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BHP Billiton new board appointment
BHP Billiton announced the appointment of Mr Charles Goodyear to its board of directors. He will continue his role as chief development officer, having previously served as chief financial officer.
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BHP Billiton's planning growth strategy
BHP Billiton is planning a growth strategy to increase oil production by 5.5% a year by its mix of metal commodites from within BHP Billiton's tangle of mines and refineries to cushion any cyclical fall in oil prices.
Philip Aiken, President and CEO of the petroleum division, said that the focus was on expanding the division after confirming that talks with Woodside were dead. He went on to say that BHP Billiton would make money if oil fell to about $11 a barrel and that the company's non-oil commodities provided a natural hedge, relieving any need to forward sell oil production.
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BHP Billiton dematerialisation
The company will start its dematerialisation process from 24 Dec 01, the first day of trading for electric settlement is 21 Jan 02, and the first electronic settlement will be on 28 Jan 02.
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BHP Billiton closes Ferrochrome plant
BHP Billiton announced the closure of its Palmiet Ferrochrome operation in Krugersdorp with effect from 26 Nov 01. Complete closure of the plant follows closure of two submerged arc furnaces in Sep 00 as a result of decreased global demand for ferrochrome and associated low ferrochrome prices. Products currently being produced at Palmiet will be continued from the group's other furnaces. BHP Billiton said that initiatives have been put in place to minimise the impact on the operations 88 employees.
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BHP Billiton may reduce interest in Richards Bay
Analysts said during Nov 01 that BHP Billiton may reduce its stake in a $1.6bn South African mineral sand producer by half following a review of operations in early 2002. High grade ore is on the decline and shipments have been cut as a result of a titanium minerals glut. BHP Billiton said in Aug 01 that Richards Bay Minerals was "on the watch" but that the group had no immediate plans to sell it.
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BHP Billiton to reduce copper production
BHP Billiton announced that it will temporarily reduce copper production by about 170 000 tonnes per annum at the Escondida and Tintaya operations in South America. The cut backs are not expected to have a material impact on group results and will be reviewed at year end.
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Strike ends at BHP's Samancor ferrochrome
The strike at BHP Billiton's Samancor ferrochrome ended after five weeks on 8 Nov 01. The National Union of Metalworkers of SA (NUMSA) said that the agreement included provision for workers not previously on medical aid to have access to it. The two year wage agreement provides for a 6% increase across the board and the medical aid agreement includes a R300 contribution towards individual employees' medical aid by the company. Numsa workers are expected to return to work on 9 Nov 01.
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BHP Billiton posts improved earnings
BHP Billiton reported it's first quarter results as a merged entity on 7 Nov 01, posting a 3.2% rise in net profit to USD608m. The company's five main divisions grew profits with earnings increasing by 148% in energy coal and earnings from the carbon steel division (including coking coal and iron ore) improving to USD292m before interest and tax. The group said that demand for its coking coal and iron ore remained steady during the quarter. Stainless Steel materials and base metals profits were lower while earnings for oil and gas dropped slightly during the period. Also noted was the group's intention to repurchase 186m shares. BHP Billiton said that the group is on track to save USD270m per annum from the merger by the end of fiscal 2003.
The group will be closing operations at it's wholly owned subsidiary Ingwe Coal's Rietspruit mine in Mpumalanga as demand from its main energy coal export market softened.
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Bhp Billiton awarded land off Trinidad
Trinidad and Tobago's Ministry of Energy and Energy Industries announced on 31 Oct 01, it had awarded exploration Block 3(a) (150 000 acres located 25 miles off the northeastern coast of Trinidad) to a consortium that includes BHP Billiton, Talisman Energy, BG International, and TotalFinaElf. BHP Billiton is the designated operator and holds a 30% working interest. Block 3(a) will substantially enhance BHP Billiton's acreage position and is located adjacent to Blocks 2(ab) and 2(c), where the Group has participated in five exploration wells and announced three hydrocarbon discoveries in the past two years.
BHP Billiton is currently drilling Canteen-1 well on Block 2(c). The well was spudded on 23 Oct 01 in a water depth of 164 feet and has encountered hydrocarbon bearing sands. Drilling is expected to be completed in the next few weeks, and the final results will be used to evaluate the size of the discovery and development planning options. BHP Billiton holds a 45% operating interest in Block 2(c).
President and Chief Executive Officer BHP Billiton Petroleum Philip Aiken said: "Trinidad is quickly becoming another core growth area for the Group. Award of Block 3(a) and the results from drilling on Block 2(c) provide significant encouragement for potential oil and gas production." Ongoing evaluation work, including appraisal drilling, is currently being conducted to determine the size of the hydrocarbon resource discovered in Block 2(c). An exploratory drilling program will also be conducted in Block 3(a) as part of the minimum work requirement of the Production Sharing Contract.
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BJM cuts BHP Billiton's rating
Barnard Jacobs Mellet cut its short-term recommendation on BHP Billiton from buy to market perform at the end of Oct 01.
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Allegations of intimidation at BHP Billiton
Both labour and management have laid charges of intimidation as the four week old strike at BHP Billiton's Samancor Ferrochrome company in Witbank continues. The National Union of Metalworkers SA (Numsa) claims to have found a hand grenade in a company car that was used by its negotiating team to attend a meeting with BHP Billiton management on 31 Oct 01. Mike Campbell of BHP Billiton said that it was a tear gas canister left in the vehicle by company security the night before. The vehicle was used to escort workers off the premises following reports of intimidation against non-striking employees. Two contract workers were shot and killed outside the premises during Oct 01. The incident is still being investigated by the police. Allegations by Numsa of workers sleeping inside the premises and being burned by furnaces were denied by BHP Billiton.
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BHP Billiton completes acquisition of Dia Met
BHP Billiton announced the completion of its acquisition of Dia Met Minerals Ltd, following the purchase of all outstanding Class A subordinated voting shares and Class B multiple voting shares for C$21 per share. The acquisition values Dia Met at C$648m. The merger of Dia Met with the acquiring entity -- Tortilla Acquisition Inc -- has been approved which will result in the B Class shareholders receiving C$21 per share. BHP Billiton’s Minerals chief development officer, Marcus Randolph, said that the EKATIT diamond mine continues to be a great success for the group and the acquisition of Dia Met ensures ongoing access to the rough diamonds to strengthen marketing activities through the EKATI and Aurias brands. Strong demand for these branded products is evident.
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Bhp Billiton signs memorandum of understanding
A Gas Memorandum of Understanding was signed on the 1 Nov 01 by BHP Billiton and other participants in the North West Shelf (NWS) Venture (BHP Billiton's equity in the NWS Venture is 16.67%) with Methanex Australia (Pty) Ltd.
The intention is to convert the Memorandum into a gas sales agreement, by the end of 2001 (subject to approval by the BHP Billiton Board).
The agreement involves the supply of gas to a proposed methanol plant on the Burrup Peninsula, Western Australia. NWS Venture's existing facilities at Karratha will be used to supply a total of 200 terajoules of gas a day over a 25 year period from 2005. There is also a provision for the NWS Venture to supply a further 200 terajoules a day should Methanex proceed with plans to double production.
Methanex is a subsidiary of Methanex Corporation of Canada, which supplies about a quarter of the world's methanol market and more than 30 per cent of the Asia-Pacific market.
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