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Billiton completes Worsley acquisition
Billiton has completed the acquisition of Reynolds Australia Alumina Ltd for $1.49bn, Reynolds holds a 56% interest in the Worsley Alumina Refinery in Western Australia. This brings Billiton's holding in Worsley to 86%, with the remaining 14% being held by Kobe Steel, Nissho Iwai and Itochu.
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Speculation over Billiton and Anglo's future
Analysts are speculating over the future of Anglo and Billiton after Anglo swapped its stake in FirstRand with Remgro for Billiton shares, resulting in Anglo holding 7.1% of Billiton. One idea put forward is that Anglo may consider buying out Billiton's 60% in Samancor in exchange for its holding in Billiton (Anglo holds 40% of Samancor). Billiton would then cancel the scrip in SA and re-issue it in London, thereby increasing its dollar equity, which could be used to reduce debt.
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Billiton in South Australian copper agreement
Billiton and Equinox Resources Ltd have signed an agreement relating to their Ethiundna exploration licence (EL 2258) in South Australia. Ethiundna is in the Curnamonda Craton and is regarded as prospective for the discovery of new iron-oxide hosted copper-gold orebodies. As part of the agreement Billiton will subscribe for 3 846 154 new Equinox shares at A$0.13 per share, the proceeds of which (A$500 000) will be used by Equinox for exploration, including drilling of magnetic and geochemical anomalies. Equinox has committed to spend A$500 000 on exploration within 12 months. within 45 days of the funds being spent and the results reported to Billiton, Billiton can elect to take an option to earn a 50% interest in EL 2258 by funding additional exploration expenditure of A$1.5m within 2 years (Equinox will manage this phase of exploration. Billiton can then elect to earn a further 20% of the project within an additional 3 years by either completing a feasibility study or expending a further A$3.5m on the project. At this stage Billiton can elect to manage the project.
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Billiton completes second line at Cerro Matoso
Billiton produced its first new ferronickel from the second production line at its Cerro Matoso plant on 1 Jan 01. All elements of the project have now been commissioned and first metal production was achieved three months ahead of original targets and under budget. Full production is expected to be reached within 18 months and this will increase total production capacity at Cerro Matoso to 55 000 tonnes of contained nickel per year.
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