Wired News – BHP Production Guidance for Petroleum, Metallurgical Coal, and Energy Coal on Track for FY18; Iron Ore Production Guidance Lowered
Stock Monitor: Cleveland-Cliffs Post Earnings Reporting
LONDON, UK / ACCESSWIRE / April 23, 2018 / Active-Investors.com has just released a free research report on BHP Billiton Ltd (NYSE: BHP). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=BHP as the Company's latest news hit the wire. On April 19, 2018, the Company provided the operational performance review for the nine-month period ended on March 31, 2017. Additionally, the Company disclosed that the full year production guidance for Petroleum, Metallurgical Coal, and Energy Coal remained unchanged. However, the production guidance for iron ore for fiscal 2018 dropped despite of record iron ore production. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Commenting on the matter, Andrew Mackenzie, CEO of BHP, stated:
"BHP remains on track to achieve six per cent volume growth for the 2018 financial year. Strong performance in copper was underpinned by the Los Colorados Extension project at Escondida and higher utilization rates at Pampa Norte. This more than offset the slower than expected ramp-up of Olympic Dam during the quarter following planned smelter maintenance. Incremental improvements across our operations from debottlenecking and increased throughput delivered record production in iron ore. Our exit from Onshore US is progressing to plan with bids expected by June 2018."
Production of iron ore - Performance review and Guidance
The Company's total iron ore production for the nine-month period ending on March 31, 2018, was 175 Mt, or 203 Mt on a 100% basis. This reflects an increase of 2% during this period. The Company has reduced the production guidance for iron ore for FY18 between 236 Mt to 238 Mt, or 272 Mt to 274 Mt on a 100% basis. The reason for the lower guidance is due to the unplanned maintenance of dumper cars and the impact of Cyclone Joyce. A car dumper is a machine that is used for unloading bulk cargoes from rail road cars.
The Company had a record production at its Jimblebar and Mining Area C facilities and was supported by improved rail reliability and an increase in peak performance in the number of rakes per day. However, this was offset by the loss in production due to the Mt Whaleback fire in June 2017 as well as the planned maintenance and port debottlenecking activities undertaken by the Company in H1 2018. The Company has identified that the system constraint is at the port and has started taking steps to improve car dumper availability and performance.
The Company shared that it has received regulatory approval to increase production capacity at its Port Hedland facility to 290 Mtpa on a 100% basis. The Company expects to reach these production levels by end of financial year 2019. The Company further updated that the mining and processing operations at its Samarco site continue to remain suspended after the mine collapse in November 2015 due to the failure of the Fundão tailings dam and Santarém water dam.
Guidance for other resources
The Company has disclosed that the full-year guidance for Petroleum, Metallurgical Coal and Energy Coal remains unchanged. This means production of petroleum between 180 million - 190 million barrels, metallurgical coal between 41 million tons - 43 million tons, and energy coal between 29 million tons - 30 million tons.
The Company has narrowed the production guidance for copper for the full year 2018 to between 1,700 kt - 1,785 kt from the earlier set guidance of between 1,655 kt - 1,790 kt. The Company's total copper production for the nine months period ended on March 31, 2018, saw an increase of 37% to 1,290 kt. The higher production was due to the increases production at the Escondida facility which saw an increase of 64% in production of copper at 897 kt due to the start of the Los Colorados Extension project in September 2017. The Company's Pampa Norte facility also saw an increase in copper production by 6% to 193 kt. The increase in production was due to the record production at Spence facility due to higher utilization of the solvent extraction and electrowinning plants.
However, at the Olympic Dam site, the Company recorded a reduction in copper production by 18% to 95 kt. The lower copper production was due to the planned major smelter maintenance campaign in H1 2018. The Company has lowered the production guidance from this facility from 150 kt to approximately 135 kt due to a slower than planned ramp-up during the March 2018 quarter.
About BHP Billiton Ltd
Melbourne, Australia-based BHP Billiton Limited is a subsidiary of BHP Billiton Group. BHP is the world's leading resources Company that extracts and processes minerals, oil and gas and sells its products worldwide. The Company is one of the world's top producers of major commodities, including iron ore, metallurgical coal and copper. The Company also has substantial interests in oil, gas, and energy coal. The Company has sales and marketing offices in Singapore and Houston, Texas, US.
Stock Performance Snapshot
April 20, 2018 - At Friday's closing bell, BHP Billiton's stock marginally fell 0.10%, ending the trading session at $47.70.
Volume traded for the day: 2.63 million shares.
Stock performance in the last month – up 4.10%; previous six-month period – up 14.94%; past twelve-month period – up 32.54%; and year-to-date - up 3.72%
After last Friday's close, BHP Billiton's market cap was at $126.95 billion.
Price to Earnings (P/E) ratio was at 19.49.
The stock has a dividend yield of 4.61%.
The stock is part of the Basic Materials sector, categorized under the Industrial Metals & Minerals industry.
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