
mill (kt) 153.2 168.6 68.7 167.0 204.2 204.2 153.2
Production
Payable copper (kt) 147.0 162.6 67.6 162.4 196.3 196.3 147.0
Copper cathode
(EW) (kt) 70.5 71.5 27.2 62.8 71.9 71.9 70.5
- Oxide leach (kt) 26.8 24.4 8.9 20.3 22.4 22.4 26.8
- Sulphide leach (kt) 43.7 47.1 18.3 42.5 49.5 49.5 43.7
Total copper (kt) 217.5 234.1 94.8 225.2 268.2 268.2 217.5
Payable gold (troy
concentrate oz) 27,561 37,784 11,572 33,941 50,525 50,525 27,561
Payable silver (troy
concentrate koz) 1,229 1,323 540 1,234 1,737 1,737 1,229
Sales
Payable copper (kt) 134.9 172.7 63.7 163.3 195.1 195.1 134.9
Copper cathode
(EW) (kt) 65.6 71.8 39.4 56.0 61.6 61.6 65.6
Payable gold (troy
concentrate oz) 27,561 37,784 11,572 33,941 50,525 50,525 27,561
Payable silver (troy
concentrate koz) 1,229 1,323 540 1,234 1,737 1,737 1,229
(1) Shown on a 100% basis. BHP interest in saleable production is 57.5%.
Pampa Norte,
Chile
Cerro Colorado
Material mined (kt) 13,011 14,286 15,178 15,760 21,381 21,381 13,011
Ore milled (kt) 3,241 3,342 4,179 4,411 3,951 3,951 3,241
Average copper
grade (%) 0.68% 0.65% 0.57% 0.53% 0.62% 0.62% 0.68%
Production
Copper cathode
(EW) (kt) 17.1 12.1 16.7 18.8 13.3 13.3 17.1
Sales
Copper cathode
(EW) (kt) 16.4 13.7 15.6 19.8 12.3 12.3 16.4
Spence
Material mined (kt) 23,638 22,635 22,939 24,230 22,314 22,314 23,638
Ore milled (kt) 4,713 5,187 5,225 4,968 5,375 5,375 4,713
Average copper
grade (%) 1.17% 1.19% 1.09% 1.13% 1.21% 1.21% 1.17%
Production
Copper cathode
(EW) (kt) 45.0 41.7 49.4 53.5 44.7 44.7 45.0
Sales
Copper cathode
(EW) (kt) 41.2 41.5 49.0 55.7 43.0 43.0 41.2
18
Production and sales report
Year to
Quarter ended date
Sep Dec Mar Jun Sep Sep Sep
2016 2016 2017 2017 2017 2017 2016
Copper (continued)
Metals production is payable metal unless otherwise
stated.
Antamina, Peru
Material mined
(100%) (kt) 65,111 61,355 55,771 62,254 59,216 59,216 65,111
Sulphide ore
milled (100%) (kt) 13,522 13,399 11,955 13,229 12,822 12,822 13,522
Average head
grades
- Copper (%) 0.84% 0.84% 0.88% 1.00% 0.94% 0.94% 0.84%
- Zinc (%) 0.60% 0.83% 0.84% 0.95% 0.99% 0.99% 0.60%
Production
Payable copper (kt) 34.1 32.0 29.2 38.5 35.9 35.9 34.1
Payable zinc (t) 15,367 22,406 20,653 29,076 29,201 29,201 15,367
(troy
Payable silver koz) 1,345 1,446 1,301 1,691 1,596 1,596 1,345
Payable lead (t) 1,146 1,220 1,308 1,799 1,415 1,415 1,146
Payable molybdenum (t) 561 225 30 328 402 402 561
Sales
Payable copper (kt) 32.8 33.0 30.2 36.9 31.9 31.9 32.8
Payable zinc (t) 16,043 22,334 23,669 27,936 25,224 25,224 16,043
(troy
Payable silver koz) 1,277 1,388 1,304 1,513 1,475 1,475 1,277
Payable lead (t) 767 1,100 1,475 1,493 1,624 1,624 767
Payable molybdenum (t) 648 476 - - 168 168 648
Olympic Dam,
Australia
Material mined
(1) (kt) 2,204 1,887 1,943 1,974 1,851 1,851 2,204
Ore milled (kt) 2,279 2,116 2,112 2,097 2,302 2,302 2,279
Average copper
grade (%) 1.97% 2.00% 2.07% 2.30% 2.10% 2.10% 1.97%
Average uranium
grade (kg/t) 0.60 0.68 0.61 0.58 0.55 0.55 0.60
Production
Copper cathode
(ER and EW) (kt) 40.9 37.2 36.8 51.4 42.0 42.0 40.9
Uranium oxide
concentrate (t) 916 1,060 948 737 880 880 916
(troy
Refined gold oz) 24,366 29,651 21,941 28,188 13,101 13,101 24,366
(troy
Refined silver koz) 163 188 174 243 131 131 163
Sales
Copper cathode
(ER and EW) (kt) 37.5 41.2 33.5 51.5 31.6 31.6 37.5
Uranium oxide
concentrate (t) 1,085 883 839 1,298 680 680 1,085
(troy
Refined gold oz) 21,901 28,234 22,333 24,726 22,435 22,435 21,901
(troy
Refined silver koz) 184 203 108 251 219 219 184
(1) Material mined refers to run of mine ore mined and hoisted.
19
Production and sales report
Year to
Quarter ended date
Sep Dec Mar Jun Sep Sep Sep
2016 2016 2017 2017 2017 2017 2016
Iron Ore
Iron ore production and sales are reported on
a wet tonnes basis.
Pilbara, Australia
Production
Newman (kt) 18,008 17,751 16,283 16,241 13,842 13,842 18,008
Area C Joint Venture (kt) 12,384 12,179 11,165 13,016 13,099 13,099 12,384
Yandi Joint Venture (kt) 15,729 17,555 14,656 17,415 14,559 14,559 15,729
Jimblebar (1) (kt) 6,057 5,178 4,824 5,891 6,283 6,283 6,057
Wheelarra (kt) 5,409 7,386 6,647 7,578 7,804 7,804 5,409
Total production (kt) 57,587 60,049 53,575 60,141 55,587 55,587 57,587
Total production
(100%) (kt) 66,681 69,730 62,177 69,714 64,287 64,287 66,681
Sales
Lump (kt) 14,156 14,127 12,804 15,104 13,896 13,896 14,156
Fines (kt) 42,278 45,447 41,043 46,249 40,733 40,733 42,278
Total (kt) 56,434 59,574 53,847 61,353 54,629 54,629 56,434
Total sales (100%) (kt) 65,368 69,196 62,513 71,149 63,322 63,322 65,368
(1) Shown on a 100% basis. BHP interest in saleable production is 85%.
Samarco, Brazil
(1)
Production (kt) - - - --- -
Sales (kt) 12 -35 --- 12
(1) Mining and processing operations remain suspended following the failure of the Fundão tailings dam and Santarém water dam on 5 November 2015.
20
Production and sales report
Year to
Quarter ended date
Sep Dec Mar Jun Sep Sep Sep
2016 2016 2017 2017 2017 2017 2016
Coal
Coal production is reported on the basis of saleable
product.
Queensland Coal
Production (1)
BMA
Blackwater (kt) 1,981 1,855 1,694 1,766 1,985 1,985 1,981
Goonyella (kt) 2,123 2,204 1,871 1,157 1,639 1,639 2,123
Peak Downs (kt) 1,520 1,715 1,582 1,238 1,602 1,602 1,520
Saraji (kt) 1,238 1,307 1,276 913 1,414 1,414 1,238
Daunia (kt) 646 680 674 560 662 662 646
Caval Ridge (kt) 876 923 899 760 994 994 876
Total BMA (kt) 8,384 8,684 7,996 6,394 8,296 8,296 8,384
BHP Mitsui Coal
(2)
South Walker Creek (kt) 1,341 1,080 1,354 1,348 1,400 1,400 1,341
Poitrel (kt) 804 849 784 752 871 871 804
Total BHP Mitsui
Coal (kt) 2,145 1,929 2,138 2,100 2,271 2,271 2,145
Total Queensland
Coal (kt) 10,529 10,613 10,134 8,494 10,567 10,567 10,529
Sales
Coking coal (kt) 7,240 7,658 7,133 5,496 7,934 7,934 7,240
Weak coking coal (kt) 2,799 2,659 2,761 2,502 3,150 3,150 2,799
Thermal coal (kt) 206 154 96 142 102 102 206
Total (kt) 10,245 10,471 9,990 8,140 11,186 11,186 10,245
(1) Production figures include some thermal coal.
(2) Shown on a 100% basis. BHP interest in saleable production is 80%.
Haju, Indonesia
(1)
Production (kt) 102 27 - - - - 102
Sales - export (kt) 117 - - - - - 117
(1) Shown on 100% basis. BHP interest in saleable production is 75%. BHP completed the sale of IndoMet Coal on 14 October 2016.
New Mexico, USA
Production
Navajo Coal (1) (kt) 451 - - - - - 451
San Juan Coal (2) (kt) - - - - - - -
Total (kt) 451 - - - - - 451
Sales thermal coal
- local utility 105 - - - - - 105
(1) The divestment of Navajo Coal was completed on 29 July 2016, with no further production reported by BHP. Management of Navajo Coal was transferred to Navajo Transitional Energy Company on 31 December 2016.
(2) BHP completed the sale of San Juan Mine on 31 January 2016.
21
NSW Energy Coal,
Australia
Production (kt) 3,952 3,851 4,662 5,711 4,235 4,235 3,952
Sales
Export thermal
coal (kt) 3,640 3,539 4,407 4,913 3,622 3,622 3,640
Inland thermal
coal (kt) 331 311 431 327 405 405 331
Total (kt) 3,971 3,850 4,838 5,240 4,027 4,027 3,971
Cerrejón,
Colombia
Production (kt) 2,928 2,800 2,756 2,475 2,497 2,497 2,928
Sales thermal coal
- export (kt) 2,905 2,722 2,613 2,803 2,518 2,518 2,905
Production and sales report
Year to
Quarter ended date
Sep Dec Mar Jun Sep Sep Sep
2016 2016 2017 2017 2017 2017 2016
Other
Nickel production is reported on the basis of
saleable product
Nickel West, Australia
Production
Nickel contained
in concentrate (kt) 0.3 0.2 0.2 - - - 0.3
Nickel contained
in finished matte (kt) 1.8 4.1 2.3 5.3 6.8 6.8 1.8
Nickel metal (kt) 16.7 17.8 16.5 19.9 16.0 16.0 16.7
Total nickel production (kt) 18.8 22.1 19.0 25.2 22.8 22.8 18.8
Sales
Nickel contained
in concentrate (kt) 0.3 0.2 0.2 - - - 0.3
Nickel contained
in finished matte (kt) 1.8 4.1 2.2 4.9 4.6 4.6 1.8
Nickel metal (kt) 16.5 17.6 17.1 18.1 16.6 16.6 16.5
Total nickel sales (kt) 18.6 21.9 19.5 23.0 21.2 21.2 18.6
22
This information is provided by RNS
The company news service from the London Stock Exchange
END
DRLDGBDGCSBBGRR
(END) Dow Jones Newswires
October 18, 2017 02:00 ET (06:00 GMT)
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