LONDON (dpa-AFX) - Mining giant BHP Billiton Ltd. (BHP, BHP.AX, BBL, BLT.L) reported Wednesday a 19 percent year-over-year increase in iron ore production for the fourth quarter, and a 15 percent growth from the previous third quarter. Production of metallurgical coal grew 9 percent. Total iron ore production for the full-year 2014 also increased 20 percent, delivering its fourteenth consecutive annual production record.
Meanwhile, smaller rival Rio Tinto Plc (RIO, RIO.L) reported on July 15 that its global iron ore production for the second quarter grew 11 percent from last year.
Issuing its production report for the fourth quarter ended June 30, 2014, the world's largest mining company said it recorded a 19 percent increase in production of iron ore to 56.64 million tons from the year-ago period. Production also grew 15 percent from the prior quarter.
The company reported a 20 percent increase in full-year 2014 production to a record 203.56 million tones from last year. Iron ore is the main raw material used for steel production. The company also achieved annual production records across twelve operations and four commodities.
BHP noted that this was a strong year of production as two of its major assets, Western Australia Iron Ore and Queensland Coal, exceeded production guidance.
BHP's fourth-quarter production of metallurgical coal, which is also used in steel making, grew 9 percent from last year to 11.89 million tons, and increased 4 percent from the third quarter. Production for the year also increased 20 percent to 45.08 million tons.
Meanwhile, energy coal production edged down 1 percent from the prior-year quarter to 18.36 million tons. However, it edged up 1 percent for the year to 73.49 million tons.
The miner said its total petroleum production for the fourth quarter grew 9 percent from the year-ago period to 64.7 million barrels of oil equivalent or boe. Total petroleum production also increased 4 percent in 2014.
The company's alumina production grew 5 percent to 1.33 million tons from last year. However, aluminum production for the quarter decreased 11 percent to 0.28 million tons from the year-ago period.
The company's copper production for the fourth quarter increased 2 percent to 470,200 tons, while production of lead declined 31 percent to 46,165 tons from last year. Nickel production also decreased 23 percent to 30,900 tons from last year.
Looking ahead 2015 financial year, the company forecast total iron ore production to increase 11 percent to 225 million tons, and metallurgical coal production is forecast to increase four percent to 47 million tons as the ramp-up of Caval Ridge is completed.
'We expect to maintain strong momentum and remain on track to generate Group production growth of 16 percent over the two years to the end of the 2015 financial year. In Petroleum, we are investing in our highest-return acreage while a broader improvement in productivity is expected to underpin stronger iron ore, copper and metallurgical coal volumes,' CEO Andrew Mackenzie said in a statement.
BHP closed Tuesday's regular trading session on the NYSE at $73.29, up $1.22 or 2.69% on a volume of 1.54 million shares. In the past 52 weeks, the stock has been trading in a range of $62.49 to $73.46.
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