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BHP BILLITON POSTS STRONG PRODUCTION RESULTS IN Q4.
MELBOURNE, Aug 1 Asia Pulse - Resource group BHP Billiton Ltd (ASX:BHP) has reported a strong lift in fourth quarter production in most major commodities, in its first major outing as the world's biggest diversified miner.
Acquisitions and organic growth helped power strong increases in copper, alumina, and coking coal output.
The results were boosted by the purchase of copper miner Rio Algom and coal group QCT Resources, as well as the start of production at the Mozal aluminium smelter in Mozambique in June last year.
"It's a strong result in line with what we were looking for," Macquarie Equities resource analyst Richard Rossiter said.
The market welcomed the production figures for the three months to June 30, 2001, sending BHP Billiton shares 16 cents higher to $9.70.
"I thought it was a very strong result, better than expectations, particularly out of iron ore and coking coal, which are two of the big drivers for the business," UBS Warburg analyst Glyn Lawcock said.
"It looks like Rio (Tinto) is bearing the brunt of the (iron ore) export decline."
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