Australian mining company BHP Billiton has announced its financial results for the year ended June 30 this year.
Accordingly, BHP Billiton has posted a net profit of US$1.91 billion for the financial year 2014-15, down 86.2 percent year on year, while the company's revenue decreased by 21.4 percent year on year to US$44.6 billion.
BHP Billiton's Western Australia iron ore production increased by 13 percent year on year to 254 million mt in the financial year 2014-15, as a result of continued improvement in the performance of the company’s integrated supply chain and the successful ramp-up of the Jimblebar mining hub.
BHP Billiton stated that its total iron ore production is forecast to increase by six percent in the financial year 2015-16 and Western Australia iron ore production is predicted to increase to approximately 270 million mt as a result of improved efficiency at Mining Area C, Newman and rail and port operations. Meanwhile, BHP’s metallurgical coal production is forecast to decrease in the financial year 2015-16, as operations at Crinum are expected to cease in the first quarter of 2016 as the mine approaches the end of its economic reserve life.