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BHP iron ore shipments rise on China demand
21st Jul 2020 06:59
(Sharecast News) - BHP Group reported a 7% rise in fourth-quarter iron ore output, but warned the resurgence of coronavirus outbreaks threatened the short-term demand outlook for its main commodities.
The Australia-based mining giant met guidance for iron ore production of a record 67m tonnes for the quarter, up 4%, and 248m tonnes for the financial year, driven by strong Chinese demand.
BHP widened 2021 guidance across commodities, including 2% each way for iron ore to 244 - 253 million tonnes for FY 2021.
There was a weaker performance in its oil and gas business, with petroleum production falling 10% to 109m barrels of oil equivalent, falling short of the company's forecasts of 110m barrels.
The Australia-based mining giant met guidance for iron ore production of a record 67m tonnes for the quarter, up 4%, and 248m tonnes for the financial year, driven by strong Chinese demand.
BHP widened 2021 guidance across commodities, including 2% each way for iron ore to 244 - 253 million tonnes for FY 2021.
There was a weaker performance in its oil and gas business, with petroleum production falling 10% to 109m barrels of oil equivalent, falling short of the company's forecasts of 110m barrels.