A diversified natural resources company and among the world’s largest producers of major commodities, including aluminium, coal, copper, iron ore, manganese, nickel, silver and uranium, and has substantial interests in oil and gas. I have a holding in my income portfolio (epic code: BLT).
Bhp Billiton issued their nine months operational review and in summary the nine months ended March 2014 saw record production achieved for four commodities and at 10 operations.
By Major resources:
Strong operating performance throughout the period, the relatively limited impact of the wet season and the continued ramp-up of Jimblebar underpinned record production at Western Australia Iron Ore of 163 million tonnes (100% basis). Full-year production guidance has been raised by a further five million tonnes to 217 million tonnes (100% basis) - +28% up on 2013.
Queensland Coal achieved record annualised production of 69 million tonnes (100% basis) in the March 2014 quarter. A sustainable improvement in productivity and the successful ramp-up of Daunia has underpinned an increase in total metallurgical coal production guidance to 43.5 million tonnes for the 2014 financial year - +16% up on 2013
Petroleum liquids production increased by 16% to 77 million barrels of oil equivalent for the nine months ended March 2014; total petroleum production for the 2014 financial year is expected to be approximately 245 million barrels of oil equivalent - +4% up on 2013. The overall reduction in full-year guidance has been mitigated by an increased contribution from higher-margin crude and condensate.
Full-year copper production guidance remains unchanged at 1.7 million tonnes - +41% up on 2013.
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