Wrap Text
Operational Review for the Half Year Ended 31 December 2016
BHP Billiton Plc
Registration number 3196209
Registered in England and Wales
Share code: BIL
ISIN: GB0000566504
NEWS RELEASE
Release Time IMMEDIATE
Date 25 January 2017
Release Number 2/17
BHP BILLITON OPERATIONAL REVIEW
FOR THE HALF YEAR ENDED 31 DECEMBER 2016
- Record production for the half year was achieved at Western Australia Iron Ore (WAIO).
- Full year production guidance maintained for Petroleum, Iron Ore and Coal.
- Production guidance for Copper reduced to approximately 1.62 Mt, two per cent below prior
guidance, reflecting lower volumes now expected at Olympic Dam.
- In Petroleum, following the successful bid for Trion in Mexico and positive drilling results at
LeClerc and Caicos, an US$820 million exploration program is now planned for the current financial
year.
- All major projects under development are tracking to plan. The Bass Strait Longford Gas
Conditioning Plant project achieved initial gas sales in the December 2016 quarter. Mechanical
completion was achieved at the Escondida Water Supply project with first water expected in the
March 2017 quarter.
- Underlying attributable profit(1) in the December 2016 half year is expected to include gains related
to asset divestments in a range of approximately US$150 million to US$200 million (details on page
2).
Production Dec H16 vs Dec Q15
Petroleum (MMboe) 106 (15%) Deferral of development activity in Onshore US for value
and natural field decline in Conventional assets.
Copper (kt) 712 (7%) Reduced volumes at Olympic Dam, maintenance at
Pampa Norte and lower copper grades as expected at
Antamina.
Iron ore(2) (Mt) 118 4% Record WAIO volumes for the half year due to the
continued ramp-up of additional capacity at Jimblebar.
Metallurgical coal(2) (Mt) 21 1% Strong performance at four Queensland Coal mines more
than offset the cessation of production at Crinum.
Energy coal(2) (Mt) 14 (4%) Lower production at NSWEC partially offset by strong
performance at Cerrejón.
BHP Billiton Chief Executive Officer, Andrew Mackenzie, said: “We have performed well during a period of
higher prices, with record iron ore volumes achieved at WAIO. Our simpler organisational structure has
freed our assets to focus on what matters most and to deliver safer and more productive operations.
Our consistent delivery of operating and capital productivity, and strict adherence to our capital allocation
framework have positioned us to maximise shareholder value.
“In Petroleum, we will accelerate our counter-cyclical oil exploration efforts this year. Our successful
Trion bid leaves us in a leading position to develop the newly opened Mexican acreage in the Gulf of
Mexico, where we can leverage our core expertise. We are encouraged by recent positive drilling results
at the LeClerc well in Trinidad and Tobago and the Caicos well in the Gulf of Mexico. After the first
successful rig, our Onshore US gas hedging program will also be expanded to secure attractive returns.”
Summary
Operational performance
Production for the December 2016 half year and quarter and guidance for the 2017 financial year are
summarised in the table below.
Dec H16 Dec Q16 Dec Q16 Previous Current
vs vs vs FY17 FY17
Production Dec H16 Dec Q16 Dec H15 Dec Q15 Sep Q16 guidance guidance
Petroleum (MMboe) 105.9 51.4 (15%) (15%) (6%) 200 - 210 200 - 210
Onshore US (MMboe) 40.0 19.4 (31%) (32%) (6%) 77 - 83 77 - 83
Conventional (MMboe) 65.9 32.0 (1%) 1% (6%) 123 - 127 123 - 127
Copper (kt) 712 357 (7%) (7%) 1% 1,660 1,620
Escondida (kt) 452 234 0% 6% 8% 1,070 1,070
Other copper(i) (kt) 260 123 (16%) (25%) (10%) 590 550
Iron ore(ii) (Mt) 118 60 4% 9% 4% 228 - 237 228 - 237
WAIO (100% basis) (Mt) 136 70 4% 9% 4% 265 - 275 265 - 275
Metallurgical coal(ii) (Mt) 21 11 1% 2% 1% 44 44
Energy coal(ii) (Mt) 14 7 (4%) (4%) (3%) 30 30
(i) Other copper comprises Pampa Norte, Olympic Dam and Antamina.
(ii) Excludes production from Samarco, New Mexico Coal and Haju (IndoMet Coal).
Major development projects
During the December 2016 quarter, the Bass Strait Longford Gas Conditioning Plant project achieved
initial gas sales, under budget, and production is ramping up to full rate. In December 2016, mechanical
completion was achieved at the Escondida Water Supply project with first water expected to be delivered
in the March 2017 quarter, on schedule and budget. These two projects will not be reported in future
Operational Reviews.
BHP Billiton has two major projects under development in Petroleum and Potash, with a combined
budget of US$2.9 billion over the life of the projects. Both projects remain on time and on budget.
Corporate update
BHP Billiton expects Underlying attributable profit(1) in the December 2016 half year to include gains
related to asset divestments in a range of approximately US$150 million to US$200 million (Underlying
EBITDA(1) impact of US$175 million to US$225 million).
In addition, the Group expects to record an exceptional item of US$164 million (US$115 million post-tax)
related to the cancellation of the Caroona exploration licence and subsequent reimbursement received
during the December 2016 half year.
On 20 December 2016, Samarco, Vale and BHP Billiton Brasil agreed a non-binding term sheet outlining
the general terms and conditions for the use of Vale’s Timbopeba pit by Samarco to deposit its tailings,
should Samarco restart. A definitive agreement remains subject to a successful commercial negotiation,
due diligence and relevant government approvals. These processes are likely to occur during the 2017
calendar year.
On 18 January 2017, Samarco, Vale and BHP Billiton Brasil have also entered into a preliminary
agreement with the Federal Prosecutors’ Office in Brazil in relation to the Fundão tailings dam failure on
5 November 2015(3) (Preliminary Agreement). The Preliminary Agreement outlines the process and
timeline for negotiation of a settlement of the BRL 155 billion (approximately US$47.5 billion) Civil Claim
relating to the dam failure.
For the December 2016 half year, we are not yet in a position to provide an update to the ongoing
potential financial impacts on BHP Billiton Brasil of the Samarco dam failure. Any financial impacts will
continue to be classified as an exceptional item.
The above guidance will be updated should material information or events arise as the Group finalises its
financial statements.
Marketing update
The average realised prices achieved for our major commodities are summarised in the table below. The
majority of iron ore shipments were linked to the index price for the month of shipment, with price
differentials predominantly reflecting product quality and market fundamentals. The majority of
metallurgical coal and energy coal exports were linked to the index price for the month of shipment or
sold on the spot market at fixed or index-linked prices, with price differentials reflecting product quality.
Dec H16 Dec H16 Dec H16
vs vs vs
Average realised prices(i) Dec H16 Dec H15 Jun H16 FY16 Dec H15 Jun H16 FY16
Oil (crude and condensate) (US$/bbl) 45 42 37 39 7% 22% 15%
Natural gas (US$/Mscf)(ii) 3.21 2.91 2.74 2.83 10% 17% 13%
US natural gas (US$/Mscf) 2.79 2.35 1.96 2.16 19% 42% 29%
LNG (US$/Mscf) 6.35 8.24 7.12 7.71 (23%) (11%) (18%)
Copper (US$/lb) 2.41 2.12 2.16 2.14 14% 12% 13%
Iron ore (US$/wmt, FOB) 55 43 44 44 28% 25% 25%
Hard coking coal (US$/t) 179 82 83 83 118% 116% 116%
Weak coking coal (US$/t) 122 67 70 69 82% 74% 77%
Thermal coal (US$/t)(iii) 74 49 46 48 51% 61% 54%
Nickel metal (US$/t) 10,581 9,926 8,792 9,264 7% 20% 14%
(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 31 December 2016, the Group had 267 kt of outstanding copper sales that were revalued at a
weighted average price of US$2.51 per pound. The final price of these sales will be determined over the
remainder of the 2017 financial year. In addition, 316 kt of copper sales from the 2016 financial year
were subject to a finalisation adjustment in the current period. The provisional pricing and finalisation
adjustments will increase earnings before interest and tax by US$37 million in the December 2016 half
year.
Petroleum
Production
Dec H16 Dec Q16 Dec Q16
vs vs vs
Dec H16 Dec Q16 Dec H15 Dec Q15 Sep Q16
Crude oil, condensate and natural gas liquids
(MMboe) 48.2 23.9 (20%) (20%) (1%)
Natural gas (bcf) 347 165 (10%) (10%) (9%)
Total petroleum production (MMboe) 105.9 51.4 (15%) (15%) (6%)
Total petroleum production – Total petroleum production for the December 2016 half year decreased
by 15 per cent to 105.9 MMboe. Guidance for the 2017 financial year remains unchanged at between
200 and 210 MMboe, comprising Conventional volumes between 123 and 127 MMboe and Onshore US
volumes between 77 and 83 MMboe.
Crude oil, condensate and natural gas liquids – Crude oil, condensate and natural gas liquids
production for the December 2016 half year decreased by 20 per cent to 48.2 MMboe.
Onshore US liquids volumes decreased by 37 per cent to 16.4 MMboe as a result of a reduction in
activity in the Black Hawk for value and natural field decline, which more than offset increased liquids
production from the Permian.
Conventional liquids volumes decreased by seven per cent as higher production at Bass Strait and North
West Shelf and an additional infill well at Mad Dog partially offset natural field decline across the portfolio
and planned maintenance at Atlantis.
Natural gas – Natural gas production for the December 2016 half year declined by 10 per cent to 347
bcf.
The decline primarily reflects lower Onshore US gas volumes as a result of the decision to defer
development activity for value and the divestment of our gas business in Pakistan. This was partially
offset by higher demand at Bass Strait and Macedon and increased LNG volumes at North West Shelf.
On 5 September 2016, BHP Billiton announced the sale of 50 per cent of its interest in the undeveloped
Scarborough area gas fields. ExxonMobil will remain operator of Scarborough and operatorship of North
Scarborough will transfer from BHP Billiton to Woodside. The sale was completed during the December
2016 quarter.
Projects
Capital Initial
Project and expenditure production
ownership (US$m) target date Capacity Progress
Bass Strait Longford 520 CY16 Designed to process approximately Initial gas sales achieved in Q4 CY16,
Gas Conditioning 400 MMcf/d of high-CO2 gas. under budget and production ramping up
Plant to full rate.
(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 27% complete.
Flank-B
(Australia)
16.67%
(non-operator)
Petroleum capital expenditure guidance of approximately US$1.4 billion (excluding US$0.2 billion from
capital creditor movements) for the 2017 financial year remains unchanged. This includes Conventional
capital expenditure of US$0.8 billion which is focused on life extension projects at Bass Strait and North
West Shelf. Onshore US capital expenditure is expected to be US$0.6 billion with development activity
tailored to market conditions.
During the December 2016 quarter, BP (the operator) sanctioned the Mad Dog Phase 2 project.
Approval from BHP Billiton´s Board will be sought during the March 2017 quarter.
Onshore US development activity
Onshore US drilling and development expenditure for the December 2016 half year was approximately
US$273 million. Our operated rig count increased from two to three during the December 2016 quarter
with deployment of a rig in the Haynesville in October 2016, following the successful execution of our
hedging pilot. Additional hedge activity during the quarter has led to approval of a second rig in the
Haynesville with operations expected to commence in March 2017. Completions activity in the Black
Hawk was accelerated in the December 2016 quarter to drawdown drilled and uncompleted inventory as
market conditions improved. We are currently progressing trials in the Black Hawk, testing the potential
for staggered wells to increase recovery, larger frac jobs to improve productivity and the potential of the
Upper Eagle Ford horizon. We expect early results of these trials to be known during the September
2017 quarter.
December 2016 half year Liquids focused areas Gas focused areas
(December 2015 half year) Eagle Ford Permian Haynesville Fayetteville Total
Capital expenditure(i) US$ billion 0.1 (0.6) 0.1 (0.2) 0.0 (0.0) 0.0 (0.0) 0.3 (0.8)
Rig allocation At period end 1 (5) 1 (2) 1 (0) 0 (0) 3 (7)
Net wells drilled and completed(ii) Period total 43 (74) 15 (19) 0 (4) 2 (10) 60 (107)
Net productive wells At period end 942 (912) 118 (94) 394 (409) 1,042 (1,085) 2,496 (2,500)
(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 December 2016 quarter are summarised below.
Well Location Target BHP Billiton Spud date Water depth Total well Status
equity depth
Burrokeet- Trinidad & Oil 70% 8 August 2016 1,923 m 3,337 m Plugged and abandoned
1 Tobago Block (Operator)
23a
Burrokeet- Trinidad & Oil 70% 18 August 2016 1,923 m 7,348 m Plugged and abandoned
2 Tobago Block (Operator)
23a
The Burrokeet-1 well encountered mechanical difficulty shortly after spud and was plugged and
abandoned. Non-commercial hydrocarbons were encountered at Burrokeet-2 with analysis ongoing.
Phase 1 of the Trinidad and Tobago deep water drilling campaign has concluded. Following the oil
discovery in the Shenzi North and Caicos wells in the central Gulf of Mexico, the Invictus rig has been
mobilised for drilling the Wildling well in the March 2017 quarter.
During the December 2016 quarter, BHP Billiton won the bid to acquire a 60 per cent participating
interest in and operatorship of blocks AE-0092 and AE-0093, containing the Trion discovered resource,
in Mexico. Subject to satisfaction of conditions, BHP Billiton anticipates signing the relevant agreements
in the March 2017 quarter.
In the US Gulf of Mexico, we increased acreage position and operatorship in the Southern Green
Canyon Miocene and Western Gulf of Mexico Paleogene key focus areas. The regulator awarded all 12
of the leases for which BHP Billiton was the apparent high bidder in the Western Gulf of Mexico Lease
Sale 248. In addition, BHP Billiton cross-assigned nine leases in Green Canyon with Statoil Gulf of
Mexico LLC and Repsol E&P USA Inc. The cross assignment results in BHP Billiton having a 65 per cent
interest and operatorship over the nine leases, ahead of drilling the Scimitar exploration well in the June
2017 quarter. The regulator also approved assignment of BHP Billiton’s 60 per cent interest in two
leases in Green Canyon (GC 633 and 676) to Chevron U.S.A. Inc.
In Australia, seismic work commenced in the Exmouth sub-basin following regulatory approval of the
Good Standing Agreement in relation to the WA-475-P permit. The WA-335-P permit was officially
relinquished after receiving consent from the regulator to surrender the permit.
Petroleum exploration expenditure for the December 2016 half year was US$364 million, of which
US$217 million was expensed. An US$820 million exploration program is now planned for the 2017
financial year, an increase of US$120 million from prior guidance, following the successful bid for Trion in
Mexico and positive drilling results at the LeClerc well in Trinidad and Tobago and the Caicos well in the
Gulf of Mexico.
Copper
Production
Dec H16 Dec Q16 Dec Q16
vs vs vs
Dec H16 Dec Q16 Dec H15 Dec Q15 Sep Q16
Copper (kt) 712 357 (7%) (7%) 1%
Zinc (t) 37,773 22,406 2% 36% 46%
Uranium oxide concentrate (t) 1,976 1,060 (22%) (22%) 16%
Copper – Total copper production for the December 2016 half year decreased by seven per cent to 712
kt. Production for the 2017 financial year is now expected to be approximately 1.62 Mt, two per cent
below prior guidance, and reflects a reduction in volumes at Olympic Dam.
Escondida copper production for the December 2016 half year was unchanged at 452 kt as higher
concentrate production was offset by lower cathode production. During the period there was a four day
site-wide suspension of operations to conduct an investigation following a fatality on 21 October 2016.
Production guidance for Escondida remains unchanged at 1,070 kt, with volumes weighted to the
second half of the 2017 financial year. The current Collective Agreement with Escondida N°1 Union
expires on 31 January 2017 and negotiations for a new agreement are in progress. The commissioning
of the Escondida Water Supply project and the planned ramp-up of the Los Colorados Extension project
late in the 2017 financial year, will enable full utilisation of three concentrators during the 2018 financial
year.
Pampa Norte copper production for the December 2016 half year decreased by eight per cent to 116 kt,
with an unplanned outage offsetting improved recoveries at Cerro Colorado, and planned maintenance
offsetting record ore milled at Spence in the December 2016 quarter. Copper production decreased by
13 per cent from the September 2016 quarter mainly due to suspension of the processing operations at
the Cerro Colorado Ore Handling Plant 2 following the failure of a transfer chute. Pampa Norte copper
production guidance for the 2017 financial year remains unchanged and is expected to be higher than
the prior year supported by the completion of the Spence Recovery Optimisation project which achieved
an annualised production run rate of 200 ktpa in the month of December 2016.
Olympic Dam copper production for the December 2016 half year decreased by 30 per cent to 78 kt
following planned maintenance and a state-wide power outage which commenced on 28 September
2016. Power was safely restored on 14 October 2016 and operations were fully ramped-up in the
December 2016 quarter. Olympic Dam copper production of approximately 160 kt to 170 kt is now
expected for the 2017 financial year. Lower volumes reflect the power outage and unplanned
maintenance at the refinery which commenced at the end of December 2016, ahead of the major smelter
maintenance campaign planned for the September 2017 quarter.
Antamina copper production for the December 2016 half year decreased by nine per cent to 66 kt
reflecting lower copper grades as mining progressed through a zinc rich ore zone, consistent with the
mine plan. Guidance for the 2017 financial year remains unchanged at 130 kt. Zinc production for the
December 2016 half year increased by two per cent to 38 kt with guidance for the 2017 financial year
unchanged at 90 kt.
Project
Capital Initial
Project and expenditure production
ownership (US$m) target date Capacity Progress
Escondida Water 3,430 CY17 New desalination facility to ensure Mechanical completion achieved with
Supply continued water supply to Escondida. first water expected in the March 2017
(Chile) quarter. Project on schedule and budget.
57.5% The overall project is 99% complete.
Iron Ore
Production
Dec H16 Dec Q16 Dec Q16
Dec H16 Dec Q16 vs vs vs
Dec H15 Dec Q15 Sep Q16
Iron ore(i) (kt) 117,636 60,049 4% 9% 4%
(i) Represents Western Australia Iron Ore (WAIO). Excludes production from Samarco.
Iron ore – Total iron ore production for the December 2016 half year increased by four per cent to 118
Mt or 136 Mt on a 100 per cent basis. Guidance for the 2017 financial year remains unchanged at
between 228 and 237 Mt or between 265 and 275 Mt on a 100 per cent basis, excluding production from
Samarco.
WAIO achieved record production for the December 2016 half year as a result of the continued ramp-up
of additional capacity at Jimblebar with the commissioning of a new primary crusher and additional
conveying capacity. Combined with improved track reliability and lower scheduled maintenance at Yandi,
volumes increased by four per cent from the September 2016 quarter. The rail renewal and maintenance
program, which will support the supply chain’s long-term reliability, is progressing ahead of schedule and
is now expected to be completed in the June 2017 quarter.
Mining and processing operations at Samarco remain suspended following the failure of the Fundão
tailings dam and Santarém water dam on 5 November 2015.
Coal
Production
Dec H16 Dec Q16 Dec Q16
vs vs vs
Dec H16 Dec Q16 Dec H15 Dec Q15 Sep Q16
Metallurgical coal(i) (kt) 21,142 10,613 1% 2% 1%
Energy coal(ii) (kt) 13,531 6,651 (4%) (4%) (3%)
(i) Represents Queensland Coal. Excludes production from Haju following the divestment of IndoMet Coal (2017 financial
year: 129 kt).
(ii) Excludes production from New Mexico Coal following divestments (2017 financial year: 451 kt).
Metallurgical coal – Metallurgical coal production for the December 2016 half year increased by one
per cent to 21 Mt. Guidance for the 2017 financial year remains unchanged at 44 Mt.
Strong performances at Broadmeadow, Peak Downs, Saraji and Caval Ridge, underpinned by additional
stripping and higher wash-plant utilisation, more than offset the completion of longwall mining at Crinum
in the December 2015 quarter, adverse weather conditions in the September 2016 quarter and lower
yield at South Walker Creek.
Record production at Peak Downs was achieved during the December 2016 quarter with coal
opportunistically trucked to Caval Ridge in order to utilise latent wash-plant capacity.
Energy coal – Energy coal production for the December 2016 half year decreased by four per cent to 14
Mt. Guidance for the 2017 financial year remains unchanged at 30 Mt.
New South Wales Energy Coal recorded improved underlying truck utilisation, however production
declined by 13 per cent as a higher drawdown of in-pit and Run-of-Mine (ROM) inventories benefitted
the December 2015 half year. This was partially offset by an 11 per cent increase in volumes at Cerrejón
compared to the December 2015 half year which was constrained by drought conditions.
The divestment of Navajo Coal was completed on 29 July 2016, with management of the mine
transferred to Navajo Transitional Energy Company on 31 December 2016.
Other
Nickel production
Dec H16 Dec Q16 Dec Q16
vs vs vs
Dec H16 Dec Q16 Dec H15 Dec Q15 Sep Q16
Nickel (kt) 40.9 22.1 10% 45% 18%
Nickel – Nickel West production for the December 2016 half year increased by 10 per cent to 40.9 kt.
Ongoing debottlenecking activities have resulted in record production at the Kwinana refinery. Nickel
production guidance for the 2017 financial year remains unchanged and is expected to increase by
approximately 10 per cent from the prior year.
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 64% complete and on
(Canada) production and service shafts, and to continue the budget. Both shafts have been safely
installation of essential surface infrastructure and utilities. excavated and lined through the
100% Blairmore aquifer. The engineering
contract for feasibility studies of Jansen
Stage 1 has been awarded.
Minerals exploration
Minerals exploration expenditure for the December 2016 half year was US$75 million, of which US$75
million was expensed. Greenfield minerals exploration is predominantly focused on advancing copper
targets within Chile, Peru, Canada, South Australia and the South-West United States.
Variance analysis relates to the relative performance of BHP Billiton and/or its operations during December 2016 half year
compared with the December 2015 half 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 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 attributable profit is Attributable profit excluding any exceptional items.
(2) Excludes production from Samarco, Haju (IndoMet Coal) and New Mexico Coal.
(3) Under the Preliminary Agreement, Samarco, Vale and BHP Billiton Brasil will provide, subject to Court approval, total
security of BRL 2.2 billion (approximately US$675 million, 100 per cent basis) to support the payments for the social and
environmental remediation programs under the Framework Agreement (Interim Security). The Interim Security comprises
a charge over Samarco’s assets of BRL 800 million (approximately US$245 million), insurance bonds of BRL 1.3 billion
(approximately US$400 million), and liquid assets of BRL 100 million (approximately US$30 million). During the period that
the Interim Security is in place, it will, subject to Court approval, replace the BRL 1.2 billion injunction (approximately
US$370 million) issued in the BRL 20 billion Civil Claim. In addition, the applications by the Federal Prosecutors for the
BRL 7.7 billion injunction (approximately US$2.4 billion) in the BRL 155 billion Civil Claim and the BRL 20 billion asset
freezing order (approximately US$6 billion) in the criminal proceedings commenced by the Federal Prosecutors in Brazil
against Samarco, Vale, BHP Billiton Brasil and others will be suspended. The parties have agreed that the Interim Security
will remain in place until the earlier of 30 June 2017 and the date that a final settlement arrangement is agreed between
the Federal Prosecutors’ Office in Brazil, and Samarco, Vale and BHP Billiton Brasil. If a final settlement arrangement is
not agreed by 30 June 2017, the Federal Prosecutors may request reinstatement by the Court of the BRL 1.2 billion
(approximately US$370 million) injunction.
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).
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PRODUCTION SUMMARY
Quarter ended Year to date
BHP
Billiton DEC MAR JUN SEP DEC DEC DEC
interest 2015 2016 2016 2016 2016 2016 2015
Petroleum (1)
Petroleum
Crude oil,
condensate and
NGL (Mboe)
Onshore US 12,805 12,454 9,469 8,288 8,143 16,431 26,258
Conventional 16,976 16,727 16,896 15,959 15,768 31,727 34,235
Total 29,781 29,181 26,365 24,247 23,911 48,158 60,493
Natural gas (bcf)
Onshore US 94.4 89.9 82.0 73.9 67.8 141.7 192.6
Conventional 88.4 91.5 95.7 107.8 97.1 204.9 193.0
Total 182.8 181.4 177.7 181.7 164.9 346.6 385.6
Total petroleum
production
(MMboe) 60.2 59.4 56.0 54.5 51.4 105.9 124.7
Copper (2)
Copper
Payable metal in concentrate
(kt)
Escondida (3) 57.5% 131.7 174.9 182.7 147.0 162.6 309.6 291.3
Antamina 33.8% 37.2 35.4 38.7 34.1 32.0 66.1 72.3
Total 168.9 210.3 221.4 181.1 194.6 375.7 363.6
Cathode (kt)
Escondida (3) 57.5% 89.3 84.8 85.3 70.5 71.5 142.0 160.2
Pampa Norte
(4) 100% 69.0 59.8 65.8 62.1 53.8 115.9 125.8
Olympic Dam 100% 57.4 49.8 40.7 40.9 37.2 78.1 112.3
Total 215.7 194.4 191.8 173.5 162.5 336.0 398.3
Total copper (kt) 384.6 404.7 413.2 354.6 357.1 711.7 761.9
Lead
Payable metal in concentrate (t)
Antamina 33.8% 1,024 1,193 645 1,146 1,220 2,366 1,881
Total 1,024 1,193 645 1,146 1,220 2,366 1,881
Zinc
Payable metal in concentrate (t)
Antamina 33.8% 16,454 11,913 6,474 15,367 22,406 37,773 37,051
Total 16,454 11,913 6,474 15,367 22,406 37,773 37,051
Gold
Payable metal in concentrate
(troy oz)
Escondida (3) 57.5% 17,889 31,408 35,894 27,561 37,784 65,345 41,694
Olympic Dam
(refined gold) 100% 39,299 29,028 20,010 24,366 29,651 54,017 68,648
Total 57,188 60,436 55,904 51,927 67,435 119,362 110,342
Silver
Payable metal in concentrate (troy koz)
Escondida (3) 57.5% 962 1,544 1,874 1,229 1,323 2,552 2,143
Antamina 33.8% 1,636 1,751 1,558 1,345 1,446 2,791 3,402
Olympic Dam
(refined silver) 100% 265 174 232 163 188 351 511
Total 2,863 3,469 3,664 2,737 2,957 5,694 6,056
Uranium
Payable metal in concentrate (t)
Olympic Dam 100% 1,352 961 876 916 1,060 1,976 2,526
Total 1,352 961 876 916 1,060 1,976 2,526
Molybdenum
Payable metal in concentrate (t)
Antamina 33.8% 232 227 562 561 225 786 324
Total 232 227 562 561 225 786 324
Iron Ore
Iron Ore
Production (kt) (5)
Newman 85% 17,003 15,817 15,115 18,008 17,751 35,759 35,009
Area C Joint
Venture 85% 11,723 11,002 11,911 12,384 12,179 24,563 23,886
Yandi Joint
Venture 85% 15,960 16,204 18,325 15,729 17,555 33,284 32,846
Jimblebar (6) 85% 4,852 5,472 5,304 6,057 5,178 11,235 8,114
Wheelarra 85% 5,757 4,562 4,971 5,409 7,386 12,795 13,016
Samarco 50% 1,665 - - - - - 5,404
Total 56,960 53,057 55,626 57,587 60,049 117,636 118,275
Coal
Metallurgical coal
Production (kt) (7)
BMA 50% 8,207 7,894 9,225 8,384 8,684 17,068 16,294
BHP Billiton
Mitsui Coal (8) 80% 2,191 2,015 2,345 2,145 1,929 4,074 4,538
Haju (9) 75% 87 167 260 102 27 129 102
Total 10,485 10,076 11,830 10,631 10,640 21,271 20,934
Energy Coal
Production (kt)
USA 100% 2,632 1,112 632 451 - 451 5,308
Australia 100% 4,277 4,189 3,991 3,952 3,851 7,803 8,921
Colombia 33.3% 2,628 2,610 2,329 2,928 2,800 5,728 5,155
Total 9,537 7,911 6,952 7,331 6,651 13,982 19,384
Other
Nickel
Saleable production (kt)
Nickel West 100% 15.2 20.0 23.4 18.8 22.1 40.9 37.3
Total 15.2 20.0 23.4 18.8 22.1 40.9 37.3
(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 indicated that this figure has been adjusted since it was previously reported.
PRODUCTION AND SALES REPORT
Quarter ended Year to date
DEC MAR JUN SEP DEC DEC DEC
2015 2016 2016 2016 2016 2016 2015
Petroleum (1)
Bass Strait
Crude oil and condensate (Mboe) 1,390 1,813 1,745 1,922 1,770 3,692 3,267
NGL (Mboe) 1,307 1,455 1,831 2,102 1,460 3,562 3,398
Natural gas (bcf) 23.9 30.3 38.1 41.9 31.3 73.2 62.6
Total petroleum products (MMboe) 6.7 8.3 9.9 11.0 8.4 19.5 17.1
North West Shelf
Crude oil and condensate (Mboe) 1,423 1,124 925 1,486 1,468 2,954 2,785
NGL (Mboe) 235 259 241 292 263 555 462
Natural gas (bcf) 34.9 33.8 27.6 38.7 36.9 75.6 68.8
Total petroleum products (MMboe) 7.5 7.0 5.8 8.2 7.9 16.1 14.7
Pyrenees
Crude oil and condensate (Mboe) 2,331 2,093 2,097 1,676 1,726 3,402 4,427
Total petroleum products (MMboe) 2.3 2.1 2.1 1.7 1.7 3.4 4.4
Other Australia (2)
Crude oil and condensate (Mboe) 9 8 9 10 8 18 22
Natural gas (bcf) 14.4 16.2 17.2 17.5 17.1 34.6 31.0
Total petroleum products (MMboe) 2.4 2.7 2.9 2.9 2.9 5.8 5.2
Atlantis (3)
Crude oil and condensate (Mboe) 4,257 4,056 4,058 3,054 3,263 6,317 7,894
NGL (Mboe) 278 270 269 208 207 415 509
Natural gas (bcf) 2.0 1.9 1.9 1.5 1.6 3.1 3.6
Total petroleum products (MMboe) 4.9 4.6 4.6 3.5 3.7 7.2 9.0
Mad Dog (3)
Crude oil and condensate (Mboe) 648 880 1,134 950 1,170 2,120 1,236
NGL (Mboe) 41 41 52 36 52 88 64
Natural gas (bcf) 0.1 0.1 0.2 0.1 0.2 0.3 0.2
Total petroleum products (MMboe) 0.7 0.9 1.2 1.0 1.3 2.3 1.3
Shenzi (3)
Crude oil and condensate (Mboe) 3,185 3,094 2,813 2,632 2,692 5,324 6,462
NGL (Mboe) 269 206 192 94 131 225 505
Natural gas (bcf) 0.8 0.6 0.6 0.5 0.5 1.0 1.5
Total petroleum products (MMboe) 3.6 3.4 3.1 2.8 2.9 5.7 7.2
Eagle Ford (4)
Crude oil and condensate (Mboe) 7,156 7,018 4,949 3,871 4,008 7,879 14,856
NGL (Mboe) 3,806 3,649 2,717 2,268 2,159 4,427 7,605
Natural gas (bcf) 25.4 25.1 19.5 16.5 15.2 31.7 51.2
Total petroleum products (MMboe) 15.2 14.9 10.9 8.9 8.7 17.6 31.0
Permian (4)
Crude oil and condensate (Mboe) 1,354 1,499 1,410 1,415 1,378 2,793 2,835
NGL (Mboe) 488 288 393 734 580 1,314 961
Natural gas (bcf) 3.4 2.4 4.9 4.4 4.4 8.8 7.3
Total petroleum products (MMboe) 2.4 2.2 2.6 2.9 2.7 5.6 5.0
Haynesville (4)
Crude oil and condensate (Mboe) 1 - - - 3 3 1
NGL (Mboe) - - - - 15 15 -
Natural gas (bcf) 34.7 34.4 31.1 28.2 24.0 52.2 71.1
Total petroleum products (MMboe) 5.8 5.7 5.2 4.7 4.0 8.7 11.9
Fayetteville (4)
Natural gas (bcf) 30.9 28.0 26.5 24.8 24.2 49.0 63.0
Total petroleum products (MMboe) 5.2 4.7 4.4 4.1 4.0 8.2 10.5
Trinidad/Tobago
Crude oil and condensate (Mboe) 185 120 162 140 156 296 427
Natural gas (bcf) 7.4 7.4 8.6 6.4 8.4 14.8 15.0
Total petroleum products (MMboe) 1.4 1.4 1.6 1.2 1.6 2.8 2.9
Other Americas (3) (5)
Crude oil and condensate (Mboe) 360 334 308 275 269 544 721
NGL (Mboe) 16 12 10 1 5 6 28
Natural gas (bcf) 0.2 0.2 0.2 0.1 0.1 0.2 0.4
Total petroleum products (MMboe) 0.4 0.4 0.4 0.3 0.3 0.6 0.8
UK
Crude oil and condensate (Mboe) 74 65 76 69 63 132 133
NGL (Mboe) 27 10 10 22 49 71 23
Natural gas (bcf) 1.0 1.0 1.3 1.1 1.0 2.1 2.0
Total petroleum products (MMboe) 0.3 0.2 0.3 0.3 0.3 0.6 0.5
Algeria
Crude oil and condensate (Mboe) 922 887 964 990 1,016 2,006 1,838
Total petroleum products (MMboe) 0.9 0.9 1.0 1.0 1.0 2.0 1.8
Pakistan (6)
Crude oil and condensate (Mboe) 19 - - - - - 42
Natural gas (bcf) 3.7 - - - - - 7.9
Total petroleum products (MMboe) 0.6 - - - - - 1.4
Total petroleum products
Crude oil and condensate
Onshore US (Mboe) 8,511 8,517 6,359 5,286 5,389 10,675 17,692
Conventional (7) (Mboe) 14,803 14,474 14,291 13,204 13,601 26,805 29,246
Total (Mboe) 23,314 22,991 20,650 18,490 18,990 37,480 46,938
NGL
Onshore US (Mboe) 4,294 3,937 3,110 3,002 2,754 5,756 8,566
Conventional (Mboe) 2,173 2,253 2,605 2,755 2,167 4,922 4,989
Total (Mboe) 6,467 6,190 5,715 5,757 4,921 10,678 13,555
Natural Gas
Onshore US (bcf) 94.4 89.9 82.0 73.9 67.8 141.7 192.6
Conventional (bcf) 88.4 91.5 95.7 107.8 97.1 204.9 193.0
Total (bcf) 182.8 181.4 177.7 181.7 164.9 346.6 385.6
(1) Total boe conversions are based on 6 bcf of natural gas equals 1 MMboe. Negative production figures
represent finalisation adjustments.
(2) Other Australia includes Minerva and Macedon.
(3) Gulf of Mexico volumes are net of royalties.
(4) Onshore US volumes are net of mineral holder royalties.
(5) Other Americas includes Neptune, Genesis and Overriding Royalty Interest.
(6) BHP Billiton completed the sale of the Pakistan gas business on 31 December 2015.
(7) September 2015 includes (8) Mboe for the finalisation adjustment following the cessation of production at
Stybarrow on 26 June 2015.
Copper
Metals production is payable metal unless otherwise stated.
Escondida, Chile (1)
Material mined (kt) 109,200 105,970 108,037 106,504 90,863 197,367 219,267
Sulphide ore milled (kt) 18,076 21,188 22,905 20,787 19,866 40,653 40,896
Average copper grade (%) 0.99% 0.99% 0.94% 0.87% 1.02% 0.94% 1.00%
Production ex mill (kt) 142.8 175.8 181.7 153.2 168.6 321.8 312.5
Production
Payable copper (kt) 131.7 174.9 182.7 147.0 162.6 309.6 291.3
Copper cathode (EW) (kt) 89.3 84.8 85.3 70.5 71.5 142.0 160.2
- Oxide leach (kt) 32.1 31.0 31.3 26.8 24.4 51.2 55.5
- Sulphide leach (kt) 57.2 53.8 54.0 43.7 47.1 90.8 104.7
Payable gold
concentrate (troy oz) 17,889 31,408 35,894 27,561 37,784 65,345 1,694
Payable silver
concentrate (troy oz) 962 1,544 1,874 1,229 1,323 2,552 2,143
Sales
Payable copper (kt) 123.8 181.7 186.6 134.9 172.7 307.6 281.4
Copper cathode (EW) (kt) 101.1 80.3 83.8 65.6 71.8 137.4 164.9
Payable gold
concentrate (troy oz) 17,889 31,408 35,894 27,561 37,784 65,345 41,694
Payable silver
concentrate (troy koz) 962 1,544 1,874 1,229 1,323 2,552 2,143
(1) Shown on a 100% basis. BHP Billiton interest in saleable production is 57.5%.
Pampa Norte, Chile
Cerro Colorado
14,930 12,415 12,453 13,011 14,286 27,297 28,800
Material mined (kt)
Ore milled (kt) 4,856 4,012 4,375 3,241 3,342 6,583 9,559
Average copper grade (%) 0.82% 0.84% 0.80% 0.68% 0.65% 0.66% 0.73%
Production
Copper cathode (EW) (kt) 18.8 20.0 24.8 17.1 12.1 29.2 32.5
Sales
Copper cathode (EW) (kt) 19.7 18.6 25.2 16.4 13.7 30.1 32.7
Spence
Material mined (kt) 21,593 22,549 21,124 23,638 22,635 46,273 44,515
Ore milled (kt) 5,146 4,355 4,836 4,713 5,187 9,900 10,065
Average copper grade (%) 1.30% 1.39% 1.22% 1.17% 1.19% 1.18% 1.35%
Production
Copper cathode (EW) (kt) 50.2 39.8 41.0 45.0 41.7 86.7 93.3
Sales
Copper cathode (EW) (kt) 56.1 38.4 40.9 41.2 41.5 82.7 94.3
Antamina, Peru
Material mined
(100%) (kt) 52,130 55,183 62,793 65,111 61,355 126,466 108,923
Sulphide ore milled
(100%) (kt) 14,184 12,414 14,711 13,522 13,399 26,921 28,484
Average head grades
- Copper (%) 0.92% 1.02% 0.90% 0.84% 0.84% 0.84% 0.90%
- Zinc (%) 0.55% 0.54% 0.33% 0.60% 0.83% 0.71% 0.67%
Production
Payable copper (kt) 37.2 35.4 38.7 34.1 32.0 66.1 72.3
Payable zinc (t) 16,454 11,913 6,474 15,367 22,406 37,773 37,051
Payable silver (troy koz) 1,636 1,751 1,558 1,345 1,446 2,791 3,402
Payable lead (t) 1,024 1,193 645 1,146 1,220 2,366 1,881
Payable molybdenum (t) 232 227 562 561 225 786 324
Sales
Payable copper (kt) 42.9 29.3 42.4 32.8 33.0 65.8 73.7
Payable zinc (t) 20,423 12,097 3,035 16,043 22,334 38,377 39,170
Payable silver (troy koz) 2,048 1,331 2,055 1,277 1,388 2,665 3,570
Payable lead (t) 1,056 1,073 1,108 767 1,100 1,867 1,322
Payable molybdenum (t) 138 178 331 648 476 1,124 294
Olympic Dam, Australia
Material mined (1) (kt) 2,372 2,210 1,993 2,204 1,887 4,091 4,729
Ore milled (kt) 2,767 2,174 2,031 2,279 2,116 4,395 5,494
Average copper grade (%) 2.22% 2.01% 2.20% 1.97% 2.00% 1.98% 1.93%
Average uranium
grade (kg/t) 0.62 0.61 0.59 0.60 0.68 0.64 0.61
Production
Copper cathode (ER
and EW) (kt) 57.4 49.8 40.7 40.9 37.2 78.1 112.3
Uranium oxide
concentrate (t) 1,352 961 876 916 1,060 1,976 2,526
Refined gold (troy oz) 39,299 29,028 20,010 24,366 29,651 54,017 68,648
Refined silver (troy koz) 265 174 232 163 188 351 511
Sales
Copper cathode (ER
and EW) (kt) 57.3 49.4 43.9 37.5 41.2 78.7 109.8
Uranium oxide
concentrate (t) 1,013 1,261 778 1,085 883 1,968 1,690
Refined gold (troy oz) 39,168 32,052 22,134 21,901 28,234 50,135 64,766
Refined silver (troy koz) 265 198 201 184 203 387 478
(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) 17,003 15,817 15,115 18,008 17,751 35,759 35,009
Area C Joint Venture (kt) 11,723 11,002 11,911 12,384 12,179 24,563 23,886
Yandi Joint Venture (kt) 15,960 16,204 18,325 15,729 17,555 33,284 32,846
Jimblebar (1) (kt) 4,852 5,472 5,304 6,057 5,178 11,235 8,114
Wheelarra (kt) 5,757 4,562 4,971 5,409 7,386 12,795 13,016
Total production (kt) 55,295 53,057 55,626 57,587 60,049 117,636 112,871
Total production (100%) (kt) 64,197 61,454 64,508 66,681 69,730 136,411 131,358
Sales
Lump (kt) 13,886 13,380 13,054 14,156 14,127 28,283 27,889
Fines (kt) 40,917 40,078 42,673 42,278 45,447 87,725 84,504
Total (kt) 54,803 53,458 55,727 56,434 59,574 116,008 112,393
Total sales (100%) (kt) 63,625 61,927 64,617 65,368 69,196 134,564 130,802
(1) Shown on a 100% basis. BHP Billiton interest in saleable production is 85%.
Samarco, Brazil (1)
Production (kt) 1,665 - - - - - 5,404
Sales (kt) 2,425 224 94 12 - 12 5,956
(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) 1,861 1,756 2,206 1,981 1,855 3,836 3,664
Goonyella (kt) 1,941 2,478 2,709 2,123 2,204 4,327 3,809
Peak Downs (kt) 1,323 1,159 1,385 1,520 1,715 3,235 2,487
Saraji (kt) 1,000 1,046 1,123 1,238 1,307 2,545 2,037
Gregory Joint Venture (2) (kt) 609 13 - - - - 1,316
Daunia (kt) 616 626 684 646 680 1,326 1,314
Caval Ridge (kt) 857 816 1,118 876 923 1,799 1,667
Total BMA (kt) 8,207 7,894 9,225 8,384 8,684 17,068 16,294
BHP Billiton Mitsui Coal (3)
South Walker Creek (kt) 1,275 1,268 1,382 1,341 1,080 2,421 2,786
Poitrel (kt) 916 747 963 804 849 1,653 1,752
Total BHP Billiton Mitsui 2,191 2,015 2,345 2,145 1,929 4,074 4,538
Coal (kt)
Total Queensland Coal (kt) 10,398 9,909 11,570 10,529 10,613 21,142 20,832
Sales
Coking coal (kt) 7,642 7,348 8,059 7,240 7,658 14,898 14,657
Weak coking coal (kt) 2,695 2,681 3,196 2,799 2,659 5,458 5,941
Thermal coal (kt) 290 241 310 206 154 360 376
Total (kt) 10,627 10,270 11,565 10,245 10,471 20,716 20,974
(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) 87 167 260 102 27 129 102
Sales - export (kt) - 148 239 117 - 117 -
(1) Shown on 100% basis. BHP Billiton interest in saleable production is 75%. BHP Billiton completed the sale of IndoMet Coal
on 14 October 2016.
New Mexico, USA
Production
Navajo Coal (1) (kt) 1,403 694 632 451 - 451 2,673
San Juan Coal (2) (kt) 1,229 418 - - - - 2,635
Total (kt) 2,632 1,112 632 451 - 451 5,308
Sales thermal coal - local
utility 2,661 1,106 613 105 - 105 5,332
(1) The divestment of Navajo Coal was completed on 29 July 2016, with no further production reported by BHP Billiton.
Management of Navajo Coal was transferred to Navajo Transitional Energy Company on 31 December 2016.
(2) BHP Billiton completed the sale of San Juan Mine on 31 January 2016.
NSW Energy Coal, Australia
Production (kt) 4,277 4,189 3,991 3,952 3,851 7,803 8,921
Sales
Export thermal coal (kt) 5,081 3,410 3,993 3,640 3,539 7,179 9,211
Inland thermal coal (kt) 229 234 440 331 311 642 482
Total (kt) 5,310 3,644 4,433 3,971 3,850 7,821 9,693
Cerrejon, Colombia
Production (kt) 2,628 2,610 2,329 2,928 2,800 5,728 5,155
Sales thermal coal -
export (kt) 2,565 2,339 2,844 2,905 2,722 5,627 5,418
Other
Nickel production is reported on the basis of saleable product.
Nickel West, Australia
Production
Nickel contained in
concentrate (kt) 0.2 0.3 0.3 0.3 0.2 0.5 0.9
Nickel contained in finished
matte (kt) 2.6 2.8 5.8 1.8 4.1 5.9 7.6
Nickel metal (kt) 12.4 16.9 17.3 16.7 17.8 34.5 28.8
Total nickel production (kt) 15.2 20.0 23.4 18.8 22.1 40.9 37.3
Sales
Nickel contained in
concentrate (kt) 0.2 0.3 0.3 0.3 0.2 0.5 0.9
Nickel contained in finished
matte (kt) 3.7 2.7 5.9 1.8 4.1 5.9 7.9
Nickel metal (kt) 12.1 17.8 17.4 16.5 17.8 34.3 27.7
Total nickel sales (kt) 16.0 20.8 23.6 18.6 22.1 40.7 36.5
Date: 25/01/2017 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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