BHP Billiton, the world's largest mining company, increased iron ore production by 4% in the second quarter ended December 31st to meet rising demand for industrial raw materials. However, the Australian floods have caused long-term disruption of coal output.
“Queensland Coal (Australia)’s output was severely affected by continued rainfall and flooding, which also affected the coal-producing areas of the Bowen Basin,†BHP Billiton said, adding that coal production had plummeted by 30% from the previous quarter.
“In addition to the decommissioning of external infrastructure, we expect that output, sales, and unit costs will continue to be affected for the remainder of fiscal 2011,†BHP Billiton said in its second-quarter output data.
BHP Billiton’s profit from iron ore in the first half of the year has contributed more than US$5 billion, which is close to three times the estimated EBITDA for coal mines that have no interest, taxes, depreciation and amortization.
Analysts expect the net profit for the six months ended Dec. 31 to be approximately US$10 billion.
BHP Billiton data show that aluminum production was flat with the previous quarter.
BHP Billiton also warned that delays in the mining permit in the Gulf of Mexico are continuing to affect its oil business, resulting in an extension of drilling activities for high-production oil wells.
In the second quarter, BHP Billiton’s annual shipments of iron ore to Australia rose to 148 million tons, highlighting the growing global demand for such steelmaking raw materials, especially in China and other rapidly industrializing Asian countries.
“The booming growth of developing economies remains the main driving force for commodity demand, and the US has emerged with more positive signals after the US Federal Reserve Board (Fed)’s economic stimulus measures were implemented,†BHP Billiton said.
The company said that weather-related disruptions in Australia, Colombia, South Africa and other regions have exacerbated the current tight supply of industrial goods.
“Queensland Coal (Australia)’s output was severely affected by continued rainfall and flooding, which also affected the coal-producing areas of the Bowen Basin,†BHP Billiton said, adding that coal production had plummeted by 30% from the previous quarter.
“In addition to the decommissioning of external infrastructure, we expect that output, sales, and unit costs will continue to be affected for the remainder of fiscal 2011,†BHP Billiton said in its second-quarter output data.
BHP Billiton’s profit from iron ore in the first half of the year has contributed more than US$5 billion, which is close to three times the estimated EBITDA for coal mines that have no interest, taxes, depreciation and amortization.
Analysts expect the net profit for the six months ended Dec. 31 to be approximately US$10 billion.
BHP Billiton data show that aluminum production was flat with the previous quarter.
BHP Billiton also warned that delays in the mining permit in the Gulf of Mexico are continuing to affect its oil business, resulting in an extension of drilling activities for high-production oil wells.
In the second quarter, BHP Billiton’s annual shipments of iron ore to Australia rose to 148 million tons, highlighting the growing global demand for such steelmaking raw materials, especially in China and other rapidly industrializing Asian countries.
“The booming growth of developing economies remains the main driving force for commodity demand, and the US has emerged with more positive signals after the US Federal Reserve Board (Fed)’s economic stimulus measures were implemented,†BHP Billiton said.
The company said that weather-related disruptions in Australia, Colombia, South Africa and other regions have exacerbated the current tight supply of industrial goods.
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