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BHP 9-month Iron Ore Production Up 3%; Cuts FY21 Capex

BHP (BHP.AX,BLT.L,BBL,BHP) reported that its total iron ore production for nine-month period ended 31 march 2020 increased by three percent to 181 million tonnes, while it was 205 million tonnes on a 100 per cent basis.

Total iron ore production guidance for the 2020 financial year remains unchanged at between 242 million tonnes and 253 million tonnes or 273 million tonnes and 286 million tonnes on a 100 per cent basis.

Total petroleum production decreased by 10 percent to 82 million barrels of oil equivalent or MMboe.

Total petroleum production guidance for the 2020 financial year remains unchanged at between 110 and 116 MMboe, with volumes expected to be at the bottom of the guidance range. Potential impacts from COVID-19, including weakness in customer demand, in the June 2020 quarter represent possible downside risk to full year guidance.

Total copper production increased by five percent to 1.31 million tonnes. Guidance for the 2020 financial year is broadly unchanged for its operated assets and reflects lower volumes at Olympic Dam. Guidance for Antamina is under review due to impacts from COVID-19.

"At this time, among our global workforce of 72,000 people, BHP has had a small number of confirmed cases of COVID-19, all of whom have either recovered or are recovering well. Our protocols have functioned effectively and there has not been any transmission from these individuals to co-workers," the company said.

The company now expects its financial year 2021 capital and exploration expenditure will be lower than the current guidance of around US$8 billion.

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