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BHP reports production records for FY 2018

BHP has reported a strong finish to its 2018 financial year, with an 8% increase in annual production and record output at Western Australia Iron Ore, Queensland Coal and at its Spence copper mine in Chile.

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In the firm’s operational review for the year ended 30 June 2018, CEO Andrew Mackenzie said: “We further simplified the portfolio with the announced divestment of Cerro Colorado in Chile and Gregory Crinum in Australia and our investment in South Flank supports our ability to supply low cost, high quality products into Asia.

 

“Good prices and our culture of continuous improvement give us positive momentum into the 2019 financial year.”

 

Among the key points highlighted by BHP, the company said it met or exceeded full-year production guidance for petroleum, copper, iron ore and energy coal, and it met revised guidance for metallurgical coal.

 

Group copper equivalent production increased by 8% in FY 2018, with annual production records at Western Australia Iron Ore (WAIO), Queensland Coal and Spence.

 

“We expect to achieve full-year unit cost guidance at our major assets (based on 2018 financial year guidance exchange rates of A$/US$ 0.75 and US$/CLP 663),” the firm stated. “Group copper equivalent production for the 2019 financial year is expected to be broadly in line with the 2018 financial year.

 

“The exit process for Onshore US is progressing to plan. Bids have been received and we aim to announce one or more transactions within the coming months, targeting completion of any transactions by the end of the 2018 calendar year.”

 

In Petroleum, the Victoria-1 exploration well in Trinidad and Tobago encountered gas and the Samurai-2 well in the US Gulf of Mexico encountered hydrocarbons in multiple horizons.

 

The South Flank sustaining iron ore project was approved during the June 2018 quarter.

 

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