BHP has lowered its iron ore production guidance and raised costs expectations for the 2019 financial year amid disruption to operations caused by a cyclone that hit the west coast of Australia last month.
The miner expects its iron ore operations to produce 265-270 million tonnes (at 100% basis) in the 2019 financial year, down 4.6% from its earlier estimate of around 273-283 million tonnes. The lower production guidance reflects a loss of 6-8 million tonnes due to the impact of Tropical Cyclone Veronica, it said. "Full year unit costs are now expected to be below $15 per tonne, an increase from previous guidance of less than $14 per tonne, due to the lower volumes,...