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BHP Billiton results of meetings
Shareholders are advised that the business considered at the meetings of shareholders of BHP Billiton Ltd and BHP Billion plc was passed by the required majorities of both shareholders and votes. Final approval for the scheme of arrangement will be sought from the Federal Court of Australia on 1 Jul 02.
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BHP Billiton to close local zinc mine
BHP announced that it will close its Pering Lead zinc mine in South Africa two years ahead of schedule due to recent market conditions. The Pering Mine has been in operation for 16 years but the ore reserve is now nearly depleted. It is anticipated that the mine will operate at full capacity until closure, afterwhich reclamation activities will commence. Significant effort is being placed on the development of a social plan aimed at reducing the economic impact on Pering's 193 employees. The plan, being devised in conjunction with the trade unions, includes the sustainability of the Reivilo town and the local community.
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BHP Billiton sells uranium operation
BHP Billiton announced the sale of Smith Ranch in-situ uranium mine in Wyoming to Cameco Corporation of Canada. The sale completes the group's exit from uranium production as part of its planned divestment of non-core businesses.
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Russia looks to BHP for investment funding
Russian Aluminium (Rusal), the world's second largest producer of aluminium is looking at BHP Billiton and Rio Tinto as possible suitors for new smelter investment and possible shareholding deals. Rusal is currently competing against a consortium of international bauxite producers, including Rio Tinto's Comalco, for the development of the Dian-Dian bauxite deposit in Guinea. The Russian company only covers half of its annual demand and there is also talk of Rusal wanting to improve its international reputation by seeking foreign participation in several projects. None of the international suitors have given any indication of possible involvement with Rusal, which is facing racketeering charges in New York.
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BHP Billiton signs local agreement
The Minister of Minerals and Energy, Phumzile Mlambo-Ngcuka announced the approval of an agreement between BHP Billiton and Global Offshore Oil Exploration, which will cede 90% of its prospecting sublease for Block 3B/4B in the Orange Basin of the west coast of South Africa to BHP Billiton. This will be the first oil and gas agreement for BHP Billiton in the area, although the group has other interests in the country. Block3B/4B covers the deep waters in the Orange Basin off the coast between Hondeklip Bay and Saldanha Bay and includes the Pinotage Prospect, a geological structure that was discovered recently. Petroleum Agency CE Jack Holliday said that the deep water sector of the Orange Basin has not yet been adequately explored. He confirmed that the geological data is very encouraging and that the Pinotage structure could be a giant oil field.
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Stronger rand to be a burden to BHP Billiton
BHP Billiton said that every 10 cent improvement in the rand costs the group's carbon steel materials (CMS) division USD1m before interest and tax. Analysts said that this, seen together with the group's other SA operations could put a fairly big dent into BHP Billiton's earnings. The strengthening of the Australian dollar is also of some concern as BHP Billiton has considerable iron ore and coal operations in that country. BHP Billiton is not entirely surprised by the altering currencies and said that it will adjust forecasts accordingly. In addition, efforts to increase cost efficiencies across the CSM division are in place. It is expected that the CSM division's contribution to group profit will stay at about 26% of earnings before interest and tax.
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Merrill Lynch cuts forecast for BHP Billiton
Merrill Lynch cut its forecast for BHP Billiton by 10% because of a weaker dollar which will cut the group's revenue and increase costs.
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BHP Billiton has not ruled Coega out just yet
Mike Campbell of BHP Billiton said that although Pechiney has expressed an interest in buying a smelter at Coega, BHP Billiton has not yet decided where to site its aluminium smelter, which would use next generation technology. Campbell said that South Africa is the aluminium location of choice as electricity costs (accounting for about 80% of smelter costs) are low. Coega is one choice for the group with Beira in Mozambique the other. Rumours are that Cahora Bassa power may be fed directly to Mozambique in the future.
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BHP Billiton announces hydrocarbon discovery
BHP Billiton announced the discovery of an encouraging hydrocarbon column at its Cascade prospect in the ultra-deepwater Gulf of Mexico. The significance of the well will be assessed following further evaluation of drilling and resource data. Further drilling will be necessary to determine the size of the find.
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