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The Anglo-Australian company has not only increased production levels but also upped its full-year guidance for iron ore output by 5%, while coal, copper and oil have remained unchanged. The petroleum division performed well, with output at an all-time high, partially assisted by new wells. The western Australian iron ore business also had a record three months in terms of production.
There has been some uncertainty in commodities markets over the past year which has required mineral extractors to tighten their belts. BHP Billiton has reduced its capital and expenditure costs by 25% which has freed up capital to engage in more projects.
Operations in India will be pared back, as nine of out its ten oil and gas projects will be closed due to regulatory delays. This is another example of the company focusing on operations which are more efficient.
Copper production at its Spence operation in Chile has declined due to lower ore grades, but management are confident of a recovery in the second half of the financial year.