BHP hits record iron ore output

Mining giant BHP has reported it reached record iron ore production in its fourth quarter to end-June, but Covid-19 remains a threat and weighed on its petroleum production.

Total iron ore production increased by an annualised 7% to a record 67-million tonnes in the quarter to end-June, but petroleum production fell 11% year on year, with lower than expected gas demand due to the impact of Covid-19. The group said a high degree of uncertainty around Covid-19 persists, with much of the developing well still in the escalation phase of their Covid-19 outbreak.

“The developed world has begun to re-emerge from wave one lockdowns, but early indications are that there is likely to be a period of uncertainty, with re-escalation of infection rates and re-implementation of Covid-19 response measures in some jurisdictions,” the group said. “We expect to continue to generate solid cash flow through the cycle and we remain confident in the outlook for demand for our products over the medium to long-term,” said CEO Mike Henry.

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