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Global miner BHP Group on Thursday reported a rise in its third-quarter iron ore output as continued ramp-up of its South Flank mine and improved operational efficiencies in Pilbara helped offset wet weather impact.
The South Flank mine is the company’s newest project, which is on track to ramp up to full production capacity of 80 millions of tonnes per annum on a 100% basis by the end of fiscal 2024. The world’s largest listed miner said iron ore production from mines it operates in Western Australia on a 100% basis was 68.1 million tonnes during the three months ended March 31, a 3% rise compared with 66.2 Mt produced a year earlier.The mining giant continues to review plans for Western Australian nickel operations while focussing on preserving cash, it said. “We expect to provide an update on the longer-term future of Western Australia Nickel by the FY24 results in August 2024,” BHP said.Biden calls for tripling of tariffs on Chinese steel The Biden administration is also pressuring neighboring Mexico to prohibit China from selling its metal products to the United States indirectly from there.Iron ore price hits over 5-week high on improving steel market, pre-holiday restocking Near-term ore demand will remain solid as mills show increasing willingness to resume production after an improvement in margins and downstream demand, said analysts.
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