On January 21, Australian miner BHP Billiton announced its production report for the second half-year ended December 31, 2008.
In the second half of 2008, BHP Billiton's iron ore production rose by 10 percent to 59.179 million mt, compared to the same period of 2007. Also, in the last quarter of 2008, the company's iron ore production increased by five percent to 29.355 million mt, compared to last quarter of 2007, but decreased by two percent in comparison with the third quarter of 2008.
Moreover, in the second half of 2008 BHP Billiton's metallurgical coal production rose by one percent to 19.360 million mt, compared to the same period of 2007. In the last quarter of 2008, the company's metallurgical coal production rose by five percent to 10,150 million mt, compared to last quarter of 2007, and rose by 10 percent in comparison with the third quarter of 2008.
In its report, BHP Billiton states that it expects the market to remain weak and uncertain for a time after the deterioration of the global economic environment in the last quarter of the 2008 calendar year, adding that it expects the longer-term fundamentals to remain healthy for its commodities. Highlighting its commitment to long-term growth, the company said it sanctioned one iron ore project and three oil and gas projects during H2 2008, including the Western Australia Iron Ore Rapid Growth Project 5 (RGP5).