BHP iron ore production up 15%

Global mining giant BHP Billiton on Wednesday reported a 15 percent increase in iron ore output in the June quarter, for a 12th consecutive annual production record. The company said shipments of the steelmaking commodity in the three months ended June 30 from its Western Australia operations were 40.9 million tonnes, compared with 35.5 million tonnes a year earlier. Global annual production rose 19 percent to 159 million tonnes. "BHP Billiton's commitment to invest throughout the economic cycle delivered a 12th consecutive annual production record in iron ore," it said. But with cooling demand from its top customer China, BHP forecast a more modest increase of five percent in the 2013 financial year. BHP has been investing billions of dollars in beefing up its iron ore mining capacity in the Pilbara region, betting heavily on continued demand from China and elsewhere. In its quarterly production report, the Melbourne-based miner added that output of metallurgical coal, another steelmaking ingredient, rose two percent in the June quarter to 33.2 million tonnes for the year. Total petroleum volumes rose 30 percent to 56.36 million barrels of oil equivalent, despite an eight percent drop for crude oil, condensate and natural gas liquids. For the year to June, petroleum volumes were up 40 percent at 222.34 million barrels of oil equivalent. Copper production jumped 15 percent in the quarter to 312.5 million tonnes, shored up by strong production at BHP's Escondida mine in Chile, but was down four percent for the financial year.