BHP Billiton
BHP Billiton (ASX:BHP) is a global leader in the resources industry.
Formed from a merger between BHP and Billiton, the company is a leader in the extraction and sales of most natural resources, and is particularily strong in Iron Ore, Coking and Thermal Coal, Copper, Zinc, Oil & Gas, Diamonds and most materials key to the production of steel.
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BHP expect market conditions to remain uncertain
BHP Billiton PLC said it expects market conditions to remain uncertain in the medium term and warned that output from its Escondida copper mine in the current year is expected to drop 30 percent from last year due to operational issues.
In a production report covering the nine months to March 31 2009, the company said oparations at Escondida, the world’s largest copper mine in which it holds a majority interest, continued to be impacted by lower ore grade and reduced production from milling operations.
It expects the issues affecting the Laguna Seca SAG mill at Escondida to be resolved during the September 2009 quarter.
“Consistent with the way we have managed our business to date, all our operations will remain under review. We will continue to take appropriate actions in any business that is cash negative and set to remain so, or where there is lack of demand,” BHP Billiton said.
Against a backdrop of weak demand, the company achieved sound operational results, it said, albeit with lower production compared to the December 2008 quarter. This quarter's production reflects actions in response to the challenging market conditions. These actions include previously announced production curtailments in Samarco, Samancor Manganese and across BHP Billiton’s metallurgical coal operations.
Other BHP Billiton news
- BHP Billiton says restocking in China "largely complete"
2009-08-12 - BHP Billiton introduces new pricing mechanism for iron-ore
2009-07-30 - Analysts expect upbeat BHP quarterly results on increased Chinese demand
2009-07-21 - BHP's high production in weak demand puts pressure on higher-cost producers
2009-05-09 - Weakening demand weighs on BHP Billiton
2009-03-13
