Booming demand from China and elsewhere has pushed BHP Billiton Ltd's production of key commodities to record levels in the year to June 30, the world's biggest miner said yesterday, raising expectations of full-year profits of more than US$14 billion.
BHP Billiton's copper production rose 7 percent to 1.13 million tonnes, iron ore output rose 8 percent to 89 million tonnes, and zinc 9 percent to 107.6 million tonnes, fueled by strong growth in the fourth quarter of the year, the company said.
Alumina production rose 7 percent to 4.04 million tonnes and aluminum output gained 2 percent to 1.21 million tonnes -- both annual records, BHP Billiton said.
Total petroleum production for the fourth quarter eased 1 percent from the same quarter a year ago; full year output was flat at 116 million barrels of oil equivalent. the company said.
Thermal coal production for the year climbed 1 percent to 79 million tonnes and coking coal production climbed 8 percent to 34.86 million tonnes. BHP Billiton said third party infrastructure constraints continue to impact its coal export sales.
In one dark note, however, a review of project costs showed that BHP Billiton's share of the development of the Stybarrow oil project, a joint venture in Australia with Woodside Petroleum Ltd, had overrun spending plans 27 percent to US$380 million, the firm said.
BHP Billiton shares were up 0.94 percent midday yesterday on the Australian Securities Exchange at A$38.64.
Analysts said the results were slightly above expectations and strengthened predictions BHP Billiton would post full year net profits of around US$14.4 billion on Aug. 22 -- up from last year's record US$10.45 billion.
"I wouldn't rate it as anything other than good strong finish to the year that is pretty much in line" with expectations, JPMorgan analyst David George told Down Jones Newswires.
The results indicated an expansion program at BHP Billiton's iron ore operations in the Pilbara region of Western Australia state paid off, with output for the fourth quarter climbing 6 percent on year to 23.36 million tonnes.
BHP Billiton has committed US$1.85 billion to boost annual output at its Pilbara operations to 140 million tonnes and last month said it will look at boosting this to 272 million tonnes a year by as soon as 2013 in response to strong demand from Chinese steelmakers.
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