BHP First-Quarter Iron Ore Output Falls 6% on Rail, Samarco

BHP First-Quarter Iron Ore Output Falls 6% on Rail, Samarco
BHP Billiton Ltd., the world’s biggest mining company, reported first-quarter iron ore production fell 6 percent as it carries out a rail maintenance program, has lower volumes from its Yandi mine and with an operation in Brazil halted.Production was 57.6 million metric tons in the three months ended Sept. 30, Melbourne-based BHP said Wednesday in a statement. That compares with 61.3 million tons a year earlier, which included output from the Samarco joint venture, and beat the 56.6 million tons median estimate of five analysts surveyed by Bloomberg. Output remains halted at Samarco following November’s deadly tailings dam spill.About 200,000 metric tons of forecast full-year copper output is under review after a two-week power outage in South Australia, which halted some production at the Olympic Dam mine, BHP said. The producer currently estimates copper output in the year to June 30 of 1.66 million tons, it said.“We have seen early signs of markets rebalancing,” Chief Executive Officer Andrew Mackenzie said. “Fundamentals suggest both oil and gas markets will improve over…

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