BHP has reported a 1.0 per cent drop in fourth-quarter iron ore production, hurt by a tropical cyclone in Western Australia that disrupted production and exports.
The world’s biggest miner said on Wednesday iron ore output fell to 71 million tonnes during the three months ended June 30, compared with 72 million tonnes a year earlier.
The figure was lower than a UBS estimate of 72.6 million tonnes.
BHP forecast fiscal 2020 iron ore production at 273 million to 286 million tonnes.
Full-year iron ore production came in at 270 million tonnes, compared with 275 million last year, and in line with the company’s forecast range of 265 million to 270 million tonnes.
Cyclone Veronica tore down the coast of Western Australia in March, hitting several iron ore export hubs, in a return of more turbulent weather after several moderate years.
That had prompted BHP to lower its fiscal 2019 iron ore production outlook.
BHP’s ASX-listed shares were at a near eight-year high of $41.16 before trade on Wednesday, having climbed by 20.25 per cent in 2019 so far.