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BHP expects US$1.6B in productivity gains in Australia over next 2 years

BHP Billiton Group expects to cut costs at its Australian mining operations by a further 10% and forecasts that the division will deliver US$1.6 billion in productivity gains over the next two years, The Sydney Morning Herald reported Nov. 28, citing Mike Henry, president of BHP Minerals Australia.

Henry added that the company would continue to find savings by bringing in expertise from other industries and by better leveraging technology.

According to the report, the company is also aiming to increase its Australian iron ore production run rate to 290 million tonnes per year by the end of fiscal 2019, surpassing its forecast range of between 275 million and 280 million tonnes in fiscal 2018.

In addition, BHP is eyeing multiple expansion options for its Australian operations, including a brownfield expansion plan at the Olympic Dam copper project in South Australia.