BHP Billiton Celebrates Another Record

BHP Billiton beat analysts' forecast to achieve annual production for its West Australian operations. BHP's iron ore production rose 20 percent to a record 225 million tonnes during fiscal 2014.

The result is well above BHP's estimated production rate of 217 million tonnes. The record production results have also impacted the stocks of its junior partners. The mining company's shares rose 1.8 percent to $ 39.23. The high productivity is attributed to the increased production of its Jimblebar iron ore block.



During this period, the company's average sales price was about $ 103 per tonne, down from $ 110 in the previous fiscal year. The company said it plans to produce about 245 million tonnes of iron ore during the next fiscal year 2015. It is already very close to the focus of delivering 270 million tons per year.

The company's coking coal production also rose 20 percent to 45 million tonnes with increased production at the Queensland mine. Oil productivity also posted a record 246 million barrels of oil equivalent, up 4 percent. The increase in oil production is formed by its units onshore in the United States and the Gulf of Mexico.

Andrew Mackenzie, CEO of BHP Billiton, said the current focus on productivity contributed to the group's 9 percent production growth and record results in 12 operations. He added that they will support the group's production growth of 16 percent for two years through the end of fiscal 2015.