BHP Billiton sees record production but misses targets

New chief Andrew Mackenzie confident BHP Billiton can achieve 16% growth in two years

Mining giant BHP Billiton has posted a record production of iron ore, copper and coal in the second half.

But figures were slightly lower than analysts’ forecasts and shares in the from the Anglo-Australian mining giant dipped more than 1 per cent.

New chief executive Andrew Mackenzie said: “We intend to differentiate ourselves further by achieving a superior rate of return.”

In the six months to December, metallurgical production rose 22 per cent, iron ore by 19 per cent, nickel by 9 per cent and alumina and aluminium by 8 per cent.

Oil disappointed with a 1 per cent drop but analysts said they hoped this was a one-off. Mackenzie said he was conmfortable that BHP would hit its own target of increasing production by 16% over two years.

Shares fell 27.25p to 1827.25p.