|
|
BHPBilliton signs LNG sales and purchase agreement
BHP Billiton (together with the other participants in the North West Shelf Venture) signed sales and purchase agreements with Kyushu Electric Power Co. Inc. for the purchase and supply of liquefied natural gas (LNG) from the North West Shelf (NWS) in Western Australia. The agreement covers the supply of 0.5m tonnes of LNG per annum (mtpa) for a long-term period starting in 2006. Kyushu is an existing long-term customer of NWS LNG and Japan's fourth largest power utility. The agreement with Kyushu Electric is the latest in several recent agreements with other Japanese customers.
|
|
Click here for original article
|
| |
BHP Billiton quarterly production report Mar 2001
BHP Billiton's production of most major commodities for the quarter ended 31 Mar 02 was in line with both the corresponding period last year and the Dec 2001 quarter. The weakening of European markets impacted energy coal sales volumes. Lower US sales also impacted negatively on energy coal volumes. Aluminium production was in line with the Mar 01 quarter and 6% higher then the Dec 01 quarter. This was largely due to the lifting of power usage restrictions in Brazil and higher production at the hillside aluminium smelter in SA following a power outage in Sep 01.
Alumina production was 15% higher than the Mar 2001 quarter and in line with the Dec 2001 period. Copper production was 8% lower than the Mar 01 quarter and 15% lower than the Dec 2001 quarter. This reflects the decision to temporarily reduce production at Escondida (Chile) and Tintaya (Peru) (this was partially offset by the commencement of commercial production at Antamina (Peru) in Oct 01). Iron ore production was 8% higher than the Mar 01 quarter and 5% lower than the Dec 01 period. This was mainly due to lower demand from Asian markets. Western Australian iron ore production was 11% higher than the Mar 01 period due to increased tonnage from Mt Newman.
Metallurgical Coal production was 5% lower than the last corresponding period and 10% higher then the Dec 01 quarter. This reflects the equalisation of Queensland (Australia) coal interests with Mitsubishi to form the BHP Billiton Mitsubishi Alliance in Jun 2001. Boodarie Iron ore production was suspended on 12 Mar 02 following a tube failure in a gas re-heating furnace. As a result Billiton declared "force majeure" at Booadarie Iron on 26 Mar 02. Nickel production was 6% higher then the Mar 2001 quarter and in line with the Dec 2001 period. Higher production and sales were recorded at Cerro Matoso (Colombia).
Energy Coal production was 16% lower than the Mar 2001 quarter and 7% lower than the Dec 2001 quarter. The lower production is due to the divestment of the Matla and Glisa mines (SA) in the Jun 2001 quarter, the accelerated closure of operations at Rietspruit (SA) in Nov 01 and the divestment of BHP Billiton's 80% interest in the PT Arutmin energy coal assets (Indonesia) to PT Bumi Resources in Oct 2001. Ingwe Coal will further revise production plans resulting in a short-term reduction in energy coal available for the export market.
Oil and Condensate production was in line with both the Mar 2001 quarter and the Dec 2001 quarter. Natural filed decline at Griffin (Australia) was offset by higher production in the Mar 2002 quarter following repairs to the Scindian 3 flowline (full production resumed in Jan 2002) and the Griffin-9 infill program. Natural filed decline at Bass Strait (Australia) was offset in part by the ongoing success of the West Tuna infill program. Lower production was recorded at Laminaria (Australia) during the Mar 2002 quarter, while the start of operations at Typhoon (USA) in Jul 2001 had a positive impact.
Natural gas production was inline with the Mar 2001 quarter and 13% lower than the Dec 2001 quarter. Raw Steel production was in line with both the Mar 2001 quarter and the Dec 2001 period. Ekati Diamond production was 149% higher than the Mar quarter last year and in line with the Dec 2001 quarter following the acquisition of Dia Met Minerals Ltd, effective 1 Jul 01. Titanium Minerals lower sales volumes were recorded at Richards Bay Minerals due to softer global markets.
|
|
Click here for original article
|
| |
Billiton quarterly report on exploration
This report covers exploration and development activities, for the quarter ended 31 Mar 02. In aluminium, construction work on the 253 000 tonne per annum Mozal II smelter in Mozambique remains on schedule. At the end of Mar 2002, overall construction progress had reached 22%. In base metals, Billiton and its joint venture partners in the Escondida copper mine in Northern Chile continued development activities for phase IV. The expansion will increase ore processing capacity by 85% resulting in an average copper production of 400 000 tonnes per annum. The development has an estimated capital cost of USD1 045m. At the end of Mar 2002, the project was 75% complete, with the installation of major mechanical equipment progressing satisfactorily.
Carbon steel materials in Australia through the Blackwater integration project is 75% complete, with a new fleet of eight 300 tonne capacity haul trucks performing to specification. Further mining equipment including dozers, coal haulers and an excavator will be delivered throughout 2002. Prestrip contracts have also been completed. The Dendrobium mine in Australia, with approximately USD500m committed to date, is also under construction at all three of the main sites.
Energy coal at Mount Arthur North in Australia, will be capable of producing up to 15 mtpa of raw energy coal when full production is achieved in 2006. Commitments during the quarter ending Mar 2002 were USD55m, with total commitments of USD209m. Capital expenditure for the quarter was USD28m. Construction of the project is on schedule with nine months of an anticipated 32-month program completed. Forecast cost to completion has been reduced from USD411m to USD355m as per the Mar 2002 definitive estimate.
The exploration group of BHP Billiton Minerals continued to carry out global grass roots exploration for key commodities of interest to the Group. In addition, the Junior Alliance Program (third party alliances and joint ventures) continued to expand, involving more companies and providing entry into new countries. Further success was also experienced with Minotaur Resources Limited in South Australia.
|
|
Click here for original article
|
| |
BHP signs agreement with Kyushu
BHP Billiton, together with the other participants in the North West Shelf Venture, signed sales and purchase agreements with Kyushu Electric Power Co. Inc. for the purchase and supply of liquefied natural gas (LNG) from the North West Shelf (NWS) in Western Australia. The agreement covers the supply of 0.5m tonnes of LNG per annum (mtpa) for a long-term period starting in 2006.
|
| |
BHP Billiton subsidiary retrenches 300 employees
BHP Billiton subsidiary Samancor retrenched 300 employees. Numsa spokesman Dumisani Ntuli said Samancor was under pressure to restructure and rationalise the workforce.
|
| |
BHP Billiton to distribute BHP Steel shares
BHP Billiton plans to distribute 94% of BHP Steel shares to its shareholders as part of BHP Steel's separate listing on the Australian Stock Exchange (ASX) later in 2002. BHP Billiton shareholders will receive one BHP Steel share for every five BHP Billiton shares. BHP Billiton will hold the remaining 6%, which will be offered for sale under a sale facility. BHP Billiton shareholders will be able to dispose of some or all of their BHP Steel shares prior to its listing under the sale facility.
Shareholders of BHP Billiton are not eligible to participate in the demerger. Instead, they will receive a bonus issue of BHP Billiton shares. The number of bonus shares that will be issued will be based on the volumeweighted average price of BHP Steel shares sold under the sale facility and traded during the first five stock market trading days on the ASX, and BHP Billiton shares traded on the same five days on the LSE.
|
| |
BHP Billiton to list steel in mid 02
BHP Billiton announced that, subject to approval, the demerger and separate listing of its steel interests is on track for mid 2002. The demerger will be implemented by way of a capital reduction and distribution of 94% of BHP Steel shares to eligible BHP Billiton shareholders on an expected basis of one BHP Steel share for every five BHP Billiton shares held. In order to create a minimum level of supply BHP Billiton will hold 6% of the total number of BHP Steel shares on issue which it will offer for sale under a sale facility in connection with the demerger. BHP Billion shareholders will also have the option to sell under the sale facility, some or all of their BHP Steel shares prior to the listing on the ASX.
BHP Billiton plc shareholders will not receive BHP Steel shares. To ensure equality in the economic treatment of BHP Billiton plc shareholders, they will receive a bonus issue of BHP Billiton shares to reflect the market value of the BHP Steel shares being distributed to BHP Billiton shareholders. It is envisaged that a prospectus will be issued by mid May 02 including a full forecast for BHP Steel for the years ending 30 Jun 02 and 30 Jun 03.
|
|
Click here for original article
|
| |
BHP Billiton expects to save 500m Dollars
BHP Billiton said that extra cost savings from the merger would boost the return on capital to higher than forecast. The company raised its target for return on capital from 12.5% to 15% by 2006 and expects to reduce costs by a further 500m Dollars between 2003 and 2005 (the group remains on track to reduce costs by 270m Dollars a year by 2003). It is the aim of Brian Gilbertson -- CE elect -- to boost BHP Billiton's return from 3.5% in 1999. A portfolio manager at Ausbil Dexia said boosting returns depended on project evaluation and discipline, areas that the group is already addressing. Around 10bn Dollars of oil fields and mines might be developed over the next five years to 2007 to boost returns.
|
| |
BHP Billiton to present vision to shareholders
BHP Billiton presented an overview of the group's strategic framework at an Australian securities Institute luncheon in Sydney, Australia on 8 Apr 02. Shareholders will find a PowerPoint slide presentation from the briefing on the BHP Billiton website (www.bhpbilliton.com/investor).
|
|
Click here for original article
|
| |
BHP Billiton approves new mine
BHP Billiton has approved the development of a new iron ore mine at Mining Area C and the expansion of its Pt Hedland port and rail facilities, both in the Pilbara region of north Western Australia. Capital costs will be USD213m for the new mine which has the potential to increase iron ore production by up to 15m tonnes per annum by 2011, and USD351m for the port and capacity expansion. POSCO will acquire a 20% interest in Mining Area C -- 'C Deposit' with the proviso that it purchases a minimum of 3m tonnes per annum of MAC ore following initial ramp-up and maintains a long-term strategic alliance with the group.
|
|
Click here for original article
|
| |
| |
|
| Closing price data source: JSE Ltd. All other statistics calculated by ProfileData. |
| |
|
|
