BHP released an update on its operations for the year ended 30 June 2018 and reported an increase of 8 per cent in annual production and with a record output at Western Australia Iron Ore, Queensland Coal and at its Spence copper mine in Chile. The Group approved US$2.9 billion (BHP share; US$3.4 billion 100 per cent) in capital expenditure for the South Flank sustaining iron ore project in Western Australia on June Quarter and recorded an increase of US$122 million in the budget of the Jansen project to US$2.7 billion which has been incorporated to fund support services at the site as work continues on completion of the shafts.
The exit process of the Company from Onshore US assets is progressing to plan and further, the Company is planning to announce one or more transactions within the coming months and will be targeting completion of key transactions by the end of the 2018 calendar year. Moreover, the Group further simplified the portfolio with the divestment of Cerro Colorado in Chile and Gregory Crinum in Australia which was announced lately and its investment in South Flank supports its ability to supply low cost, high quality products into Asia. It is expected that the Group will release its financial results around 21 August 2018.
The Group recorded 364 kt of outstanding copper sales at 30 June 2018 that were revalued at a weighted average price of US$3.01 per pound. In fact, an increase of 4 per cent in antamina copper production was observed and amounted to 140 kt and zinc production increased by 37 per cent to 120 kt due to higher head grades as mining continued through a zinc-rich ore zone. The stock price climbed up by 3.3 per cent and was trading at $33.57 as on 18 July 2018; 03:30 PM AEST.
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