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BHP Billiton Sees Record Iron Ore Output in 2012
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BHP Billiton, the world's biggest mining company, said it expects to mine record tonnages of iron ore this year, shrugging off predictions that industrial activity in top consumer China will slow this year.
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China is the largest market for the vast volumes of iron ore, copper, coal and other industrial minerals BHP Billiton [BHP
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] mines worldwide.
"Full year production is now forecast to marginally exceed prior guidance of 159 million metric tons per annum," BHP Billiton said on Wednesday in its December-quarter production report.
The company posted a 22 percent rise in December-quarter iron ore output versus the same period a year ago, roughly in line with expectations.
Only mining houses Vale [VALE
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] and Rio Tinto [RIO
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] mine more iron ore each quarter.
Rio Tinto on Tuesday reported near-flat production growth in iron ore for the fourth quarter amid concerns that Chinese demand is softening.
BHP Billiton, which also operates the world's biggest coking coal collieries in partnership with Mitsubishi Corp in northeastern Australia, posted a 9 percent rise in output in the December quarter from a year earlier.
It said said copper output dropped 7 percent over the period to 280,300 tonnes, which included lower yields from its majority-owned Escondida mine in Chile.
Still, that figure is slightly ahead of a UBS forecast of 265,000 tonnes.
Escondida's production is forecast to be marginally lower in the 2012 financial year, though after that BHP Billiton said output will pick up as mining expands.
BHP Billiton is Australia's second-biggest iron ore miner behind Rio and the second-largest copper producer after Chile's Codelco.
Chinese data this week showed China's economy grew at its weakest pace in 2-1/2 years in the latest quarter and appeared headed for an even sharper slowdown in the coming months.
Chinese steel producers — the largest buyers of Australian iron ore and coal — in particular are expected to suffer from low profitability in the quarter ending March 31.
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