The world’s biggest mining company, BHP Billiton, smashed its iron ore production record today, 24 hours after fierce rival Rio Tinto did the same.
In a good start for chief executive Andrew Mackenzie, who took the helm in May, BHP notched up a 7% increase in iron ore output for the year to June, alongside rises in aluminium, zinc and uranium production.
However, the Anglo-Australian behemoth disappointed investors and analysts by falling slightly short of forecasts in its petroleum division. Drilling delays in the Gulf of Mexico meant there was “constrained” growth of 6% in an area the company is looking to fast-track.
In a busy day for the miners, Fresnillo reported a rise in second-quarter silver production, in which it is already the global market leader. This was a much-needed boost for the FTSE 100 constituent, as 2012 revenue was hit by volatile silver prices.
Gold and silver hunter, Latin America-focused Hochschild Mining, said it has cut the size of its board and slashed director salaries by as much as 30%. Chairman Eduardo Hochschild said fluctuations in precious metal prices had prompted cost-cutting measures.