Copper drags on BHP Quarterly
Stock
BHP Billiton (BHP) $33.59 as at 17/10/2018
Event
A day after Rio’s quarterly, BHP has posted their figures for the previous three months with Copper the only drag on production numbers. Petroleum was the only output that saw growth on the June quarter, with the falls in Iron ore and Coal outputs put down to maintenance work that should see production rates increase for the rest of the year, helping meet previously supplied guidance. Copper guidance for the full year was revised 3% lower as a result of disruptions to BHP’s two smaller operations
The company also mentioned the US asset sales saying the “process is on track to be completed by the end of October 2018, with the Fayetteville transaction completed on 29 September 2018. The net proceeds from the sale of our Onshore US assets are expected to be returned to shareholders.” Also discussed was the increase in BHP’s holding in SolGold, a Copper-Gold project in Ecuador. BHP now own 11.2% of the company and it appears to be aiming up for a takeover here.
BHP Billiton (BHP) Chart
Market Matters Take/Outlook
