BHP Billiton Ltd. (BHP Billiton), the world's largest mining company, has announced that it shipped a total of 10.6 million mt of iron ore from Australia in December. The figure constitutes a five percent increase compared to October when exports hit a nine-month low.
BHP Billiton increased shipments of Pilbara iron ore in December 2008 and thereby may have been spared most of a flagged 6 million mt shortfall from its 2008 sales target. Judging by the number of shipments which left Port Hedland in 2008, BHP estimates that it may fall only one or two million mt short of its target.
With spot iron ore prices rebounding in December 2008 and China's iron ore demand emitting positive signals, BHP increased the number of ships loaded at Port Hedland. BHP has said that, as long as it can make a profit, it will not slice iron ore production because of the sharp fall in demand and prices.