(MENAFN) Australia's BHP Billiton is set to witness an increase in iron ore exports by 7 percent over the upcoming year, despite the decreasing production in most of its other commodities, The Sydney Morning Herald reported.
This year is forecast to be the worst in terms of profitability for BHP which has been trying to cut its spending budget over the last three years; the cuts are to reduce BHP's output of oil, gas, copper and coking coal during fiscal 2016.
The cuts in spending are almost exclusively the cause of a forecast 7 percent decline in petroleum volumes for this year, as the miner being occupied in hiring fewer rigs in response to the declining oil prices.
"Our decision to cut spending in the onshore US will mean deferring gas volumes in the near term, (but) we expect to realise greater value by developing our acreage later," an official commented in a statement.
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