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BHP Cuts 2019 Iron Ore Production Outlook After Cyclone

Anglo-Australian miner BHP (BHP.AX,BLT.L,BBL,BHP) said that it cut iron ore production guidance for the 2019 financial year to between 235 million tonnes and 239 million tonnes, or 265 million tonnes and 270 million tonnes on a 100 per cent basis, reflecting a 6 million tonnes to 8 million tonnes impact from Tropical Cyclone Veronica.

Total iron ore production for the third-quarter ended March 2019 was 56.12 million tonnes, down from 57.69 million tonnes in the year-ago quarter. On a 100 per cent basis, total iron ore production for the third-quarter declined to 63.61 million tonnes, from 67.05 million tonne last year.

Total petroleum production for the nine-month period was flat at 92 million barrels of oil equivalent.

Total copper production for the nine-month period decreased by three per cent to 1.245 million tonnes. Guidance for the 2019 financial year remains unchanged at between 1.645 million tonnes and 1.740 million tonnes.

Metallurgical coal production was broadly flat at 31 million tonnes or 54 million tonnes on a 100 per cent basis. Guidance for the 2019 financial year remains unchanged at between 43 million tonnes and 46 million tonnes or 75 million tonnes and 81 million tonnes on a 100 per cent basis.

Energy coal production was broadly flat at 20 million tonnes. Guidance for the 2019 financial year remains unchanged at approximately 28 to 29 million tonnes.

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