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Analysts predict drop in Billiton profit
Analysts are expecting Billiton to report a drop of around 12% in first-quarter profit due to a decline in the European and US markets. Another contributing factor is that Billiton's steel department is now its own company, BHP Steel, so will no longer contribute to BHP Billiton earnings.
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Billiton production update
Billiton's aluminium production has increased by 10% to 260 000 tons in the quarter to end September 2002. Iron ore production has risen 8% to 18.5 million tons, nickel production rose to 20% to 19 000 tons, and diamonds mined rose 24% to 954 000 carats. The company saw a 9% decrease in copper production, metallurgical coal dropped by 4% to 8.7 million tons, and energy coal dropped 13% to 19.4 million tons. Oil production was down 5%. The production of natural gas remained at 71.6 billion feet, unchanged over the previous period.
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Billiton signs gas deal
Billiton has signed an AUD20bn - AUD25bn deal to supply 3.3m tons of liquefied natural gas to China per year. The gas, which comes from Western Australia, will be supplied to China's Guangdong LNG Project, through its North West Shelf Project, of in which it is a 16.67% shareholder. The project is due to start in 2005 and will continue for 25 years.
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Billiton signs liquefied natural gas agreements
Billiton has signed a sales and purchase agreement with various companies comprising the Guangdong LNG Project for the purchase and supply of liquefied natural gas from the North West Shelf in Western Australia. The agreements were signed by the six sellers and cover the supply of approximately 3.3m tonnes of gas per year to Phase One of the Guangdong Project, for a period of 25 years starting in late 2005. The contract is worth between AUD20bn and AUD25bn. The Guangdong LNG project is China's first liquefied natural gas project and involves the construction of a liquefied natural gas import terminal and high-pressure gas pipeline in two phases.
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Billiton considering bauxite mine in Surinam
Billiton, in a joint venturewith Alcoa, has signed an agreement with the Surinam government to do studies with a view to open a bauxite mine in west Surinam. A feasibility study will also be done into building a smelter in the country.
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BHPBill's ratings are upgraded
Moody's upgraded BHPBill's senior unsecured rating and short term rating guaranteed subsidiaries to A2 from A3 and P1 from P2 respectively on 16 Oct 02. Moody's also upgraded the preferred stock rating of BHP Operations Inc from Baa1 to A3. The rating company said that the outlook was stable and the upgrades reflected the success of group management in combining operations after the merger.
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Billiton considering copper reduction
Billiton has announced that it might decrease its copper production as a result of high stock piles and low prices.
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Billiton's majority expense on diamond exploration
Billiton spends more money on diamond exploration than on any of its other mining operations. The company explores for diamonds in Australia, Canada, India, and South Africa. It has also developed gem brands to improve sales. The company's diamond and speciality products division contributed 8.5% of its earnings before interest and tax in the year ended Jun 2002.
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BHPBill may develop a R1.2bn coal mine
BHPBill is carrying out a feasibility study at Klipspruit in Mpumalanga, which may lead to the development of a R1.2bn coal mine. If plans go ahead, the mine will replace the Rietspruit colliery, which closed down early in 2002. The Klipspruit mine could have coal production of about 3 million tons a year
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Billiton reach new highs in iron ore exports
Billiton exported a record breaking 7,13m wet metric tons of iron ore from Western Australia, during Aug 02. The previous record was 6.55m tons in Jun 2000. Rising demand for iron ore from China has also boosted exports.
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BHPBill launches Eurobond
BHPBill announced the launch of 1 Oct 02 of its inaugural EUR750m Eurobond, to be documented under the company's recently launched Euro Medium Term Note programme. The bond was well supported and attracted a geographically diverse and high quality order book. The issue size was EURO750m.
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