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BHP Billiton earnings forecast raised
BHP Billiton's profit forecast has been raised by Merrill Lynch, following the company's release of its third quarter production figures which showed a 22% rise in output.
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BHP production report for quarter ended 31 Mar 04
BHP Billiton today released its production report for the quarter ended 31 Mar 04.
Total petroleum production for the Mar 04 quarter was 29.8m barrels of oil equivalent, 5% higher than the Mar 03 quarter and 2% lower than the Dec 03 quarter. Oil and Condensate production for the quarter was 14.3m barrels, 6% lower than the 15.3m barrels produced in the Mar 03 quarter. Natural gas production for the quarter was 76.5bn cubic feet, 14% higher than the 67bn cubic feet produced in the Mar 03 quarter. Production for the quarter was one per cent lower than the 77.6bn cubic feet produced in the Dec 03 quarter due to cyclone downtime at North West Shelf and Griffin and divestment of producing assets in Bolivia.
Alumina production for the Mar 04 quarter was in line with the Dec 03 quarter at record 1.1m tonnes, 6% higher than the March 03 quarter, mainly due to stronger production at Worsley (Australia). Aluminium production for the Mar 04 quarter was 333 000 tonnes, 25% higher than the Mar 03 quarter and was 8% higher than the Dec 03 quarter.
Copper production was 240 600 tonnes for the March 2004 quarter, 4% higher than the Mar 03 quarter and 6% higher than the Dec 03 quarter. Total iron ore production of 21.1m tones from Western Australia and Samarco (Brazil) was in line with the Dec 03 quarter and 22% higher than the Mar 03 period. Hot briquetted iron production for the Mar 04 quarter of 399 000 tonnes was 24% lower than the Dec 03 quarter and 14% lower than the Mar 03 quarter.
Metallurgical coal production for the quarter of 8.5m tonnes was in line with both the Dec 03 and Mar 03 quarters. Energy coal production for the Mar 04 quarter of 21.3m tonnes was 8% higher than the Mar 03 quarter. Nickel production for the quarter of 21 200 tonnes was 14% higher than the Mar 03 quarter, and 6% higher than the Dec 03.
Manganese ore production of 1.3m tonnes was 42% higher than the Mar 03 quarter and 5% higher than the Dec 03 quarter, reflecting increased customer demand, particularly from China. Alloy production of 179 000 tonnes was in line with both the Mar 03 and Dec 03 quarters.
Diamond production at Ekati of 1m carats was lower than the 1.7m carats produced in the Dec 03 quarter, reflecting the completion of processing from a pocket of high grade material from the Koala pit in Dec 03. The Mar 04 quarter production was in line with the Mar 03 quarter.
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BHPBilliton gets GBC award for HIV/AIDS management
BHP Billiton has been named by the Global Business Coalition on HIV/AIDS ("GBC") as one of five winners of its 2004 Awards for Business Excellence. The award, made to BHP Billiton for its innovative HIV/AIDS programme in southern Africa, was presented to South Africa chairman of BHP Billiton, Dr Vincent Maphai by GBC chairman Juergen Schrempp in Berlin, Germany on 21 Apr 04.
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BHP Billiton approves Escondida Sulphide project
BHP Billiton today, 6 Apr 04, announced the approval of the USD870m Escondida Sulphide Leach copper project in Chile. The project will produce 180 000 tonnes of copper cathode per annum for in excess of 25 years and is scheduled to begin production during the second half of 2006. The project will utilise a bacterially assisted leaching process on low-grade run-of-mine sulphide ore from the existing Escondida pit and the currently in-development Escondida Norte pit. The resulting solutions from the leaching will then be treated in solvent extraction and electro-winning plants to produce copper cathode. The total, combined sulphide leach ore reserve to be extracted from both the Escondida and Escondida Norte pits, is estimated at 1.134bn tonnes at an average copper grade of 0.52%, contained within a copper cut-off grade range of 0.3% to 0.7%. These ore reserves are sub-divided into 249m tonnes at 0.52% copper of proved reserve and 884m tonnes at 0.52% copper of probable reserve. Water supply will come from a 500 litre per second desalination plant to be constructed at the Escondida port-site of Coloso near Antofagasta, Chile. Water will be pumped to the Escondida mine facilities, 170km south-east of Antofagasta.
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