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Tuesday, April 17, 2012

BHP shares were up april 18 2012

BHP shares prices were up april 18 2012 : SHARES in BHP Billiton are up by nearly one and a half per cent after the mining giant increased its iron ore and petroleum production in the first three months of calendar 2012. BHP shares were up 50 cents, or 1.46 per cent, at $34.65 at 10.20am AEST

BHP today said production from its Western Australian iron ore operations in the three months to March 31 was up 14 per cent on the same period in the previous year, despite the impact of cyclones.

That took iron ore production in the first nine months of the 2011/12 financial year to 118.6 million tonnes, up 20 per cent on the previous corresponding period.

The figures met expectations and were not likely to cause analysts to alter their profit forecasts for BHP,

BHP is expected to post a profit of about $US9.5 billion ($9.1 billion) for the second half of 2011/12.

The company's recently acquired US energy business contributed to strong growth in petroleum product production, up 43 per cent in the nine months to March, compared to the same period in the previous year.

However, coal production growth was much more subdued, due to wet weather and industrial action in Queensland.

BHP's joint venture company with Japan's Mitsubishi, BHP Mitsubishi Alliance, has been hampered by industrial disputes in recent months.

Exports from its New South Wales coal operations in the three months to March were also adversely affected by delays at the Port of Newcastle.

BHP's metallurgical coal production in the nine months to March was up one per cent from the same period in the previous year.

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