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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| BHP Group Limited | ASX:BHP | Australian Stock Exchange | Ordinary Share |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -2.11 | -4.66% | 43.21 | 43.14 | 43.15 | 43.75 | 43.12 | 43.60 | 16,891,082 | 07:10:41 |
From Apr 2019 to Apr 2024
By Rhiannon Hoyle
SYDNEY--BHP Billiton Ltd. (BHP.AU) said plans to develop its South Flank iron-ore deposit in remote northwest Australia are the most likely way it will replace production from its aging Yandi operation.
BHP has been mulling new investments in its iron-ore business given its Yandi mine, which currently produces about 80 million tons a year, or roughly one-third of BHP's iron ore, is expected to run out of resources in the coming five-to-10 years.
"We are looking at options to replace this production" and "South Flank is the preferred long-term solution, subject to board approval being obtained," Western Australia Iron Ore Asset President Edgar Basto said on Wednesday.
He said BHP is confident in the outlook for its iron-ore business, which the world's No. 1 miner by market value relies on for a large portion of its profits, despite projecting that rising global supplies will outpace demand in the years ahead.
Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com
(END) Dow Jones Newswires
March 28, 2017 23:11 ET (03:11 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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