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MarketScreener Homepage  >  Equities  >  Australian Stock Exchange  >  BHP Group    BHP   AU000000BHP4

BHP GROUP

(BHP)
  Report
End-of-day quote. End-of-day quote Australian Stock Exchange - 12/02
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BHP posts 7% rise in iron ore output, flags lower production in December quarter

10/19/2020 | 10:22pm EST
FILE PHOTO:  A tonne of nickel powder made by BHP Group sits in a warehouse at its Nickel West division, south of Perth

MELBOURNE (Reuters) - BHP Group Ltd posted on Tuesday a 7.2% rise in first-quarter iron ore production, slightly above expectations, supported by stable demand from China, the world's top consumer of the steelmaking ingredient.

As the world grapples with the fallout of the COVID-19 pandemic, major miners are hoping Beijing's commodity-intensive stimulus measures will deliver an economic rebound for China.

The world's largest listed miner produced 74 million tonnes (Mt) of Western Australia Iron Ore in the three months ended Sept. 30, up from 69 Mt a year earlier and slightly above a UBS estimate of 73.5 Mt.

BHP said, however, that December quarter iron ore production will be affected by work linking its Mining Area C and South Flank projects in Western Australia. Its full-year forecast of 276 milllion - 286 million tonnes was kept unchanged.

"BHP's projects are on track, and the company is securing growth options in copper and nickel. No major surprises in this report. Reiterate Buy," broker Jefferies said in a note.

For copper, BHP's $2.46 billion (1.9 billion pounds) Spence expansion in Chile is on track for first production in the January quarter but a $2.5 billion expansion project at South Australia's Olympic Dam has been canned after extended drilling showed it would not be economic.

The company's metallurgical coal production rose 5% to 10 Mt, while energy coal output slid 17%. The miner said it is "monitoring for any potential impacts from restrictions on coal imports into China."

Costs at its Jansen potash project in Canada, for which a final investment decision is due mid 2021, have climbed by $272 million due to challenges in mine shaft lining and also its COVID-19 response, bringing total costs to $3.0 billion.

Last week, Rio Tinto warned a resurgence in coronavirus cases was putting global economic growth at risk, and that steel production outside China has sharply dropped.

(Reporting by Melanie Burton in Melbourne, Nikhil Kurian Nainan and Shashwat Awasthi in Bengaluru; Editing by Maju Samuel and Edwina Gibbs)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
BHP GROUP 0.44% 1860.6 Delayed Quote.4.47%
BHP GROUP 1.95% 39.31 End-of-day quote.1.00%
RIO TINTO GROUP 1.98% 104.99 End-of-day quote.4.57%
UBS GROUP AG 0.81% 12.9 Delayed Quote.5.44%
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Financials (USD)
Sales 2021 44 933 M - -
Net income 2021 10 841 M - -
Net Debt 2021 9 987 M - -
P/E ratio 2021 12,7x
Yield 2021 5,48%
Capitalization 138 B 138 B -
EV / Sales 2021 3,30x
EV / Sales 2022 3,37x
Nbr of Employees 31 589
Free-Float 58,1%
Chart BHP GROUP
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Technical analysis trends BHP GROUP
Short TermMid-TermLong Term
TrendsBullishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 14
Average target price 30,13 $
Last Close Price 29,15 $
Spread / Highest target 33,6%
Spread / Average Target 3,37%
Spread / Lowest Target -20,5%
EPS Revisions
Managers
NameTitle
Mike Henry CEO & Non-Independent Executive Director
John Kenneth Norman MacKenzie Chairman
Peter Beaven Chief Financial Officer
Rag Udd CTO & VP-Technology Global Transformation
Malcolm William Broomhead Independent Non-Executive Director
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1st jan.Capitalization (M$)
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