BHP Billiton beats on iron ore but warns of charge

BHP Billiton Ltd. said iron-ore production surpassed expectations last fiscal year, as it forecast another increase in output in the year ahead.

On Wednesday, the Anglo-Australian miner said its output of iron ore rose 14% to a record 233 million metric tons in the year through June, above an earlier, upgraded projection of 230 million tons announced in April. BHP, the world's No. 3 exporter of iron ore, forecast another 6% rise in production in the year ahead, to 247 million tons.

In recent years, the miner expanded its vast iron-ore operations as breakneck growth in China sent demand for the commodity to record levels. BHP is now further increasing its output by working those mines harder.

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