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BHP Billiton approves Yandi Lump Project
Approval has been granted for the production of a new high value lump 'Pisolite' iron ore product at the group's Yandi mine in Western Australia. The A$27.5m project will deliver up to 4m tons per annum of lump 'Pistolite' product which the group says will command a premium price over its existing fines products. President of the Western Australian Iron Ore Graeme Hunt said that Yandi's lump 'Pistolite' ore would complement growing demand for lower cost ores that maximise value to customers.
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BHP Billiton quarterly exploration report
BHP Billiton released its exploration and development report for the quarter to Dec 01:
- Minerals Development -- Construction work at the Mozal II aluminium smelter remains on schedule for initial production towards the end of 03. Commitments totalling over 65% of the project budget of US$860m have been made and the project is within budget. The Escondida Phase IV Expansion in Chile continued development activities during the quarter. The expansion will increase ore processing capacity by 85% resulting in an average copper production of 400 000 tonnes per annum over the first five years. The development has an estimated capital cost of US$1bn. Construction at the Tintaya Oxide Project in Peru continued during the quarter with an increase in Tintaya capacity of 38% with a cathode capacity of 34 000 tonnes per annum. This development has an estimated capital cost of US$138m, is on schedule and within budget. In terms of the Blackwater Integration Project, the annualised sales rate for the period to Dec 01 reached 13.3m tonnes per annum. Ramp up will continue in the Mar 02 quarter with total production on target of US$64m. Construction of critical path activities is underway at the New South Wales Dendrobium Coal project. The underground energy coal project at San Juan will replace BHP Billiton's three existing surface projects and was 88% complete by Dec 01. The Mount Arthur North mine will be capable of producing up to 15m tonnes of raw thermal coal per annum when full production is achieved in 06. The group will not pursue further involvement in the Gag Island Nickel project. Construction has begun on the Bream Gas Pipeline which will allow the production of gas reserves from the Bream reservoir and will also access and accelerate the production of around 30m barrels of hydorcarbon liquids over a 10 year period. The first gas and concentrate has been received from the Echo Yodel project at a production flowrate of 350 million standard cubic feet per day.
- Laminari Phase II development -- the supdding of the first well is planned for Jan 02. Ohanet Development in Algeria will provide a 20 million cubic metre per day gas treatment facility. By the end of Dec 01, eight new wells had been drilled and completed and first production remains scheduled for the third quarter of 03. TOD Integrated Development in Algeria -- first production is scheduled for 03.
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BHP Billiton organisational changes
BHP Billiton has changed its management structure to facilitate the transition from Paul Anderson as CEO and managing director to Brian Gilbertson by the end of 2002. The changes include the formation of an office of the chief executive and the elimination of the role of president and CEO minerals. Mr Anderson's main focus will relate to the delivery of the 2002 financial year objectives; formulation of a strategy framework; a smooth leadership transition and the effective delivery of major portfolio initiatives including the planned public listing of BHP Steel. Mr Gilbertson will focus on effective delivery of the portfolio of growth projects; improvements in the operational efficiency of the businesses and the identification and development of new business activity areas. Mike Salamon will become the senior minerals executive on the executive committee. The presidents of Base Metals (Brad Mills), Carbon Steel Materials (Bob Kirkby) and Energy Coal (Mike Oppenheimer) will join the executive committee as will the vice president of group human resources (Ian Fraser). The president of Steel, Kirby Adams will no longer be a member of the executive committee.
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BHP Billiton's earnings estimates are lifted
Merrill Lynch has increased BHP Billiton's earnings estimates for the year to Jun 02 to $2.022bn from $1.964bn (or 23.3 cents per share from 23 cents), following further weakening of the Rand.
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