BHP's OLYMPIC DAM URANIUM FULL YEAR PRODUCTION PLUMMETS 43 PERCENT

BHP Billiton produced 712 tonnes of uranium oxide from Olympic Dam, significantly down on the previous year.

The company said it had fixed the key Clark Shaft, responsible for conveying 75 per cent of underground ore at the mine, the company said in its June quarter update.

The Clark Shaft outage since October 6, 2009, caused a 43 per cent dip in full year uranium production to 2279 tonnes from 4007 tonnes previously, the miner's production report for year June 30 said.

Copper production also was down, 11 per cent to 1.08 million tonnes, due to Olympic Dam's outage, industrial action at Chile's Spence, mine lower grades at its Peruvian sites and closure of its Pinto Valley mine in the United States.

Olympic Dam in South Australia is the world's largest uranium deposit, fourth largest remaining copper deposit and fifth largest gold deposit.

On a positive note, petroleum and iron ore both hit production records petroleum at its third consecutive record, up 15 per cent to 158.6 barrels of oil equivalent (boe) with the "successful delivery" of growth projects in the Gulf of Mexico and Australia.

Iron ore production rose 9 per cent to 125 million tonnes.

With iron ore prices strong amid demand from China, BHP Billiton also said West Australian iron ore achieved its tenth consecutive annual production record.

But the company "continues to be cautious on the short term outlook for the gobal economy", it said.

"Uncertainty surrounds the near term propects for growth in the developed world as governments adjust fiscal policies following a period of significant stimulus and subsequent increase in sovereign debt levels," the company said in a statement.

The company also warned of volatile demand for commodities with China reducing its growth to more sustainable levels.

"BHP sees these measures as normal continuation of China's economic management policies," it said.

BHP Billiton shares are trading ahead of the overall market, up almost 2 per cent to $39.04, a rise of 74c at 11.30 CST, in response to its production update.