BHP Billiton Limited (NYSE:BHP) announced an increase in its quarterly production of iron ore by 22 percent as compared to last year. The company disclosed that with the increase its quarterly iron ore production stands at 41.1 million tones.
The mineral giant further disclosed that increased production was the part of its long term plan of consistently improving its operating performance. The company also said that the overwhelming increase in production was possible by integration of its ore handling plant 3 at Yandi, dual trucking of the company’s rail infrastructure and additional ship loading at Port Hedland.
BHP Billiton also announced increase of 56 percent in its petroleum production for the quarter. BHP’s Aluminum production remained unchanged while copper production declined 7 percent for the quarter.
The share price surged 2.66 percent in today’s session to $78.32 in its last trading session. The volume also stood strong with traded share of 3.43 million shares while its average volume per day stands at 2.92 million shares per day. BHP billion is trading at a price to earnings of 9.16 times which seems a bit high if compared to its competitor Vale which is trading at 5.38 times.Previous Post » Obama Blocks Keystone Pipeline, Blames Republicans