BHP Billiton Ltd. has announced that it has lowered its iron ore production target for this fiscal year and is planning a petroleum exploration program. As the world's third-largest iron ore producer, BHP decreased its annual iron ore production estimate by 10 million tons due to adverse weather conditions and railway repair work. The iron ore production target for the 2016 fiscal year was lowered to 260 million tons, as shipments are expected to decrease due to oversupply in the global market.
The company also plans a $640 million exploration program for this year.
Production of iron ore decreased
Meanwhile, BHP Billiton Ltd.'s iron ore production decreased by 7% to 53 million tons in the third quarter of the year compared to the previous quarter. The company's copper production increased by 5% to 400,000 tons on a quarterly basis, while coal production decreased by 4% to 10 million tons.
BHP Billiton's petroleum product production also decreased by 1% to 59.4 million BOE in the third quarter compared to the previous quarter.
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