Australian miner BHP Billiton has announced its production results for the full financial year 2021-2022 ended June 30. The company’s iron ore production in the given period decreased by 0.3 percent year on year to 253.2 million mt. In the April-June period this year, the company produced 64.2 million mt of iron ore, up by eight percent compared to January-March period, reflecting record production from the Mining Area C hub with the continued ramp-up of South Flank and improved supply chain performance.
BHP Billiton said it expects its iron ore production to range between 249 and 260 million mt for the 2022-23 financial year.
In the full financial year, BHP Billiton’s metallurgical coal production decreased by nine percent year on year to 29.1 million mt. Production is expected to be between 29 million mt and 32 million mt in the 2022-23 financial year.
BHP expects the lag effect of inflationary pressures to continue through the 2022-23 financial year, along with labor market tightness and supply chain constraints. Over the year ahead, China is expected to contribute positively to growth as stimulus policies take effect, though the continuing conflict in the Ukraine, the unfolding energy crisis in Europe and policy tightening globally is expected to result in an overall slowing of global growth.