BHP shares lose 3% amid drop in copper production
There has been a drop in copper production at Australian multinational mining, metals and petroleum company BHP.
Shares of BHP were losing around three per cent in Australian trading after the mining company reported Thursday that third-quarter copper production dropped six per cent to 369.7 thousand tonnes.
Iron ore production edged up one per cent. For the nine months ended March 31, copper production dropped 10 per cent to 1.11 million tonnes, and iron ore production was flat.
Group copper equivalent production decreased three per cent over the nine months, mainly due to lower copper volumes.
Looking ahead to fiscal 2022, the company lowered the copper production outlook to between 1,570 and 1,620 kt, from previously expected between 1,590 and 1,760 kt, which reflects lowered production guidance for Escondida.
Full-year nickel production guidance has been lowered to between 80 and 85 kt due to COVID-19 related labour constraints.
Meanwhile, production guidance remained unchanged for iron ore, metallurgical coal and energy coal.
Regarding the proposed merger of BHP’s oil and gas portfolio with Woodside Petroleum Ltd, the company said the completion was targeted for June 1.
Subject to the satisfaction of conditions precedent, including approval by Woodside shareholders at the Woodside general meeting on May 19.
In Australia, BHP Group shares were trading at A$50.85 ($37.84), down 2.77 per cent.
(dpa/NAN)
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
Agriculture
FG tasks ECOWAS on leveraging financing strategies for agroecology
The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
Politics
SDP asks INEC to maintain the status quo on party leadership
The SDP, therefore, urged INEC to maintain the status quo on the party’s leadership pending the determination of the appeal.
NationWide
Tinubu came very prepared; Nigeria witnessing unprecedented progress: Ooni of Ife
Mr Adewusi added that all the traditional rulers in the country were proud and happy to be associated with Mr Tinubu’s administration.
Ibadan
Kidnapped Oyo schoolchildren, teachers regain freedom after about two months in captivity
The release of the victims followed a series of sustained protests over the prolonged captivity of the victims.
Agriculture
Plateau govt. procures 500 truckloads of fertiliser for sale at subsidised rate
The governor directed that fertiliser be sold to farmers at a subsidised rate of N20,000 per bag.
Economy
Court clears FCCPC to investigate air ticket pricing complaints
Mr Bello said investigating consumer complaints was fundamentally different from regulating prices.
States
National Cash Transfer: 1,908 vulnerable residents receive debit cards in Edo
The initiative is in collaboration with the Federal Ministry of Humanitarian Affairs and Poverty Reduction, the World Bank, and the National Cash Transfer Office.
