Wrap Text
Operational Review for the Year Ended 30 June 2016
BHP Billiton Plc
Registration number 3196209
Registered in England and Wales
Share code: BIL
ISIN: GB0000566504
NEWS RELEASE
Release Time IMMEDIATE
Date 20 July 2016
Number 17/16
BHP BILLITON OPERATIONAL REVIEW
FOR THE YEAR ENDED 30 JUNE 2016
- Exceeded full year production guidance for petroleum, copper and metallurgical coal, and achieved
record full year production at Western Australia Iron Ore (WAIO).
- Expect to achieve full year unit cost guidance at our major assets, with unit costs forecast to
decline further next year.
- In Petroleum, exploration drilling has commenced in Trinidad and Tobago and in the Gulf of Mexico
following positive results at Shenzi North during the year.
- The Los Colorados Extension project was approved by the Escondida Owners Council with first
production expected in the second half of the 2017 financial year.
- Four major projects under development are tracking to plan.
- Underlying attributable profit(1) in the June 2016 half year is expected to include additional charges
of up to US$175 million (detail presented on page 2).
Production FY16 vs FY15
Petroleum (MMboe) 240 (6%) Strong Conventional performance offset by deferral of
development activity in Onshore US for value.
Copper (kt) 1,580 (8%) Increased throughput at Escondida and strong operating
performance across the business partially offset lower
grades at Escondida.
Iron ore (Mt) 227 (2%) Record WAIO volumes offset by the suspension of
operations at Samarco.
Metallurgical coal (Mt) 43 1% Record production at five Queensland Coal mines more
than offset the cessation of production at Crinum.
Energy coal (Mt) 34 (16%) Divestment of the San Juan Mine, unfavourable weather
at NSWEC and Cerrejón and operational rescheduling at
NSWEC.
BHP Billiton Chief Executive Officer, Andrew Mackenzie, said: “Over the next 12 months, we expect
volumes and costs across our minerals businesses to benefit from our continued drive to safely improve
productivity. We can create significant value through further cost reductions, taking advantage of latent
capacity in our assets and investing in low-capital projects. These initiatives are expected to grow
production by five per cent in copper, up to four per cent in iron ore and three per cent in metallurgical
coal in the next financial year.
“In Petroleum, we have delivered strong performance from our Conventional assets and responded to
market conditions by reducing the number of rigs in our Onshore US assets as we focus on cash flow
and value. We have taken advantage of the fall in deep water drilling costs and accelerated our
conventional oil exploration program to simultaneously run campaigns in the Gulf of Mexico and the
Caribbean. We are well positioned to bring on shale volumes as markets tighten and develop
conventional resources over the medium to long term."
Operational performance summary
Production for the 2016 financial year and guidance for the 2017 financial year are summarised in the
table below.
FY16 Jun Q16 Jun Q16
vs vs vs FY17 FY17e
Production FY16 Jun Q16 FY15 Jun Q15 Mar Q16 guidance vs FY16
Petroleum (MMboe) 240 56 (6%) (11%) (6%) 200 - 210 (13% - 17%)
Onshore US (MMboe) 109 23 (13%) (27%) (16%) 77 - 83 (24% - 29%)
Conventional (MMboe) 131 33 1% 4% 3% 123 - 127 (3% - 6%)
Copper (Mt) 1.6 0.4 (8%) (5%) 2% 1.7 5%
Escondida (kt) 979 268 (20%) (20%) 3% 1,070 9%
Other copper(i) (kt) 601 145 25% 46% 0% 590 (2%)
Iron ore(ii) (Mt) 227 56 (2%) (7%) 5% 228 - 237 0% - 4%
WAIO (100% basis) (Mt) 257 65 2% (1%) 5% 265 - 275 3% - 7%
Metallurgical coal (Mt) 43 12 1% 4% 17% 44 3%
Energy coal (Mt) 34 7 (16%) (34%) (12%) 32 (7%)
(i) Other copper comprises Pampa Norte, Olympic Dam and Antamina.
(ii) 2017 financial year guidance for iron ore excludes production from Samarco.
Major development projects
At the end of the 2016 financial year, BHP Billiton had four major projects under development in
Petroleum, Copper and Potash, with a combined budget of US$6.9 billion over the life of the projects.
During the year, first production was delivered by the North West Shelf Greater Western Flank-A
petroleum project and the Greater Western Flank-B project was approved.
Corporate update
BHP Billiton expects Underlying attributable profit in the June 2016 half year to include additional items
related to: (1) reversal of previously recorded inventory write-downs reflecting a slight recovery in
commodity prices; (2) redundancies largely associated with the simplification of our business; and (3)
impairments predominately in our Coal business.
Additional items to be recognised in the June 2016 half Underlying
year Charges/(credits) Underlying Underlying attributable
(US$ million) EBITDA(1) EBIT(1) profit(1)
Reversal of inventory write-downs: across all minerals
businesses (125) to (75) (125) to (75) (100) to (50)
Redundancies and closure: across all businesses 50 to 100 50 to 100 25 to 75
Impairments: predominately in our Coal business 0 75 to 150 75 to 150
Total charges/(credits) (75) to 25 0 to 175 0 to 175
In addition, the Group expects to record an exceptional item for global taxation matters between US$150
and US$200 million in the June 2016 half year. This includes potential litigation and tax-related amounts.
On 2 March 2016, Samarco Mineração S.A (Samarco), Vale S.A (Vale) and BHP Billiton Brasil LTDA
(BHP Billiton Brasil) entered into an agreement with the Federal Government of Brazil, the States of
Espirito Santo and Minas Gerais and certain other public authorities (Brazilian Authorities) (Framework
Agreement). The Framework Agreement provides for settlement of claims brought by the Brazilian
Authorities on 30 November 2015 seeking the establishment of a fund for clean-up costs and impacts
relating to the Fundão tailings dam failure on 5 November 2015. The Framework Agreement provides for
the restoration of the environment and communities affected by the Samarco dam failure. On 5 May
2016, the Framework Agreement was ratified by the Federal Court of Appeal in Brasilia.
On 3 May 2016, the Federal Prosecution Office commenced proceedings against Samarco, Vale and
BHP Billiton Brasil for BRL155 billion for social, environmental and economic compensation relating to
the Samarco dam failure. At the same time, the Federal Prosecution Office appealed the ratification of
the Framework Agreement. On 30 June 2016, the Superior Court of Justice in Brazil, in the case initiated
by Brazilian Authorities, issued an interim order suspending the decision of the Federal Court of Appeal
to ratify the Framework Agreement. BHP Billiton Brasil intends to appeal the decision of the Superior
Court of Justice.
Samarco and its shareholders continue to believe that the Framework Agreement provides the
appropriate long-term remedial and compensation framework for responding to the impact of the
Samarco tragedy and the platform for the parties to work together. As set out by the Framework
Agreement, a private autonomous foundation (Foundation Renova) has been created to deliver the
socioeconomic and environmental programs in the Agreement.
Samarco continues to deliver the programs covered by the Framework Agreement and 90 per cent of the
41 programs prescribed by the Framework Agreement have been initiated. Substantial progress has
been made including: approximately two-thirds of the houses and buildings in the Mariana region have
been completely rebuilt or restored; 800 hectares of emergency areas reforested along the rivers Doce,
Carmo and Gualaxo; and 10 tributaries (46 hectares) of river margins have been cleaned and contoured
between Bento Rodrigues and Barra Longa.
For the June 2016 half year, we are not yet in a position to provide an update to the potential financial
impacts on BHP Billiton Brasil of the Samarco dam failure. We are continuing to work closely with
Samarco and will provide an update as soon as we are in a position to do so. Any potential financial
impacts related to the tragedy are expected to be classified as an exceptional item.
The guidance provided in this Operational Review will be updated should material information or events
arise as the Group finalises its financial statements.
Marketing update
The average realised prices achieved for our major commodities are summarised in the table below. Iron
ore shipments, on average, were linked to the index price for the month of shipment, with price
differentials reflecting product quality. The majority of metallurgical coal and energy coal exports were
linked to the index price for the month of shipment or sold on the spot market, with price differentials
reflecting product quality.
FY16 vs Jun H16 Jun H16
Average realised prices(i) Jun H16 Dec H15 FY16 FY15 FY15 vs Jun H15 vs Dec H15
Oil (crude and condensate) (US$/bbl) 37 42 39 68 (43%) (29%) (12%)
Natural gas (US$/Mscf)(ii) 2.74 2.91 2.83 3.77 (25%) (17%) (6%)
US natural gas (US$/Mscf) 1.96 2.35 2.16 3.27 (34%) (24%) (17%)
LNG (US$/Mscf) 7.12 8.24 7.71 11.65 (34%) (24%) (14%)
Copper (US$/lb) 2.16 2.12 2.14 2.78 (23%) (17%) 2%
Iron ore (US$/wmt, FOB) 44 43 43 61 (30%) (17%) 2%
Hard coking coal (US$/t) 83 82 83 105 (21%) (16%) 1%
Weak coking coal (US$/t) 70 67 69 88 (22%) (18%) 4%
Thermal coal (US$/t)(iii) 46 49 48 58 (17%) (18%) (6%)
Nickel metal (US$/t) 8,792 9,926 9,264 15,301 (39%) (36%) (11%)
(i) Based on provisional, unaudited estimates. Prices exclude third party product and internal sales, and represent the
weighted average of various sales terms (for example: FOB, CIF and CFR), unless otherwise noted.
(ii) Includes internal sales.
(iii) Export sales only; excludes Cerrejón. Includes thermal coal sales from metallurgical coal mines.
At 30 June 2016, the Group had 316 kt of outstanding copper sales that were revalued at a weighted
average price of US$2.20 per pound. The final price of these sales will be determined in the 2017
financial year. In addition, 363 kt of copper sales from the 2015 financial year were subject to a
finalisation adjustment in the current period. The provisional pricing and finalisation adjustments will
decrease earnings before interest and tax by US$260 million in the 2016 financial year.
Petroleum
Production
FY16 Jun Q16 Jun Q16
vs vs vs
FY16 Jun Q16 FY15 Jun Q15 Mar Q16
Crude oil, condensate and natural gas liquids (MMboe) 116.0 26.4 (7%) (15%) (10%)
Natural gas (bcf) 744.7 177.7 (5%) (7%) (2%)
Total petroleum production (MMboe) 240.1 56.0 (6%) (11%) (6%)
Total petroleum production – Total petroleum production for the 2016 financial year decreased by six
per cent to 240 MMboe. Petroleum production is forecast to decrease to between 200 and 210 MMboe in
the 2017 financial year.
In Onshore US, we continue to focus on near-term cash flow performance. A reduction in capital
expenditure and development activity is expected to lead to a decline in volumes to between 77 and 83
MMboe in the 2017 financial year. In our Conventional business, volumes are expected to decrease to
between 123 and 127 MMboe as a result of the divestment of our gas business in Pakistan and natural
field decline.
Crude oil, condensate and natural gas liquids – Crude oil, condensate and natural gas liquids
production for the 2016 financial year decreased by seven per cent to 116 MMboe.
Onshore US liquids volumes declined by 13 per cent to 48 MMboe as increased liquids production from
the Permian partially offset the temporary deferral of completions activity in the Black Hawk and drilling
activity in the Hawkville. Completions activity in the Black Hawk resumed late in the June 2016 quarter.
Conventional liquids volumes were broadly unchanged as new production wells at Atlantis, Mad Dog and
Pyrenees offset natural field decline across the portfolio, cessation of production at Stybarrow,
maintenance at North West Shelf and industrial action at Bass Strait.
Natural gas – Natural gas production for the 2016 financial year declined by five per cent to 745 bcf.
The decline primarily reflects lower Onshore US gas volumes as a result of the decision to defer
development activity for longer-term value and the successful divestment of our gas business in Pakistan
as we continue to create a more focused portfolio. This was partially offset by higher demand at Bass
Strait and Macedon.
Projects
Capital Initial
Project and expenditure production
ownership (US$m) target date Capacity Progress
Bass Strait Longford 520 CY16 Designed to process approximately On schedule and budget. The overall
Gas Conditioning 400 MMcf/d of high-CO2 gas. project is 96% complete.
Plant
(Australia)
50% (non-operator)
North West Shelf 314 CY19 To maintain LNG plant throughput from On schedule and budget. The overall
Greater Western the North West Shelf operations. project is 14% complete.
Flank-B
(Australia)
16.67%
(non-operator)
Petroleum capital expenditure for the 2016 financial year declined by approximately 50 per cent to
US$2.5 billion. A further 44 per cent reduction to approximately US$1.4 billion is planned for the 2017
financial year. This includes Conventional capital expenditure of US$0.8 billion, which remains focused
on high-return infill drilling opportunities in the Gulf of Mexico and life extension projects at Bass Strait
and North West Shelf.
Onshore US development activity
Onshore US drilling and development expenditure for the 2016 financial year was approximately US$1.2
billion, of which approximately US$400 million related to a reduction in capital creditors. Our operated rig
count declined from five to four in the June 2016 quarter as we continue to focus on value maximisation
and cash flow performance. Onshore US capital expenditure is expected to be approximately US$600
million in the 2017 financial year with development activity tailored to market conditions.
FY16 Liquids focused areas Gas focused areas
(FY15) Eagle Ford Permian Haynesville Fayetteville Total
Capital expenditure(i) US$ billion 0.8 (2.3) 0.4 (0.8) 0.0 (0.4) 0.0 (0.2) 1.2 (3.7)
Rig allocation At period end 2 (7) 2 (3) 0 (0) 0 (0) 4 (10)
Net wells drilled and completed(ii) Period total 89 (188) 30 (45) 5 (25) 11 (45) 136 (303)
Net productive wells At period end 929 (836) 107 (75) 411 (395) 1,086 (1,070) 2,533 (2,376)
(i) Includes land acquisition, site preparation, drilling, completions, well site facilities, mid-stream infrastructure and pipelines.
(ii) Can vary between periods based on changes in rig activity and the inventory of wells drilled but not yet completed at period
end.
Petroleum exploration
Exploration and appraisal wells drilled during the June 2016 quarter are summarised below.
Well Location Target BHP Billiton Spud date Water depth Total well Status
equity depth
Ruby-3 Trinidad & Oil 25.5% 4 May 2016 65 m 1,996 m Hydrocarbons
Tobago (Operator) encountered; Plugged and
Angostura - abandoned
Block 3A
LeClerc-1 Trinidad & Oil 65% 21 May 2016 1,800 m 5,771 m(i) Drilling ahead
Tobago Block (Operator)
5
Caicos-1 Gulf of Mexico Oil 100% 21 June 2016 1,288 m 3,135 m(i) Drilling ahead
GC564 (Operator)
(i) Well depth as at 30 June 2016; drilling still in progress.
During the June 2016 quarter, BHP Billiton acquired 91 blocks with no well obligations in the Gulf of
Mexico: a Lease Exchange Agreement was executed with Chevron for 61 blocks; a Sale and Purchase
Agreement was executed with ConocoPhillips for 26 blocks; and regulatory approval was received for
four blocks awarded in Lease Sale 241 in March 2016. In Australia, the Bunyip and Tallaganda
Retention Leases WA-71-R and WA-72-R were awarded and the Tallaganda Exploration Lease WA-
351-P expired.
Petroleum exploration expenditure for the 2016 financial year was US$590 million, of which US$273
million was expensed. Activity for the period was largely focused on our core areas in the deepwater Gulf
of Mexico, the Caribbean and the Northern Beagle sub-basin off the coast of Western Australia, where
we acquired additional acreage, seismic data and increased drilling activity. Our exploration activity has
increased in the Gulf of Mexico following the positive exploration well results at Shenzi North and drilling
has commenced in Trinidad and Tobago. We are pursuing high-quality oil plays in our three priority
basins and a US$700 million exploration program is planned for the 2017 financial year as we accelerate
testing of our future growth opportunities.
Copper
Production
FY16 Jun Q16 Jun Q16
vs vs vs
FY16 Jun Q16 FY15 Jun Q15 Mar Q16
Copper (kt) 1,580 413 (8%) (5%) 2%
Zinc (t) 55,438 6,474 (17%) (59%) (46%)
Silver (troy koz) 13,189 3,664 41% 48% 6%
Uranium oxide concentrate (t) 4,363 876 39% 47% (9%)
Copper – Total copper production for the 2016 financial year decreased by eight per cent to 1.6 Mt as
improved operating performance across the copper operations was offset by the grade-related volume
decline at Escondida. Total copper production is forecast to increase to 1.7 Mt in the 2017 financial year.
Escondida copper production for the 2016 financial year decreased by 20 per cent to 979 kt. Record
cathode production and record material mined, together with Organic Growth Project 1 reaching full
capacity in the June 2016 quarter, was more than offset by a 28 per cent decline in grade, as expected.
Following this strong operating performance, we expect unit costs at Escondida to be slightly below
guidance of US$1.21 per pound for the 2016 financial year(2). The Escondida Bioleach Pad Extension
project, which includes the expansion of the leach pad to four layers, was completed during the March
2016 quarter and has also contributed to the operating cost improvement.
The Escondida Owners Council approved an investment of US$180 million (100 per cent basis) for the
Los Colorados Extension project in June 2016. First production is expected in the second half of the
2017 financial year, adding incremental capacity of approximately 200 ktpa in the near term. Copper
production of 1,070 kt is expected in the 2017 financial year as the Escondida Water Supply project is
commissioned in the second half of the year and enables the utilisation of three concentrators.
Pampa Norte copper production for the 2016 financial year increased by one per cent to 251 kt,
supported by record ore milled and higher grades at Spence. Copper production is expected to increase
in the 2017 financial year with the completion of the Spence Recovery Optimisation (SRO) project which
will enable the full utilisation of the 200 ktpa tankhouse. SRO is expected to ramp up during the
September 2016 quarter and achieve an annualised production rate of 200 kt from the December 2016
quarter. The Spence Growth Option remains in feasibility with the potential to extend mining operations
by more than 50 years and increase copper capacity by approximately 200 ktpa. Final Board review is
expected in the second half of the 2017 calendar year.
Olympic Dam copper production for the 2016 financial year increased by 63 per cent to 203 kt. This
strong performance reflected higher grades and improved smelter and mill utilisation after the Svedala
mill outage in the prior year and came despite planned smelter maintenance during the June 2016
quarter. Copper production in the 2017 financial year is expected to remain broadly unchanged from the
2016 financial year.
Antamina copper production for the 2016 financial year increased by 36 per cent to a record 146 kt as it
benefitted from higher grades and higher mill throughput. Copper production is expected to decrease in
the 2017 financial year to approximately 130 kt, as mining progresses through a zinc rich ore zone
consistent with the mine plan. Zinc production is expected to increase from 55 kt to approximately 90 kt
in the 2017 financial year.
Projects
Capital Initial
Project and expenditure production
ownership (US$m) target date Capacity Progress
Escondida Water 3,430 CY17 New desalination facility to ensure On schedule and budget. The overall
Supply continued water supply to Escondida. project is 93% complete.
(Chile)
57.5%
Iron Ore
Production
FY16 Jun Q16 Jun Q16
vs vs vs
FY16 Jun Q16 FY15 Jun Q15 Mar Q16
Iron ore (kt) 226,958 55,626 (2%) (7%) 5%
Iron ore – Total iron ore production for the 2016 financial year was broadly unchanged at 227 Mt as
record production at WAIO offset the suspension of operations at Samarco. Total iron ore production is
expected to increase to between 228 and 237 Mt in the 2017 financial year, excluding production from
Samarco.
WAIO production for the 2016 financial year increased by two per cent to a record 257 Mt (100 per cent
basis) as the Jimblebar mining hub operated at full capacity and utilisation at the Newman ore handling
plant improved. This more than offset one-off operational issues in the December 2015 quarter, the
impact of adverse weather conditions and the initiation of a rail renewal and maintenance program in the
June 2016 half year. Following a strong recovery from the wet season, WAIO produced at an annualised
rate of 275 Mt in June 2016.
WAIO production for the 2017 financial year is forecast to increase to between 265 and 275 Mt (100 per
cent basis). The 24 month rail program, which will support the integrated supply chain’s long-term
reliability, is progressing on schedule. Along with our focus on productivity and the ramp-up of additional
capacity at the Jimblebar mining hub, this will deliver an increase in system capacity to 290 Mtpa in the
2019 financial year. The installation of the new primary crusher and additional conveying capacity at
Jimblebar is expected to be completed in the December 2016 quarter.
Samarco production for the 2016 financial year was 11 Mt (100 per cent basis). Mining and processing
operations at Samarco remain suspended following the failure of the Fundão tailings dam and Santarém
water dam on 5 November 2015. Sales from the final shipment of pellets from stockpiles were settled in
the June 2016 quarter.
Coal
Production
FY16 Jun Q16 Jun Q16
vs vs vs
FY16 Jun Q16 FY15 Jun Q15 Mar Q16
Metallurgical coal (kt) 42,840 11,830 1% 4% 17%
Energy coal (kt) 34,247 6,952 (16%) (34%) (12%)
Metallurgical coal – Metallurgical coal production for the 2016 financial year increased by one per cent
to a record 43 Mt. Metallurgical coal production is expected to increase to 44 Mt in the 2017 financial
year despite the planned divestment of IndoMet Coal.
Queensland Coal production was flat as record production at five mines, underpinned by increased plant
and equipment availability and utilisation, offset the completion of longwall mining at Crinum, a
convergence event at the Broadmeadow mine and unfavourable weather conditions. Record quarterly
production resulted in a 17 per cent increase in volumes from the March 2016 quarter.
Queensland Coal production is forecast to increase to 44 Mt in the 2017 financial year. This
improvement will be supported by delivering higher wash-plant and truck hours which will more than
offset the closure of Crinum. A longwall move at Broadmeadow and wash-plant shutdown at Saraji are
scheduled for the September 2016 quarter.
First production from the Haju mine in Indonesia was achieved during the 2016 financial year. On 7 June
2016, BHP Billiton entered into an agreement to sell its 75 per cent interest in IndoMet Coal to its equity
partner PT Alam Tri Abadi (Adaro). Completion of the sale is conditional upon the fulfilment of customary
regulatory approvals.
Energy coal – Energy coal production for the 2016 financial year decreased by 16 per cent to 34 Mt.
Energy coal production is forecast to decrease to 32 Mt in the 2017 financial year as productivity
improvements at New South Wales Energy Coal partially offset the divestment of our New Mexico Coal
assets.
New South Wales Energy Coal production for the 2016 financial year declined by 13 per cent due to the
impact of heavy rainfall, the progression through a higher strip ratio zone and rescheduling of the mine
plan based on individual pit economics. Cerrejón volumes declined by 11 per cent as drought conditions
in the first nine months of the year followed by heavy rainfall in the June 2016 quarter constrained
production.
Navajo Coal production for the 2016 financial year decreased by 18 per cent as a result of lower
customer demand. The transfer of management and operatorship for Navajo Coal to Navajo Transitional
Energy Company remains on track for 31 December 2016. The sale of the San Juan Mine to
Westmoreland Coal Company was completed on 31 January 2016.
Other
Nickel production
FY16 Jun Q16 Jun Q16
vs vs vs
FY16 Jun Q16 FY15 Jun Q15 Mar Q16
Nickel (kt) 80.7 23.4 (10%) 21% 17%
Nickel – Nickel West production for the 2016 financial year decreased by 10 per cent to 81 kt and
reflected planned major maintenance outages at the Kalgoorlie smelter and Kwinana refinery during the
December 2015 quarter, and a reduction in third party ore delivered to the Kambalda concentrator.
Higher nickel matte production during the June 2016 quarter was supported by additional third party
concentrate purchases.
Nickel production is expected to increase by approximately 10 per cent in the 2017 financial year, with
higher grade ore at Mt Keith and a ramp up in mining at Leinster since February 2016 supporting higher
utilisation rates at the Kalgoorlie smelter and Kwinana refinery.
Potash project
Project and Investment
ownership (US$m) Scope Progress
Jansen Potash 2,600 Investment to finish the excavation and lining of the The project is 60% complete and within
(Canada) production and service shafts, and to continue the the approved budget. Shaft excavation is
100% installation of essential surface infrastructure and utilities. progressing.
Minerals exploration
Minerals exploration expenditure for the 2016 financial year was US$175 million, of which US$157
million was expensed. Greenfield minerals exploration is predominantly focused on advancing copper
targets within Chile, Peru, Canada and the South-West United States.
Variance analysis relates to the relative performance of BHP Billiton and/or its operations during 2016 financial year compared
with the 2015 financial year, unless otherwise noted. Production volumes, sales volumes and capital and exploration
expenditure from subsidiaries are reported on a 100 per cent basis; production and sales volumes from equity accounted
investments and other operations are reported on a proportionate consolidation basis.
The following footnotes apply to this Operational Review:
(1) Underlying EBITDA, Underlying EBIT and Underlying attributable profit are used to reflect the underlying performance of
BHP Billiton. Underlying EBITDA is earnings before net finance costs, taxation, depreciation, amortisation, impairment and
any exceptional items. Underlying EBIT is earnings before net finance costs, taxation and any exceptional items.
Underlying attributable profit is Attributable profit excluding any exceptional items.
(2) Escondida unit cash costs exclude freight and treatment and refining charges. 2016 financial year guidance is based on
exchange rate of USD/CLP 702.
The following abbreviations may have been used throughout this report: barrels (bbl); billion cubic feet (bcf); cost and freight
(CFR); cost, insurance and freight (CIF); dry metric tonne unit (dmtu); free on board (FOB); grams per tonne (g/t); kilograms per
tonne (kg/t); kilometre (km); metre (m); million barrels of oil equivalent (MMboe); million cubic feet per day (MMcf/d); million
tonnes (Mt); million tonnes per annum (Mtpa); ounces (oz); pounds (lb); thousand barrels of oil equivalent (Mboe); thousand
ounces (koz); thousand standard cubic feet (Mscf); thousand tonnes (kt); thousand tonnes per annum (ktpa); thousand tonnes
per day (ktpd); tonnes (t); and wet metric tonnes (wmt).
Sponsor: UBS South Africa (Pty) Limited
Further information on BHP Billiton can be found at: bhpbilliton.com.
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PRODUCTION SUMMARY
QUARTER ENDED YEAR TO DATE
BHP
Billiton JUN SEP DEC MAR JUN JUN JUN
interest 2015 2015 2015 2016 2016 2016 2015
Petroleum (1)
Petroleum
Crude oil,
condensate and NGL
(Mboe)
Onshore US 15,413 13,453 12,805 12,454 9,469 48,181 55,626
Conventional 15,759 17,259 16,976 16,727 16,896 67,858 68,952
Total 31,172 30,712 29,781 29,181 26,365 116,039 124,578
Natural gas (bcf)
Onshore US 96.4 98.2 94.4 89.9 82.0 364.5 420.2
Conventional 95.4 104.6 88.4 91.5 95.7 380.2 366.4
Total 191.8 202.8 182.8 181.4 177.7 744.7 786.6
Total petroleum 63.2 64.5 60.2 59.4 56.0 240.1 255.7
production (MMboe)
Copper (2)
Copper
Payable metal in concentrate (kt)
Escondida (3) 57.5% 247.0 159.6 131.7 174.9 182.7 648.9 916.1
Antamina 33.8% 28.0 35.1 37.2 35.4 38.7 146.4 107.7
Total 275.0 194.7 168.9 210.3 221.4 795.3 1,023.8
Cathode (kt)
Escondida (3) 57.5% 88.8 70.9 89.3 84.8 85.3 330.3 310.4
Pampa Norte (4) 100% 57.7 56.8 69.0 59.8 65.8 251.4 249.6
Olympic Dam 100% 13.7 54.9 57.4 49.8 40.7 202.8 124.5
Total 160.2 182.6 215.7 194.4 191.8 784.5 684.5
Total Copper 435.2 377.3 384.6 404.7 413.2 1,579.8 1,708.3
Lead
Payable metal in concentrate (t)
Antamina 33.8% 448 857 1,024 1,193 645 3,719 2,060
Total 448 857 1,024 1,193 645 3,719 2,060
Zinc
Payable metal in concentrate (t)
Antamina 33.8% 15,857 20,597 16,454 11,913 6,474 55,438 66,435
Total 15,857 20,597 16,454 11,913 6,474 55,438 66,435
Gold
Payable metal in concentrate
(troy oz)
Escondida (3) 57.5% 25,554 23,805 17,889 31,408 35,894 108,996 81,509
Olympic Dam 9,438 29,349 39,299 29,028 20,010 117,686 104,780
(refined gold) 100%
Total 34,992 53,154 57,188 60,436 55,904 226,682 186,289
Silver
Payable metal in concentrate (troy koz)
Escondida (3) 57.5% 1,314 1,181 962 1,544 1,874 5,561 4,786
Antamina 33.8% 1,115 1,766 1,636 1,751 1,558 6,711 3,826
Olympic Dam
(refined silver) 100% 55 246 265 174 232 917 724
Total 2,484 3,193 2,863 3,469 3,664 13,189 9,336
Uranium
Payable metal in concentrate (t)
Olympic Dam 100% 595 1,174 1,352 961 876 4,363 3,144
Total 595 1,174 1,352 961 876 4,363 3,144
Molybdenum
Payable metal in concentrate (t)
Antamina 33.8% 206 92 232 227 562 1,113 472
Total 206 92 232 227 562 1,113 472
Iron Ore
Iron Ore
Production (kt) (5)
Newman 85% 16,062 18,006 17,003 15,817 15,115 65,941 63,697
Area C Joint 12,214 12,163 11,723 11,002 11,911 46,799 49,994
Venture 85%
Yandi Joint 17,452 16,886 15,960 16,204 18,325 67,375 68,551
Venture 85%
Jimblebar (6) 85% 5,462 3,262 4,852 5,472 5,304 18,890 16,759
Wheelarra 85% 5,159 7,259 5,757 4,562 4,971 22,549 18,994
Samarco 50% 3,737 3,739 1,665 - - 5,404 14,513
Total 60,086 61,315 56,960 53,057 55,626 226,958 232,508
Coal
Metallurgical coal
Production (kt) (7)
BMA 50% 9,023 8,087 8,207 7,894 9,225 33,413 33,862
BHP Billiton Mitsui
Coal (8) 80% 2,370 2,347 2,191 2,015 2,345 8,898 8,759
Haju (9) 75% - 15 87 167 260 529 -
Total 11,393 10,449 10,485 10,076 11,830 42,840 42,621
Energy Coal
Production (kt)
USA 100% 2,574 2,676 2,632 1,112 632 7,052 10,023
Australia 100% 5,086 4,644 4,277 4,189 3,991 17,101 19,698
Colombia 33.3% 2,944 2,527 2,628 2,610 2,329 10,094 11,291
Total 10,604 9,847 9,537 7,911 6,952 34,247 41,012
Other
Nickel
Saleable production (kt)
Nickel West 100% 19.3 22.1 15.2 20.0 23.4 80.7 89.9
Total 19.3 22.1 15.2 20.0 23.4 80.7 89.9
(1) LPG and ethane are reported as natural gas liquids (NGL). Product-specific conversions are made and NGL is reported in
barrels of oil equivalent (boe). Total boe conversions are based on 6 bcf of natural gas equals 1 MMboe.
(2) Metal production is reported on the basis of payable metal.
(3) Shown on a 100% basis. BHP Billiton interest in saleable production is 57.5%.
(4) Includes Cerro Colorado and Spence.
(5) Iron ore production is reported on a wet tonnes basis.
(6) Shown on a 100% basis. BHP Billiton interest in saleable production is 85%.
(7) Metallurgical coal production is reported on the basis of saleable product. Production figures include some thermal coal.
(8) Shown on 100% basis. BHP Billiton interest in saleable production is 80%.
(9) Shown on 100% basis. BHP Billiton interest in saleable production is 75%.
Throughout this report figures in italics indicate that this figure has been adjusted since it was previously reported.
PRODUCTION AND SALES REPORT
QUARTER ENDED YEAR TO DATE
JUN SEP DEC MAR JUN JUN JUN
2015 2015 2015 2016 2016 2016 2015
Petroleum (1)
Bass Strait
Crude oil and condensate (Mboe) 1,707 1,877 1,390 1,813 1,745 6,825 7,965
NGL (Mboe) 1,548 2,091 1,307 1,455 1,831 6,684 6,182
Natural gas (bcf) 31.9 38.7 23.9 30.3 38.1 131.0 102.3
Total petroleum products (MMboe) 8.6 10.4 6.7 8.3 9.9 35.3 31.2
North West Shelf
Crude oil and condensate (Mboe) 1,215 1,362 1,423 1,124 925 4,834 5,466
NGL (Mboe) 198 227 235 259 241 962 1,032
Natural gas (bcf) 29.9 33.9 34.9 33.8 27.6 130.2 133.0
Total petroleum products (MMboe) 6.4 7.2 7.5 7.0 5.8 27.5 28.7
Stybarrow (2)
Crude oil and condensate (Mboe) 93 (8) - - - (8) 760
Total petroleum products (MMboe) 0.1 (0.0) - - - (0.0) 0.8
Pyrenees
Crude oil and condensate (Mboe) 1,435 2,096 2,331 2,093 2,097 8,617 7,154
Total petroleum products (MMboe) 1.4 2.1 2.3 2.1 2.1 8.6 7.2
Other Australia (3)
Crude oil and condensate (Mboe) 13 13 9 8 9 39 52
Natural gas (bcf) 16.0 16.6 14.4 16.2 17.2 64.4 59.5
Total petroleum products (MMboe) 2.7 2.8 2.4 2.7 2.9 10.8 10.0
Atlantis (4)
Crude oil and condensate (Mboe) 3,110 3,637 4,257 4,056 4,058 16,008 14,670
NGL (Mboe) 209 231 278 270 269 1,048 996
Natural gas (bcf) 1.7 1.6 2.0 1.9 1.9 7.4 7.4
Total petroleum products (MMboe) 3.6 4.1 4.9 4.6 4.6 18.3 16.9
Mad Dog (4)
Crude oil and condensate (Mboe) 651 588 648 880 1,134 3,250 2,638
NGL (Mboe) 20 23 41 41 52 157 120
Natural gas (bcf) 0.1 0.1 0.1 0.1 0.2 0.5 0.4
Total petroleum products (MMboe) 0.7 0.6 0.7 0.9 1.2 3.5 2.8
Shenzi (4)
Crude oil and condensate (Mboe) 3,369 3,277 3,185 3,094 2,813 12,369 13,684
NGL (Mboe) 174 236 269 206 192 903 940
Natural gas (bcf) 0.7 0.7 0.8 0.6 0.6 2.7 3.0
Total petroleum products (MMboe) 3.7 3.6 3.6 3.4 3.1 13.7 15.1
Eagle Ford (5)
Crude oil and condensate (Mboe) 9,363 7,700 7,156 7,018 4,949 26,823 35,358
NGL (Mboe) 4,183 3,799 3,806 3,649 2,717 13,971 15,110
Natural gas (bcf) 26.1 25.8 25.4 25.1 19.5 95.8 108.6
Total petroleum products (MMboe) 17.9 15.8 15.2 14.9 10.9 56.8 68.6
Permian (5)
Crude oil and condensate (Mboe) 1,447 1,481 1,354 1,499 1,410 5,744 3,711
NGL (Mboe) 420 473 488 288 393 1,642 1,427
Natural gas (bcf) 3.0 3.9 3.4 2.4 4.9 14.6 10.9
Total petroleum products (MMboe) 2.4 2.6 2.4 2.2 2.6 9.8 7.0
Haynesville (5)
Crude oil and condensate (Mboe) - - 1 - - 1 20
Natural gas (bcf) 35.4 36.4 34.7 34.4 31.1 136.6 162.5
Total petroleum products (MMboe) 5.9 6.1 5.8 5.7 5.2 22.8 27.1
Fayetteville (5)
Natural gas (bcf) 31.9 32.1 30.9 28.0 26.5 117.5 138.2
Total petroleum products (MMboe) 5.3 5.4 5.2 4.7 4.4 19.6 23.0
Trinidad/Tobago
Crude oil and condensate (Mboe) 562 242 185 120 162 709 1,237
Natural gas (bcf) 9.1 7.6 7.4 7.4 8.6 31.0 32.9
Total petroleum products (MMboe) 2.1 1.5 1.4 1.4 1.6 5.9 6.7
Other Americas (4) (6)
Crude oil and condensate (Mboe) 348 361 360 334 308 1,363 1,545
NGL (Mboe) 11 12 16 12 10 50 88
Natural gas (bcf) 0.1 0.2 0.2 0.2 0.2 0.8 0.7
Total petroleum products (MMboe) 0.4 0.4 0.4 0.4 0.4 1.5 1.7
UK
Crude oil and condensate (Mboe) 76 59 74 65 76 274 251
NGL (Mboe) 83 (4) 27 10 10 43 101
Natural gas (bcf) 1.0 1.0 1.0 1.0 1.3 4.3 4.2
Total petroleum products (MMboe) 0.3 0.2 0.3 0.2 0.3 1.0 1.1
Algeria
Crude oil and condensate (Mboe) 912 916 922 887 964 3,689 3,948
Total petroleum products (MMboe) 0.9 0.9 0.9 0.9 1.0 3.7 3.9
Pakistan (7)
Crude oil and condensate (Mboe) 25 23 19 - - 42 123
Natural gas (bcf) 4.9 4.2 3.7 - - 7.9 23.0
Total petroleum products (MMboe) 0.8 0.7 0.6 - - 1.4 4.0
Total petroleum products
Crude oil and condensate
Onshore US (Mboe) 10,810 9,181 8,511 8,517 6,359 32,568 39,089
Conventional (Mboe) 13,516 14,443 14,803 14,474 14,291 58,011 59,493
Total (Mboe) 24,326 23,624 23,314 22,991 20,650 90,579 98,582
NGL
Onshore US (Mboe) 4,603 4,272 4,294 3,937 3,110 15,613 16,537
Conventional (Mboe) 2,243 2,816 2,173 2,253 2,605 9,847 9,459
Total (Mboe) 6,846 7,088 6,467 6,190 5,715 25,460 25,996
Natural Gas
Onshore US (bcf) 96.4 98.2 94.4 89.9 82.0 364.5 420.2
Conventional (bcf) 95.4 104.6 88.4 91.5 95.7 380.2 366.4
Total (bcf) 191.8 202.8 182.8 181.4 177.7 744.7 786.6
(1) Total boe conversions are based on 6 bcf of natural gas equals 1 MMboe. Negative production figures
represent finalisation adjustments.
(2) Stybarrow ceased production on 26 June 2015.
(3) Other Australia includes Minerva and Macedon.
(4) Gulf of Mexico volumes are net of royalties.
(5) Onshore US volumes are net of mineral holder royalties.
(6) Other Americas includes Neptune, Genesis and Overriding Royalty Interest.
(7) BHP Billiton completed the sale of the Pakistan gas business on 16 February 2015.
Copper
Metals production is payable metal unless otherwise stated.
Escondida, Chile (1)
Material mined (kt) 96,337 110,067 109,200 105,970 108,037 433,274 384,700
Sulphide ore milled (kt) 22,909 22,820 18,076 21,188 22,905 84,989 83,296
Average copper grade (%) 1.32% 1.00% 0.99% 0.99% 0.94% 0.98% 1.36%
Production ex mill (kt) 249.6 169.7 142.8 175.8 181.7 670.0 936.9
Production
Payable copper (kt) 247.0 159.6 131.7 174.9 182.7 648.9 916.1
Copper cathode (EW) (kt) 88.8 70.9 89.3 84.8 85.3 330.3 310.4
Payable gold
concentrate (troy oz) 25,554 23,805 17,889 31,408 35,894 108,996 81,509
Payable silver
concentrate (troy koz) 1,314 1,181 962 1,544 1,874 5,561 4,786
Sales
Payable copper (kt) 243.0 157.6 123.8 181.7 186.6 649.7 919.1
Copper cathode (EW) (kt) 101.4 63.8 101.1 80.3 83.8 329.0 310.2
Payable gold
concentrate (troy oz) 25,554 23,805 17,889 31,408 35,894 108,996 81,509
Payable silver
concentrate (troy koz) 1,314 1,181 962 1,544 1,874 5,561 4,787
(1) Shown on a 100% basis. BHP Billiton interest in saleable production is 57.5%.
Pampa Norte, Chile
Cerro Colorado
Material mined (kt) 14,211 13,870 14,930 12,415 12,453 53,668 60,882
Ore milled (kt) 4,798 4,703 4,856 4,012 4,375 17,946 17,934
Average copper grade (%) 0.70% 0.64% 0.82% 0.84% 0.80% 0.77% 0.71%
Production
Copper cathode (EW) (kt) 20.4 13.7 18.8 20.0 24.8 77.3 78.2
Sales
Copper cathode (EW) (kt) 20.8 13.0 19.7 18.6 25.2 76.5 83.8
Spence
Material mined (kt) 21,062 22,922 21,593 22,549 21,124 88,188 90,151
Ore milled (kt) 4,082 4,919 5,146 4,355 4,836 19,256 16,834
Average copper grade (%) 1.24% 1.41% 1.30% 1.39% 1.22% 1.33% 1.21%
Production
Copper cathode (EW) (kt) 37.3 43.1 50.2 39.8 41.0 174.1 171.4
Sales
Copper cathode (EW) (kt) 40.6 38.2 56.1 38.4 40.9 173.6 174.3
Antamina, Peru
Material mined (100%) (kt) 56,944 56,793 52,130 55,183 62,793 226,899 205,199
Sulphide ore milled
(100%) (kt) 14,831 14,300 14,184 12,414 14,711 55,609 53,675
Average head grades
- Copper (%) 0.74% 0.88% 0.92% 1.02% 0.90% 0.93% 0.77%
- Zinc (%) 0.56% 0.79% 0.55% 0.54% 0.33% 0.55% 0.68%
Production
Payable copper (kt) 28.0 35.1 37.2 35.4 38.7 146.4 107.7
Payable zinc (t) 15,857 20,597 16,454 11,913 6,474 55,438 66,435
Payable silver (troy koz) 1,115 1,766 1,636 1,751 1,558 6,711 3,826
Payable lead (t) 448 857 1,024 1,193 645 3,719 2,060
Payable molybdenum (t) 206 92 232 227 562 1,113 472
Sales
Payable copper (kt) 26.3 30.8 42.9 29.3 42.4 145.4 108.9
Payable zinc (t) 13,645 18,747 20,423 12,097 3,035 54,302 63,561
Payable silver (troy koz) 911 1,522 2,048 1,331 2,055 6,956 3,748
Payable lead (t) 624 266 1,056 1,073 1,108 3,503 2,116
Payable molybdenum (t) 157 156 138 178 331 803 460
Olympic Dam, Australia
Material mined (1) (kt) 1,773 2,357 2,372 2,210 1,993 8,932 9,318
Ore milled (kt) 1,469 2,727 2,767 2,174 2,031 9,699 7,928
Average copper grade (%) 1.97% 1.64% 2.22% 2.01% 2.20% 2.01% 1.86%
Average uranium
grade (kg/t) 0.62 0.60 0.62 0.61 0.59 0.61 0.57
Production
Copper cathode (ER
and EW) (kt) 13.7 54.9 57.4 49.8 40.7 202.8 124.5
Uranium oxide
concentrate (t) 595 1,174 1,352 961 876 4,363 3,144
Refined gold (troy oz) 9,438 29,349 39,299 29,028 20,010 117,686 104,780
Refined silver (troy koz) 55 246 265 174 232 917 724
Sales
Copper cathode (ER
and EW) (kt) 14.5 52.5 57.3 49.4 43.9 203.1 127.3
Uranium oxide
concentrate (t) 818 677 1,013 1,261 778 3,729 3,668
Refined gold (troy oz) 9,064 25,598 39,168 32,052 22,134 118,952 106,647
Refined silver (troy koz) 61 213 265 198 201 877 732
(1) Material mined refers to run of mine ore mined and hoisted.
Iron Ore
Iron ore production and sales are reported on a wet tonnes basis.
Pilbara, Australia
Production
Newman (kt) 16,062 18,006 17,003 15,817 15,115 65,941 63,697
Area C Joint Venture (kt) 12,214 12,163 11,723 11,002 11,911 46,799 49,994
Yandi Joint Venture (kt) 17,452 16,886 15,960 16,204 18,325 67,375 68,551
Jimblebar (1) (kt) 5,462 3,262 4,852 5,472 5,304 18,890 16,759
Wheelarra (kt) 5,159 7,259 5,757 4,562 4,971 22,549 18,994
Total production (kt) 56,349 57,576 55,295 53,057 55,626 221,554 217,995
Total production (100%) (kt) 65,330 67,161 64,197 61,454 64,508 257,320 253,509
Sales
Lump (kt) 13,234 14,003 13,886 13,380 13,054 54,323 51,278
Fines (kt) 43,430 43,587 40,917 40,078 42,673 167,255 168,883
Total (kt) 56,664 57,590 54,803 53,458 55,727 221,578 220,161
Total sales (100%) (kt) 65,703 67,177 63,625 61,927 64,617 257,346 256,055
(1) Shown on a 100% basis. BHP Billiton interest in saleable production is 85%.
Samarco, Brazil (1)
Production (kt) 3,737 3,739 1,665 - - 5,404 14,513
Sales (kt) 3,627 3,531 2,425 224 94 6,274 13,957
(1) Mining and processing operations remain suspended following the failure of the Fundão tailings dam and Santarém water
dam on 5 November 2015.
Coal
Coal production is reported on the basis of saleable product.
Queensland Coal
Production (1)
BMA
Blackwater (kt) 1,873 1,803 1,861 1,756 2,206 7,626 6,994
Goonyella (kt) 2,065 1,868 1,941 2,478 2,709 8,996 8,510
Peak Downs (kt) 1,469 1,164 1,323 1,159 1,385 5,031 5,111
Saraji (kt) 1,194 1,037 1,000 1,046 1,123 4,206 4,506
Gregory Joint Venture (2) (kt) 885 707 609 13 - 1,329 3,294
Daunia (kt) 649 698 616 626 684 2,624 2,383
Caval Ridge (kt) 888 810 857 816 1,118 3,601 3,064
Total BMA (kt) 9,023 8,087 8,207 7,894 9,225 33,413 33,862
BHP Billiton Mitsui Coal (3)
South Walker Creek (kt) 1,384 1,511 1,275 1,268 1,382 5,436 5,293
Poitrel (kt) 986 836 916 747 963 3,462 3,466
Total BHP Billiton Mitsui
Coal (kt) 2,370 2,347 2,191 2,015 2,345 8,898 8,759
Total Queensland Coal (kt) 11,393 10,434 10,398 9,909 11,570 42,311 42,621
Sales
Coking coal (kt) 7,616 7,015 7,642 7,348 8,059 30,064 30,419
Weak coking coal (kt) 2,850 3,246 2,695 2,681 3,196 11,818 11,099
Thermal coal (kt) 375 86 290 241 310 927 771
Total (kt) 10,841 10,347 10,627 10,270 11,565 42,809 42,289
(1) Production figures include some thermal coal.
(2) Longwall mining at Crinum completed during the December 2015 quarter.
(3) Shown on a 100% basis. BHP Billiton interest in saleable production is 80%.
Haju, Indonesia (1)
Production (kt) - 15 87 167 260 529 -
(1) Shown on 100% basis. BHP Billiton interest in saleable production is 75%.
New Mexico, USA
Production
Navajo Coal (1) (kt) 1,395 1,270 1,403 694 632 3,999 4,858
San Juan Coal (2) (kt) 1,179 1,406 1,229 418 - 3,053 5,165
Total (kt) 2,574 2,676 2,632 1,112 632 7,052 10,023
Sales thermal coal - local
utility 2,539 2,671 2,661 1,106 613 7,051 10,031
(1) BHP Billiton completed the sale of Navajo Mine on 30 December 2013. As BHP Billiton will retain control of the mine until
full consideration is received, production will continue to be reported by the Group.
(2) BHP Billiton completed the sale of San Juan Mine on 31 January 2016.
NSW Energy Coal, Australia
Production (kt) 5,086 4,644 4,277 4,189 3,991 17,101 19,698
Sales
Export thermal coal (kt) 4,550 4,130 5,081 3,410 3,993 16,614 18,859
Inland thermal coal (kt) 286 253 229 234 440 1,156 1,222
Total (kt) 4,836 4,383 5,310 3,644 4,433 17,770 20,081
Cerrejon, Colombia
Production (kt) 2,944 2,527 2,628 2,610 2,329 10,094 11,291
Sales thermal coal -
export (kt) 2,766 2,853 2,565 2,339 2,844 10,601 11,580
Other
Nickel production is reported on the basis of saleable product.
Nickel West, Australia
Production
Nickel contained in
concentrate (kt) 1.5 0.7 0.2 0.3 0.3 1.5 7.3
Nickel contained in finished
matte (kt) 3.9 5.0 2.6 2.8 5.8 16.2 24.6
Nickel metal (kt) 13.9 16.4 12.4 16.9 17.3 63.0 58.0
Total nickel production (kt) 19.3 22.1 15.2 20.0 23.4 80.7 89.9
Sales
Nickel contained in
concentrate (kt) 1.6 0.7 0.2 0.3 0.3 1.5 7.3
Nickel contained in finished
matte (kt) 4.4 4.2 3.7 2.7 5.9 16.5 24.8
Nickel metal (kt) 15.7 15.6 12.1 17.8 17.4 62.9 58.6
Total nickel sales (kt) 21.7 20.5 16.0 20.8 23.6 80.9 90.7
Date: 20/07/2016 07:05:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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