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BHP Billiton Shares Climb On Record Iron OreShares in BHP Billiton climbed almost 3 per cent in a rising market after the Anglo-Australian miner reported record production in seven key commodities, including iron ore, in the first half of the year. BHP Billiton, which has made an unrequited approach for the rival miner Rio Tinto, produced a record 27.7 million metric tonnes of iron ore in the second quarter, which ended on December 31, the company reported today. As the company demonstrated its credentials to manage expansion and respond to soaring global demand for commodities, it also reported record production of alumina, copper concrete, manganese ore and alloy. This performance reinforces our strong track record of project delivery, the company said, predicting further production growth as it continues to deliver further expansion projects across all. &&&§ionName=IndustrySectorsNaturalResources,mywindow,menubar=0,resizable=0,width=615,height=655); Related Links BHP lines up seven banks for Rio bid BHP’s bid for Rio hangs in the balance Rio jumps on raised BHP bid talkBHP Billiton met continuing high demand for metals from the booming Asian economies as the miners iron ore output for the quarter ending December 31 rose 9 per cent on the previous year and 7 per cent on the first quarter because of the expansion of its operations in the Pilbara region of Western Australia. BHP and Rio have engaged in a war of words over the value of their iron ore businesses in the Pilbara region, and the market is watching the latest round of production figures closely as each miner works to deliver on expansion plans. Last week RioTinto posted fourth-quarter iron ore output of 38.96 million tonnes, up 11 from a year earlier. Rio said that its full-year iron ore production for 2007 rose 9 per cent to a record 144.7 million metric tonnes. BHP, which is listed on stock exchanges in London and Sydney, said that its copper production for the second quarter had climbed 16 per cent from a year ago to 348,100 metric tonnes, thanks to the ramp-up of its Escondida and Spence operations in Chile and the new Pinto Valley operation in the US. The miner also reported record half-year petroleum production reflecting the start-up of wells in the US and in Australia. Total petroleum production, including natural gas, climbed 5 per cent to 60.54 barrels of oil equivalent, the company said. Continuing ramp-up of production from these projects and future expansions will enhance our net long energy position at a time of historically high energy prices, the company said in a statement. Coking-coal production rose 8 per cent to 9.6 million metric tonnes for the quarter. Energy coal fell 1 per cent to 20.6 million tonnes as infrastructure constraints in Australia continued to impact sales. BHP said that approval to build a third port at Newcastle in the Australian state of New South Wales would help it to deliver on expansion plans for its energy coal business. The miner said that it had first production from seven major new projects during the last quarter of 2007. It said: “This, along with four major projects scheduled to commission in the next six months, will significantly increase our production.” Tag Cloud
production cent quarter year record tonnes expansion company million miner energy projects metric reported
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