BHP Trims Iron Ore, Olympic Dam Output Forecasts

   By Rhiannon Hoyle 
 

SYDNEY--BHP Billiton Ltd. (BHP.AU) said it will produce less iron ore than expected this fiscal year because of unplanned maintenance work, and also cut expectations for its Olympic Dam copper mine in Australia.

BHP, the world's top listed miner, on Thursday reported iron-ore production of 58 million metric tons for the three months through March, up 8% on-year but 6% lower than the quarter immediately prior. Output of the steelmaking ingredient for the nine months through March rose 2% to a record 175 million tons, it said.

The miner is facing problems, however, with "car dumper reliability issues as we push to record levels of production," sparking a downgrade to its full-year output forecast. BHP now expects to produce between 236 million and 238 million tons of ore, down from an earlier forecast of 239-243 million.

The company meantime lowered fiscal-year production guidance for its Olympic Dam mine in southern Australia to roughly 135,000 tons from 150,000 tons because of a slower-than-anticipated ramp up following maintenance work there.

Write to Rhiannon Hoyle at [e-mail]

(END) Dow Jones Newswires

April 18, 2018 19:11 ET (23:11 GMT)

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