Shares in BHP Billiton (LON:BLT) have advanced in London in today’s session, as the blue-chip group posted upbeat annual production figures. The company further pointed to ‘positive momentum’ into the new financial year.
As of 14:36 BST, BHP Billiton’s share price had added 2.03 percent to 1,657.00p, outperforming the broader UK market, with the benchmark FTSE 100 index currently standing 0.71 percent higher at 7,680.85 points. The group’s shares have added more than 26 percent to their value over the past year, as compared with a near four-percent gain in the Footsie.
BHP Billiton updates on output
BHP Billiton announced in a statement today that its copper equivalent production increased by eight percent in the financial year ended June 30, with annual production records at Western Australia Iron Ore (WAIO), Queensland Coal and Spence. The group further noted that it had either met or exceeded its full-year production guidance for petroleum, copper, iron ore and energy coal, and met its revised guidance for metallurgical coal.
“We have delivered a strong finish to the 2018 financial year,” the group’s chief executive Andrew Mackenzie commented in the statement. “Good prices and our culture of continuous improvement give us positive momentum into the 2019 financial year.” The miner’s copper equivalent production for the 2019 financial year meanwhile is expected to be broadly in line with the 2018 financial year.
Analysts weigh in on miner’s report
“BHP’s FY18 production was in line with or slightly better than our expectations in all major segments,” Jefferies said in a report, as quoted by Reuters, adding that it expects a $2 billion-plus share buyback when the blue-chip miner reports its financial results next month.