BHP Billiton, one of the Australian mining giant, hit a production record of 61 MnT in Q1 2015 (Australian financial year from July to June). Production rose by 7% Y-o-Y in Q1 2015 against a year earlier.
In Q1 2015, the company has recorded high iron ore production as its Jimblebar iron ore mine in Western Australia ramped up production during this year. Besides, improved Western Australian port facilities and a rise in direct-to-ship ore have helped to boost sales volume to a record of 67 MnT.
The company is on the track to meet a production target guidance of 270 MnT during this financial year.
Major mining companies like Rio Tinto, Vale and BHP Billiton are continuously increasing production. While, iron ore demand in the world’s largest iron ore consumer has waned, causing further downfall in overall steel sector.
However, currently global iron ore prices are on a declining phase. If the situation persists, as anticipated, global iron ore prices may touch a level of USD 40/MT in the coming time.
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