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BHP announces record iron ore production

Xinhua, January 21, 2015 Adjust font size:

The world's biggest mining company, BHP Billiton, announced on Wednesday a record 16 percent growth in iron ore production in the second half of 2014 year.

It said that commodity production increased by 9 percent during the December half and has forecast 16 percent growth to the end of the 2015 financial year.

In the three months to Dec. 31, the miner produced 56.35 million tonnes of iron ore, up 16 percent from the corresponding period a year earlier, and taking output for the half to 113.43 million tonnes. Over the financial year, the company produced 225 million tonnes.

Iron ore prices remained around 50 percent below their position at the same time last year, with share prices of those in the sector battered over the past 12 months.

Petroleum production rose 10 percent in the quarter to 63.6 million barrels of oil equivalent (mmboe), while half-year output increased 9 percent to a record 131 mmboe.

However chief executive Andrew Mackenzie said on Wednesday that lower fuel prices had forced the company to cut back its U.S. oil drilling program.

"In petroleum, we have moved quickly in response to lower prices and will reduce the number of rigs we operating in our onshore U.S. business by approximately 40 percent by the end of this financial year," he said in a statement. Endi