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BHP Billiton comments on production to Jun 01
BHP Billiton released production figures for the quarter to Jun 01, higher than both the prior quarter and corresponding period of 2000. Full production was reached at the Mozal smelter in Dec 00 (250 000 tons per annum), six months after commissioning. Production from the Brazilian operations was in line with that of the prior quarter, however, power restrictions were expected to have a negative impact on figures to Sep 01. Copper production was 21% higher, iron ore was 12% up on the Mar 01 quarter with an increase in sales from all markets. Higher volumes went to China, Korea and Taiwan. The group sold a record 71.3m wet tonnes for the year to Jun 01. WA HBI production was higher than the Mar 01 quarter with that of Coking Coal up 14%. Production of thermal coal was the same as the 2000 quarter and Ekati diamond production rose by 15% on the 2000 figures. Oil and condensate production dropped 12% when compared to the corresponding period but natural gas production was 12% higher. Raw steel production for the quarter was in line with that of the corresponding period.
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BHP Billiton commences oil and gas production
BHP Billiton announced the commencement of oil and gas production at the Typhoon oilfield in the deepwater Gulf of Mexico on 29 Jul 01. Gross production was expected to rise to 40 000 barrels per day of oil and 60 million standard cubic feet of gas -- dependent on the performance of the well. The estimated commercial life of the field was between five and eight years. The project was safely completed in just over three years following the discovery of the well, under budgeted expenditure of US$128m and on time. The group said that the early cash flows generated would supplement the longer term higher value potential activities and that the project had the potential to act as a production hub for the area.
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BHP Billiton to write 50% off Columbus investment
BHP Billiton said that it would write off half of its investment in Columbus during the 00/01 period. The group's shares lost R1 on 25 Jul 01 because investors expected further selling by the Industrial Development Corporation and London based research team -- Commerzbank -- downgraded BHP Billiton from a buy to accumulate as sentiment towards mining houses deteriorated. Other analysts have, however, rated the company as a buy noting the shares as "fundamentally cheap".
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BHP Billiton/Samancor reduce interest in Columbus
The members of the Columbus Joint Venture -- Hiveld, Samancor and the Industrial Development Corporation -- announced the signing of a non-binding memorandum of association with Acerinox, S.A. of Spain (the world's leading producer of low cost stainless steel), relating to the acquisition of 64% of Columbus (at Euro's 232 million) with effect from 1 Jan 02. Each of the members of the joint venture (including Billiton's interest via its 60% ownership of Samancor) would subscribe for 8.8% of Acerinox at an issue price of Euro's 40 per share. Columbus's business would be transferred at the end of 01 into a new South African company ("newco") with an initial equity value of around R2.5bn an net debt of R700m. Newco would also enter into a technical assistance agreement with Acerinox and a ferrochrome supply agreement with Samancor. The deal was subject to the usual due diligence and regulatory approvals. Billiton's interest in Columbus would reduce from 20% to 7.2%.
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BHP Billiton in joint venture with Teekay Shipping
BHP Billiton and Teekay Shipping Corporation announced the formation of a joint venture company (Teekay Marine (Pty) Ltd) to be involved in the areas of ship management, crewing and marine technical services on a 30:70 basis respectively. The company would provide improved operating costs via economies of scale and ongoing surety over services and risk. It would contract to BHP Billiton's existing fleet and absorb the entire staff of BHP Billiton's sea-going personnel.
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BHP Billiton on acquisition and disposal drive
Australian sources said that the newly merged BHP Billiton group would continue on an acquisition and disposal drive with reviews of the businesses in the group already underway. Non core assets as well as underperformers like Ok Tedi copper mine would be up for sale.
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Billiton commences construction of coal mine
Billiton has approved the commencement of the construction of the Mount Arthur North open cut thermal coal mine in the Upper Hunter Valley, New South Wales. The project represents a high value brownfield expansion of the existing BHP Billiton Bayswater mine. It forms a key component of BHP Billiton's thermal coal strategy, designed to expand production from high margin Australian resources to meet growing regional demand for steaming coal. Production of 6.3m tonnes of saleable coal, from the Bayswater/Mt Arthur North complex, is expected to be achieved in 2003, and full production from Mt Arthur North of 12.1m tonnes per annum of saleable coal is expected by 2006.
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