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2018-04-20 10:59:58
Xinhua
Despite record production levels at BHP's flagship Pilbara Mine and an agreement in place that will see the Australian resource giant increase its export volume even further, the company has downgraded its full-year guidance due to maintenance work, according to its quarterly report released on Thursday.
In the report, BHP explained that "unreliable" dumper cars required unexpected maintenance.
As a result, this will see its 2017-2018 estimates trimmed from 275-280 million tonnes to 272-274 million tonnes.
Although the slight reduction did put a somewhat sour note on the report, overall the quarter was a massive success for the company.
Up 8 percent on the corresponding third quarter, BHP produced a record 58 million tonnes of iron ore, as well as increasing output for its other mineral operations.
"The quarterly production report is very strong in particular, that doubling of copper output," CMC Markets' Chief Market Strategist Michael McCarthy told Xinhua.
"Given that commodity prices are surging at the moment, it was a great day to be releasing a strong quarterly report."
BHP also said they've received approval to boost production at their Port Hedland operation, which should see the company reach a total output of 290 million tonnes of iron ore during 2018-2019.
