Iron ore has been a clear leader from the early days of the raw materials rally. It is also the most volatile. Volatility is fed by the ongoing trade war between the world’s biggest producer of iron ore, Australia and one of the biggest users, China.
BHP Shows Perfect Timing With Iron Ore at Record Highs Production Starts At South Flank Mine
Australian mining giant BHP is in sync to replace diminishing iron ore output from it’s existing Yandi mine which is nearing the end of its life. The first ore from its $4.6 billion South Flank mine in the Pilbara, WA was mined this month.
BHP Writes Down Australian Thermal Coal Mine $1.6 Billion
BHP continues to write down it’s fossil fuel assets cutting up to $1.6 billion from the value of its Mt Arthur thermal coal mine in the Hunter Valley. BHP sold its U.S. shale assets to Britain’s oil major BP for $10.5 billion in 2018 selling off “non-core and we are actively pursuing options to exit these assets for value”.
BHP Huge Profit and Record Dividend But Warns on Higher Costs And Global Uncertainty
Australian mining giant BHP Billiton’s June quarter earnings saw huge leaps in revenue but lagged behind forecasts. $BLT announced a record dividend however cautioned on higher cost pressures and macroeconomic uncertainties.
BHP Sells U.S. Shale Assets To BP for $10.5 Billion
Australian mining giant BHP announced it will sell its U.S. shale assets to Britain’s oil major BP for $10.5 billion. BHP about a year ago said it would sell them after it had determined “are non-core and we are actively pursuing options to exit these assets for value”.
Australian Government Raises Iron Ore Price Forecast
The Australian goverment raised its forecasts for iron ore, LNG and metallurgical coal prices for 2018 and 2019 in the Resources and Energy Quarterly report. However in the long term it expects prices in iron ore to fall.
Australia’s BHP Iron Ore Output at Lower End of Guidance
Australian mining giant BHP Billiton $BHP announced it’s iron ore production report and forward guidance Wednesday. $BHP produced 231 million tonnes in the year to June 30.