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BHP Billiton settles iron ore prices
BHP Billiton announced the conclusion of agreements with both Nippon Steel Corporation and Kawasaki Steel Corporation for the prices of Mt Newman iron ore for the 2002 year -- commencing 1 Apr 02. The prices are: Mt Newman Fines 28.28 USc for dry long ton unit; and Mt Newman Lump 36.13 USc per dry long ton unit. Discussions on tonnage allocations are continuing.
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BHP Billiton signs agreement with Shell
BHP has, together with other participants in the North West Shelf Venture signed a LNG sales and purchase agreement with Shell for the sale of liquefied natural gas from the North West Shelf Venture in Western Australia. The agreement covers the supply of up to 3.7m tons of LNG between 2004 and 2009 from the project. The agreement with Shell follows the Key Terms Agreement signed in May 01 and is the fourth in a series of Sales and Purchase Agreements to be signed for the supply of LNG. BHP Billiton has a 16.67% interest in the North West Shelf Project with other participants being Woodside Energy Ltd (16.67%) BP Developments Australia Pty Ltd (16.67%), Chevron Australia Pty Ltd (16.67%), Japan Australia LNG (16.67%), and Shell Development Australia (16.67%).
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BHP Billiton begins internal initiatives
BHP Billiton announced the adoption of internal initiatives in line with the strategic framework presented to investors during May 02. Included in the initiatives are the cutting back on venture capital activities and the termination of the internal aviation service. These will be effective from 1 Jul 02 and an associated accounting charge will be recorded in the fourth quarter.
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BHP Billiton -- additional copper production cuts
BHP Billiton announced that it will extend its copper production cuts (announced in 2001) following a market review that has determined the absence of a market for additional copper. Additional production cuts of 80 000 tons of copper production from Escondida will be implemented by the end of 2002. This brings total production cuts to 250 000 tons from Nov 01 to Dec 02. It is anticipated that the Tintaya sulphide operation will remain closed until Jan 03. The Escondida operation will use the year to optimise modifications to the existing concentrator and will be in a position to respond to real increases in demand when presented. To meet medium term demand, the final phases of the expansion of Escondida will be completed, resulting production of approximately 1.2 mtpa for "many years to come". BHP Billiton Base Metals will continue to expand its production base as the market allows.
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BHP Billiton to go ahead with Minerva Gas project
BHP Billiton announced approval for the development of the Minerva gas field in the offshore Otway Basin, Victoria, Australia. The bulk of the gas will be sold under contract into South Australia with a new pipeline infrastructure link which will connect the Victorian and South Australian principal gas transmission systems. Capital expenditure for the development will be around USD137m (BHP Billions portion USD123m). The field has an estimated life of 10 years and contains estimated proven and probable gas reserves of 301 billion cubic feet. It also contains 1.24 million barrels of liquids. BHP Billiton has a 90% interest in the Minerva field and will be the project operator. The remaining 10% is held by Santos (BOL) Pty Ltd
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BHP Billiton lodges documents on demerger of Steel
BHP Billiton announced that it has lodged documents relating to the demerger of BHP Steel Ltd and the related bonus issue of shares to BHP Billiton shareholders, with the Australian Securities and Investment Commission and other regulators. As previously announced, BHP Billiton Ltd shareholders will receive one BHP Steel share for every five BHP Billiton Ltd shares held, BHP Billiton plc shareholders will not receive BHP Steel shares, instead, they will receive a bonus issue of BHP Billiton plc shares to reflect the market value of the BHP Steel shares being distributed to BHP Billiton Ltd shareholders. The process provides eligible BHP Billiton Ltd shareholders with the opportunity to retain their BHP Steel shares, to acquire additional Steel shares prior to the listing of BHP Steel or to sell part or all of their entitlement into a dedicated Sale Facility.
BHP Steel is expected to commence trading on ASX (on a conditional and deferred settlement basis) on 15 Jul 02.
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BHP Billiton approves funds to develop Atlantis
BHP Billiton approved up to USD355m to progress the development of the Atlantis oil and gas field in the Gulf of Mexico (GoM). BHP Billiton holds a 44% interest in the field. BP is the operator of the field and holds the remaining 56% interest. Studies conducted by the operator estimate the Atlantis field's gross proven and probable reserves to be 575m barrels of oil equivalent (mmboe) (BHP Billiton share 222 mmboe after royalties of 12.5%), making it the third largest field in the GoM deepwater.
This capital commitment will allow completion of front-end engineering and design work (FEED), progression into detailed engineering and design, purchase of long-lead items and most major equipment and placing major facility fabrication contracts. Full project approval is expected later this year on completion of the final capital cost estimate and project schedule, which will be derived from the FEED studies. The gross capital cost is expected to be in excess of USD2bn (BHP Billiton share approximately USD1bn).
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BHP Billiton appoints external auditors
BHP Billiton put its external audit to tender and confined the tendering parties to those of its current auditors - KPMG and PricewaterhouseCoopers (previously joint auditors for Billiton) and Andersen (previously BHP's auditor). The BHP Billiton board today (3 May 02) announced the appointment of KPMG and PricewaterhouseCoopers as joint auditors from the commencement of the 2003 financial year. The Risk Management & Audit Committee of the company will work with all three existing auditors to ensure a smooth transition from Andersen. The board also confirmed company policy that non-audit work by the statutory external auditors is prohibited where independence may be compromised or conflicts arise.
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BHP Billiton announces board changes
BHP Billiton chairman Don Argus announced a number of decisions affecting board, senior management and Corporate Governance issues that mark the end of the transition associated with the merger of BHP and Billiton and position the group for the future. Brian Gilbertson will assume responsibilities as CEO and MD on 1 Jul 02 while Paul Anderson will retire from his executive position on 1 Jul 02 but will remain on the board of both BHP Billiton Ltd and BHP Billiton plc until the completion of the AGMs on 25 Oct 02 (Melbourne) and 4 Nov 02 (London).
A number of changes will also be made to the board of directors. The new board will comprise twelve directors (nine non-executive and three executive directors). Ben Alberts, John Conde, Derek Keys and Barry Romeril will retire from the board at the end of Jun 2002 while John Jackson and John Ralph will retire at the next AGM when a new non-executive director has or will have been appointed. An announcement on a new executive director to fill Paul Anderson's position will be made in due course.
The company has conducted a comprehensive review of an appropriate level of non-executive director fees, taking into account the more onerous legal and compliance obligations placed on directors as they are directors of both BHP Billiton Limited and BHP Billiton Plc (with listings on numerous stock exchanges) as well as the extensive travel required, not only to attend meetings of the board but also to review company assets. Directors have also agreed to phase out the Retirement Plan that was approved by BHP Billiton shareholders in 1989.
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