BHP cuts FY iron ore production guidance as cyclone hits output

BHP Group, the world`s biggest miner, on Wednesday cut its annual iron ore production forecast on disruptions caused by a tropical cyclone which pushed its quarterly output of the steel-making material 5 percent lower.

The Anglo-Australian miner lowered projections for its fiscal 2019 iron ore production to 265 million-270 million tonnes, from 273 million-283 million tonnes.

Iron ore output came in at 64 million tonnes for the three months ended March 31, compared with 67 million tonnes a year ago. That was below an average of estimates by Goldman Sachs and UBS of 65.8 million tonnes.

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