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Billiton/BHP merger is formalised
BHP and Billiton announced on 29 Jun 01, the formalisation of their merger. The group would be run by a unified board and management team with headquarters in Melbourne, Australia and a corporate management team in London. Since announcement of the merger, significant progress had been made to ensure the rapid integration of the two organisations. Existing primary listings on the Australian and London stock exchanges would be maintained as well as a secondary listing on the JSE Securities Exchange. The merged entity would in future be known as BHP Billiton Ltd in Australia and BHP Billiton plc in London and Johannesburg. The bonus issue for BHP shareholders (detailed in note dated 19 Jun 01) would ensure that the economic and voting interest of each BHP share and each Billiton share was equal. BHP Billiton would produce interim and final results as well as quarterly production reports with a year end of June.
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Billiton renames
Renamed from Billiton plc on 29 Jun 01 following the merger of Billiton plc and BHP Ltd.
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Billiton to expand Mozal smelter
Billiton, the IDC and Mitsubishi Corporation of Japan announced an expansion project for the Mozal aluminium smelter, to be known as Mozal 2. The cost of expansion would be in the region of US$860m to add a further 253 000 tonnes per annum (capacity). Completion of the project, scheduled for late 2003 would result in low cost high quality production facility consuming 900 megawatts of electricity and 1m tpa of alumina. Competitive electricity prices were negotiated with the Mozambican Transmission Company until 2025. Billiton would hold a 47.11% interest in Mozal 2 -- in line with the shareholding of Mozal.
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Billiton explores northern Sweden
Billiton Development Far East and Billiton Arctic Resources (Billiton) said that they had entered into an alliance with Australia's Lake Resources (Lake) in order to explore for iron oxide copper-gold and hybrid zinc-lead-silver base metal deposits in granted tenements in the Norbotten district of northern Sweden. Billiton would, subject to conditions, subscribe for US$0.5m shares in Lake whereafter, on completion of the initial scout drilling on the tenements, Billiton could elect to begin a JV with a 51% interest by the sole funding of exploration expenditure of AS$2.5m. A further 19% of the project could be obtained by the sole funding of AS$4m. Once Billiton had a 70% interest, Lake could participate at 30% (to be diluted to a 10% interest loan carried to production) or to receive a 3.5% cash operating profits royalty.
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BHP and Billiton to merge at end of June 01
Billiton and BHP announced that their merger would take effect on 29 Jun 01. The record date for the issue of Billiton BHP bonus shares (at a rate of 1.0651 BHP Billiton shares for every 1 BHP share) to eligible BHP shareholders would be 5 Jul 01. The LDR for participation in the bonus shares would be 28 Jun 01.
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European Commission approves BHP/Billiton merger
European regulatory approval was obtained for the proposed merger of BHP and Billiton during the second week of Jun 01. Shareholders were advised that dates for the merger and other related issues would be announced once other non-Australian regulatory approval had been obtained.
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Billiton's Ingwe to facilitate R600m expansion
Billiton's Ingwe and Anglo Coal (major shareholders of Richards Bay Coal Terminal Coal Company Ltd {RBCT}) announced that they would, together with South Dunes Coal Terminal Company (SDCT) invest R600m in the expansion of the Richards Bay Coal Terminal. The project was due to commence in Jul 01, increasing its export capacity by 10 million tonnes per annum. Ingwe and Anglo Coal have foregone their participation rights in favour of the black economic empowerment entities -- SDCT.
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Billiton to pay up R2m to union members
Billiton had to pay a total of R2m to 300 members of the National Union of Metal Workers of SA after an arbitrator found a differential wage payment to be discriminatory and unfair. Initially the plant was under pressure to recruit labour and paid more than the market rate. A year later the plant hired at a lower rate, but then Billiton employed more people from the community and introduced a skills development programme, promising higher wages at the end of the 72-week course. The employer neglected to inform the first batch of employees that they would not qualify for the increase after completing the initial operators training programme.
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Billiton eyes R3.6bn expansion
According to Billiton's corporate affairs manager, Mike Campbell, newly merged BHP-Billiton was considering a R3.6bn expansion at itsHillside Aluminium subsidiary in Richards Bay that could be its first major investment in South Africa. The potline expansion would boost production by 25 percent to 630 000 tons a year, creating 100 direct and 1 000 indirect jobs. The go-ahead would depend on cost-cutting to ensure the expansion's global competitiveness.
Billiton shareholders have already agreed to to the merger with BHP, the Australian-based resources company, but regulatory approval has not yet been received from European Union authorities. A response is expected by mid-June. The Australian authorities gave the merger the thumbs-up earlier this week.
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Changes in Billiton Plc Executives
Mr Mick Davis has resigned as Executive Director Finance and has accepted the position of Chief Executive at Xstrata AG. Following the completion of the BHP Billiton merger, it is proposed that Mr Chip Goodyear, currently Chief Financial Officer at BHP, will assume responsibility for both the Development and Finance functions for BHP Billiton until the appointment of a new, Melbourne-based, Chief Financial Officer for the new Group. At that point, Mr Goodyear will relocate to London as Chief Development Officer for BHP Billiton.
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Billiton and Latin American Copper aggreement
Billiton Chile BV, a subsidiary of Billiton plc, has agreed to an exploration option in the Cerro Sur Cu-Au project near Copiapo, Chili, with Latin American Copper plc. Under the terms, Latin American Copper may earn a 70% interest in the property from Billiton by investing a total of US$1.25m in exploration work over a 4 year period, including an initial US$100 000 during the first 12 months. Latin American Copper will also issue to Billiton 500 000 units comprising one common share and a full purchase warrant over a period of 4 years - of which 100 000 units will be issued on the signing of the formal agreements. In return, Billiton will retain the right to earn an additional 40% interest in the property. The deal is subject to board and regulatory approvals.
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