Miner BHP Billiton reported lower iron ore and coal production costs in Australia for July-December 2015, as it warned of persistent low prices on cost trends and supply pressures for the time being.
BHP cut by 4% iron ore production guidance for its 2016 financial year to 237 million mt owing to losses from Samrco unit, with an update pending for Australia following weather disruption in January. Metallurgical coal production guidance was unchanged at 40 million mt.
Western Australia Iron Ore unit cash costs declined by 25% to $15/mt and Queensland Coal by 17% to $59/mt, during the company's fiscal first half ended December 31 from the corresponding period, it said in an earnings statement.
BHP also mines thermal coal in New South Wales and from Cerrejon in Colombia.
BHP reported first metallurgical coal production from the Haju mine in Indonesia over the period.
BHP continues to expect full-year costs to remain at $15/mt for iron ore and cut to $59/mt its full-year projection for Queensland Coal, which produces a majority of coking coal.
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