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.
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