BHP’s shares fall as it counts the cost of tropical cyclone

The BHP Billiton-Newman Iron Ore train arrives at Port Hedland processing. Picture: GETTY IMAGES/ FAIRFAX MEDIA/ GLENN CAMPBELL

Shares in the group, which is the third largest constituent of the JSE’s top-40 index, fell 2.2% in Australia ahead of the JSE’s open.However, the group lowered its production guidance for the 2019 financial year to between 235-million and 239-million tons. The cyclone had dented production by 6-million to 8-million tons, BHP said.

“In addition, private royalties are also expected to be higher as a function of higher iron ore prices”. Futures retreated as much as 3% in Singapore on prospects for the swift restart of the Brucutu mine following a local judge’s decision to allow the company to resume use of three tailings dams.

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