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BHP -operational review for nine months March 2019
Highlights
- Production guidance for the 2019 financial year remains unchanged for petroleum, copper, metallurgical coal and energy coal. Iron ore production guidance decreased to between 265 and 270 Mt (100% basis), reflecting impacts of Tropical Cyclone Veronica.
- Group copper equivalent production/(1)/ was broadly unchanged over the nine months ended March 2019, with volumes for the full year also expected to be in line with last year.
- Full year unit costs for Petroleum, Escondida and Queensland Coal are expected to be in line with guidance/(2)/. Unit costs for Western Australia Iron Ore are now expected to be below US$15 per tonne/(2)/, reflecting impacts of Tropical Cyclone Veronica. Unit costs for New South Wales Energy Coal are now expected to be approximately USD51 per tonne/(2)/, following changes to the mine plan.
- All major projects under development are tracking to plan.
- In Petroleum, the Atlantis Phase 3 project in the US Gulf of Mexico was approved and the Bele-1 exploration well in Trinidad and Tobago encountered hydrocarbons (drilling still in progress) during the quarter.
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BHP - Tropical Cyclone Veronica update
With safety as the group's highest priority, BHP Port and Rail Operations in Port Hedland, Western Australia, are ramping-up after being suspended due to Tropical Cyclone Veronica. While initial inspections show no major damage to operations, isolated flooding both on site and sections of the rail leading into the port has limited train movements. Consequently, the port is currently operating at reduced rates and not expected to return to full capacity until later this month.
BHP's preliminary estimate of the impact of Tropical Cyclone Veronica is a reduction in production of approximately 6 to 8 million tonnes (100 per cent basis), and as a result, 2019 financial year production and unit cost guidance are currently under review.
Final production impacts and revised production and unit cost guidance will be disclosed once they are finalised.
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