Salient points from Prod report
Below is my take on the highlights from the Production Report (I will assume everyone is across all the records etc)
a)A USD$467m increase in Copper revenue due to provisional pricing impact. Big plus
b)54% of iron ore shipments were priced to the benchmark, 46% were linked to the shorter term reference pricing. Exposure to the spot price for close to 50% of iron ore vol will certainly impact on revenue.
c)Average Copper grades from Escondida (1.38%) Spence (1.48%), Antamina (1.13%) and Olympic Dam (1.77%) combined with the volume, again demonstrate what Tier 1 assets look like and why BHP is not currently interested in OZLs P Hill.
What does this mean for BHP holders?
My take is that there will be a good half year report, good dividend and potentially a share buyback (UK based).
Longer term, there are significant petroleum and iron ore projects coming on stream with potash being added to the commodity portfolio.
HT1
production report take aways
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