From Goldies:
BHP 4Q15 production result – Wednesday, 22 July 2015 Productivity improvement and further cost reductions will remain the primary agenda. (1) Iron ore – Strong Pt Hedland shipment data suggests a beat on FY15 guidance of 250mt; (2) US onshore – depressed oil price and increased rig productivity to result in capex/output downgrades; (3) Copper – Escondida grades continue to deteriorate; and (4) Coal – ongoing productivity gains expected.
RIO 2Q15 production result – Thursday, 16 July 2015 RIO will likely remain bullish on the longer term outlook for its commodity suite, further highlighting productivity gains and cost savings. (1) Iron ore – Shipping data suggests 2Q production is likely to disappoint; (2) Aluminium – Gove bauxite should be ramped up; (3) Copper – KUC ramping up; (4) Coal – mix likely to remain weighted to thermal over coking coal.
FMG 4Q15 production result – Thursday, 23 July 2015 Solid shipping data suggests iron ore production to be at top end of prior 160-165mtpa FY15 guidance. However, with iron ore now trading in the mid-US$40/t, the focus will again be on unit costs, and in particular the sustainability and magnitude of any further cash cost savings.
