BHP Billiton’s Strong 4Q Ensures Record Year

BHP Billiton posted strong fiscal fourth quarter production numbers that have set the mining giant up to unveil a record full year profit above $14 billion next month. The miner said strong demand underpinned the production performance, which has seen it achieve record full year output in the key commodities of iron ore, copper, aluminum, manganese ore, nickel and coking coal. Analysts said the results were slightly above expectations and, according to Thomson Financial, the average forecast for BHP Billiton’s full year net profit stands at $14.4 billion, up from last year’s record $10.45 billion. The expansion program at BHP Billiton’s iron ore operations in the Pilbara region of the northwest of Western Australia continue to pay off with output for the fourth quarter climbing 6% on year to 25.75 million metric tons while full year production climbed 8% to a record 98.20 million tons. Copper production for the quarter climbed 17% on year to 342,100 tons and annual output rose 7% to a record 1.25 million tons on the back of the successful ramp up of the Spence mine and the sulphide leach operation at the Escondida mine, both in Chile.