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BHP Q1 Total Iron Ore Production Rises

BHP (BHP.AX,BLT.L,BBL,BHP) reported that its first-quarter total iron ore production increased by 8 percent to 66.04 million tonnes from last year. Total iron ore production for the quarter was up 7.1 percent to 74.15 million from the prior year on a 100 per cent basis.

The company noted that the Western Australia Iron Ore achieved higher volumes reflecting record production at Jimblebar and strong performance across the supply chain.

The second-quarter iron ore production is expected to be impacted by Mining Area C and South Flank major tie-in activity, and maintenance on car dumper four, scheduled to align with the tie-in activity.

The company still expects to produce iron ore to be in the range of 244 million tonnes - 253 million tonnes or 276 million tonnes - 286 million tonnes on a 100 per cent basis for the 2021 financial year.

Group copper equivalent production increased by 2% in the first-quarter 2020 quarter following strong performances in metallurgical coal and iron ore, with record production achieved at Jimblebar.

Total copper production for the first-quarter decreased by four percent to 413 thousand tonnes.

Total copper Production is still expected to be between 1.480 million tonnes and 1.645 million tonnes in the 2021 financial year.

Total petroleum production decreased by nine per cent to 27 Mmboe.

Total petroleum production guidance for the 2021 financial year remains unchanged at between 95 and 102 MMboe.

The company noted that its major projects under development in petroleum, copper and iron ore are tracking well. Atlantis Phase 3 achieved first production in July 2020, ahead of schedule and on budget.

In petroleum, BHP has agreed to acquire an additional 28% interest in Shenzi, a tier one asset with optionality, at an attractive price.

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