Mixed fortunes for BHP in output
Source: Agencies |
January 21, 2011, Friday
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Print Edition
Print Edition
BHP Billiton Ltd, the world's biggest miner, said yesterday it achieved record iron ore production and shipments in the second half of 2010 but that coal production has been sharply hit by flooding in a major output area.
In its production report for the half year from July to December 2010, BHP said output from coal mines in the Australian state of Queensland fell by 30 percent in December due to persistent rain.
Queensland's big-exporting coal mine industry has virtually shut down as flooding in December and January filled or soaked the mines.
Queensland coal sales fell 15 per cent, as a "relatively healthy level" of inventory was held in the company's supply chain at the beginning of the second quarter.
The flooding would lead to ongoing impacts in production and sales for the remainder of the financial year, the report said.
BHP said 33.7 million tons of iron ore were produced in the three months to December 31, taking first half production to 65.6 million tons, up 5 percent from the previous corresponding period.
Despite weather-related disruptions in supply countries such as Australia, Colombia and South Africa, BHP said it was confident in the fundamentals of its core products.
"Robust growth in developing economies remains the primary driver of commodity demand and further positive signs are emerging in the United States following the Federal Reserve's ongoing efforts to stimulate the economy," the report said.
Coal was Australia's most lucrative export last fiscal year earning A$36.4 billion (US$36.2 billion).
In its production report for the half year from July to December 2010, BHP said output from coal mines in the Australian state of Queensland fell by 30 percent in December due to persistent rain.
Queensland's big-exporting coal mine industry has virtually shut down as flooding in December and January filled or soaked the mines.
Queensland coal sales fell 15 per cent, as a "relatively healthy level" of inventory was held in the company's supply chain at the beginning of the second quarter.
The flooding would lead to ongoing impacts in production and sales for the remainder of the financial year, the report said.
BHP said 33.7 million tons of iron ore were produced in the three months to December 31, taking first half production to 65.6 million tons, up 5 percent from the previous corresponding period.
Despite weather-related disruptions in supply countries such as Australia, Colombia and South Africa, BHP said it was confident in the fundamentals of its core products.
"Robust growth in developing economies remains the primary driver of commodity demand and further positive signs are emerging in the United States following the Federal Reserve's ongoing efforts to stimulate the economy," the report said.
Coal was Australia's most lucrative export last fiscal year earning A$36.4 billion (US$36.2 billion).
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