BHP cuts iron ore forecast for 2018

BHP Billiton Ltd cut its 2018 iron ore mining guidance on Thursday, citing problems in its railcar unloading system, posting an 8 percent increase in iron ore production in the third quarter.

The miner cut its financial projections for 2018 to 272-274 million tonnes of iron ore from 275-280 million tonnes.

He also cut his management for the full year to 1.70-1.785 million tonnes from an earlier range of 1.655-1.790 million tonnes.

BHP, the world's largest miner, said its copper production targets were impacted by a "slower-than-planned" production ramp-up during the March quarter at its Olympic Dam facility in South Australia.

BHP's iron ore production rose to 67 million tonnes in the three months ended March 31, up from 62 million tonnes a year ago.

“BHP remains on track to achieve six percent volume growth during fiscal 2018,” said BHP Chief Executive Andrew McKenzie in an analysis of the group's quarterly operations.

Miner said his decision to exit his weak US oil and gas business last year was planned.

BHP confirmed that it expects expectations by June 2018 and added that transactions could be announced in the first half of fiscal 2019.

Sky News reported last month that Royal Dutch Shell Plc and US-based private equity firm Blackstone Group LP were working on a $ 10 billion joint tender for BHP's US shale assets.