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MarketScreener Homepage  >  Equities  >  AUSTRALIAN SECURITIES EXCHANGE LIMITED  >  BHP Group Ltd    BHP   AU000000BHP4

BHP GROUP LTD

(BHP)
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End-of-day quote. End-of-day quote AUSTRALIAN SECURITIES EXCHANGE LIMITED - 09/20
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BHP cuts iron ore production outlook after Australian cyclone

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04/16/2019 | 09:08pm EDT

MELBOURNE (Reuters) - BHP Group, the world's biggest miner, joined rival Rio Tinto on Wednesday in cutting its forecast for iron ore output after a tropical cyclone, although analysts expect high prices to limit any impact on profits.

Cyclone Veronica tore down the coast of Western Australia in March, hitting several iron ore export hubs, in a return of more turbulent weather conditions after several moderate years.

The lower production also led to a rise in BHP's costs, while Rio Tinto suffered operational issues in the first quarter, including a fire at its Cape Lambert operations, said Brenton Saunders, an analyst at fund Pendal Group in Sydney.

Miners, however, are benefiting from a surge in iron ore prices to near five-year highs on supply concerns following cyclone Veronica and a fatal dam collapse in Brazil that has cut operations at the world's No. 1 iron ore miner Vale SA.

"If the iron ore price wasn't $96 and looking like it was going to go higher, then we would be having a very different conversation about these companies' performance," Saunders said.

BHP, which put its fiscal 2019 iron ore production under review following the cyclone, lowered its forecast to 265 million-270 million tonnes, from 273 million-283 million tonnes.

Iron ore output for the three months to end-March fell 5 percent to 64 million tonnes, down from 67 million tonnes a year ago.

Rio Tinto, the world's No. 2 iron ore miner, on Tuesday reported a 14 percent drop in quarterly iron ore shipments and trimmed its 2019 shipments estimate.

BHP also increased its full-year production costs to less than $15 a tonne, from less than $14 a tonne previously, due to lower volumes and increased remediation costs.

Since selling its onshore U.S. oil business last year, BHP is focused on just four commodities - iron ore, copper, coal and offshore oil and gas.

The miner posted an 8 percent drop in quarterly copper production against year ago levels, mainly due to lower output at the world's biggest copper mine, Escondida in Chile.

However, it maintained annual production guidance for copper at 1.65 million tonnes to 1.74 million tonnes.

(Reporting by Melanie Burton; additional reporting by Aditya Soni and Nikhil Kurian Nainan in Bengaluru; editing by Sandra Maler and Richard Pullin)

By Melanie Burton

Stocks mentioned in the article
ChangeLast1st jan.
BHP GROUP LTD 0.19% 37.75 End-of-day quote.10.08%
BHP GROUP PLC -0.21% 1788.8 Delayed Quote.8.31%
EURO / BRAZILIAN REAL (EUR/BRL) -0.63% 4.5691 Delayed Quote.3.72%
LME COPPER CASH 0.23% 5758.5 End-of-day quote.-1.38%
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Financials (USD)
Sales 2020 46 154 M
EBIT 2020 18 716 M
Net income 2020 11 291 M
Debt 2020 9 840 M
Yield 2020 5,82%
P/E ratio 2020 11,4x
P/E ratio 2021 13,4x
EV / Sales2020 2,87x
EV / Sales2021 2,94x
Capitalization 122 B
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Technical analysis trends BHP GROUP LTD
Short TermMid-TermLong Term
TrendsBullishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 15
Average target price 25,96  $
Last Close Price 25,55  $
Spread / Highest target 18,6%
Spread / Average Target 1,62%
Spread / Lowest Target -20,3%
EPS Revisions
Managers
NameTitle
Andrew Mackenzie CEO & Non-Independent Executive Director
John Kenneth Norman MacKenzie Chairman
Daniel Malchuk President-Americas Minerals Operations
Steve Pastor President-Petroleum Operations
Mike Henry President-Minerals Australia Operations
Sector and Competitors
1st jan.Capitalization (M$)
BHP GROUP LTD10.08%122 457
BHP GROUP PLC8.31%122 457
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RIO TINTO LIMITED18.57%89 410
ANGLO AMERICAN PLC7.30%32 682
GRUPO MEXICO S.A. DE C.V.13.18%18 420