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BHP plans to increase iron ore production as prices fall

  • BHP Billiton (NYSE:BHP) says it exported more iron ore than expected from mines in Australia's northwest last fiscal year, and plans to continue ramping up production in the current year despite tumbling prices and a global supply glut.
  • BHP reports record iron ore production of 225M metric tons from its Western Australian mines during H1 2014, up 20% from the prior-year period and above the level investors had been expecting.
  • BHP forecasts total iron ore production from the Pilbara to reach 245M tons this fiscal year, up 8.9% Y/Y.
  • The record production result comes a week after rival Rio Tinto (NYSE:RIO) said it hit an all-time high in production in its own fiscal H1 and is aiming to boost its Australian iron ore output by a further 20% to 350M by 2017.
Comments (1)
  • 11146471
    , contributor
    Comments (1324) | Send Message
     
    Expect iron ore price to fall further for at least this year.

     

    This is good for steel producers mostly.
    23 Jul 2014, 04:35 PM Reply Like
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