BHP posts record Australian iron ore production

BHP Billiton posted record annual iron ore production in Western Australia for the fourteenth consecutive year Wednesday, while Queensland coal production also hit an all-time high. The Anglo-Australian mining giant's operational review for the year ended June 30 also showed copper production rose two per cent year on year and petroleum up four percent. ‘Our focus on productivity has resulted in a significant improvement in operating performance at each of our major businesses this year, with a nine per cent increase in group production and record output at 12 operations,’ chief executive Andrew Mackenzie said. Iron ore prices have dropped almost 30 per cent this year -- falling below US$100 a tonne in May for the first time since 2012 -- owing to a supply glut as miners lift output on expectations of continued Chinese demand for the steel-making material. BHP said iron ore production in Western Australia significantly exceeded initial full-year production guidance with volumes increasing to 225 million metric tons (Mt), according to AFP.