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Analysts predict fall in earnings for BHP Billiton
Analysts have predicted a fall in earnings when BHP Billiton releases its full year earnings for the year to Jun 2002 on 7 Aug 02. Some suggested that sales generated by the group's oil and gas business, which as at Nov 2001 made up 39% of total earnings before tax, interest and exceptional items, would compensate for currency fluctuation and the depressed energy market. Profits from local operations, though, were expected to be below expectations but there was hope, according to Roger Chaplin (mining analyst at Canaccord Capital in London) that aluminium would improve in the 2003. He also said that the group's results would be boosted by the higher than anticipated oil price.
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Billiton quarterly production report
Aluminium production for the year of 992 000 tonnes was in line with last year. Increased production from Mozal (Mozambique) for the year reflected full commissioning of that operation, was offset by lower production from the Brazilian smelters mainly due to a government enforced power rationing program in place for the first half of the financial year. Aluminium production in the Jun 2002 quarter was five per cent higher than both the Jun 2001 and Mar 2002 quarters. Alumina production for the year of 3.9m tonnes was 34% higher than 2001, reflecting the additional 56% interest in Worsley (Australia) acquired in Jan 2001. This was combined with higher production rates achieved through Worsley`s capacity creep program. Worsley has achieved consistent operation at or above nameplate capacity of 3.1m tonnes per annum.
Copper production for the year of 824 300 tonnes was five per cent higher than 2001. Production in the Jun 2002 quarter was 14% above the Mar 2002 quarter, mainly due to higher production at Escondida reflecting fiscal year end ore inventory clean out and better than anticipated mill performance. Iron Ore production for the year of 67.9 million tonnes was three per cent higher than 2001. Total iron ore production in the Jun 2002 quarter was in line with the Jun 2001 quarter and four per cent above the Mar 2002 quarter.
Metallurgical Coal production for the year of 35.5m tonnes was four per cent lower than 2001. The decrease reflects the impact of the sell-down of BHP Billiton`s interest in the CQCA and Gregory joint ventures (Australia) to Mitsubishi. Nickel production for the year of 68 900 tonnes was 13% higher than 2001, reflecting the continued ramp-up of Cerro Matoso Line 2 (Colombia), which commenced production on 1 Jan 2001. Energy Coal production for the year of 82.8m tonnes was 11% less than 2001, and Oil and Condensate production for the year of 78.5m barrels was one per cent lower than 2001. Natural Gas production for the year of 283.5bn cubic feet was eight per cent higher than 2001, and Ekati Diamond production for the year of 3.65m carats was 155% higher than 2001.
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Billiton announces bonus share issue
As a result of the demerger of Billiton Steel, holders of ordinary shares in BHP Billiton plc will receive a bonus issue of 1 new Billiton plc share for every 15.5648 Billiton plc shares held. Fractional entitlements will be rounded up to the nearest whole share. The bonus shares will be issued on 29 Jul 02 to South African shareholders who are registered as at 26 Jul 02.
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Billiton reports back on appraisal well in Mexico
Billiton announced the results from its Neptune-3 appraisal well in the Gulf of Mexico. The well was drilled to a measured depth of 18 643 feet and has been temporarily abandoned. An amount of 450 gross feet of hydrocarbon column was encountered, with approximately 130 feet of net oil pay in a similar Miocene age reservoir as seen in Neptune-1 & 2. An additional 20 feet of net oil pay was also encountered in a younger Miocene age reservoir. After integration of final fluid sample analysis, petrophysical interpretation and new seismic data, the partnership will select a subsequent location for appraisal drilling and expect to commence further operations within six months. Pending further appraisal results, development options under consideration are a tieback to a future production hub in the area or a stand-alone production facility.
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Billiton Australian listing closes
The offer for ordinary shares in BHP Steel Ltd (ACN 000 011 058) has been closed. Trading in BHP Steel shares is expected to commence on a conditional and deferred settlement basis at 11:30 am Australian Eastern Standard Time on 15 Jul 02. Normal trading is expected to commence on 25 Jul 02. The final price for the retail offer and the institutional offer was AUD2.80 per share.
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BHP Billiton directors resign
The following directors resigned with effect from 30 Jun 02: Ben C Alberts, Derek L Keys, Barry D Romeril and John C Conde.
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Court approves demerger of BHP Steel
The demerger of BHP Steel will be effected following the Federal Court of Australia's approval of the scheme of arrangement between BHP Billiton and holders of both fully paid and partly paid ordinary shares on 1 Jul 02. Legal separation will occur on 22 Jul 02.
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Brian Gilbertson takes over at BHP Billiton
BHP Billiton reconfirmed its announcement of 2 May 02, that Paul Anderson will retire from his executive position on 1 Jul 02 but remains on the boards of both
BHP Billiton Ltd and BHP Billiton plc until the completion of the Annual General Meetings in the latter part of 2002. Mr Brian Gilbertson will assume the responsibilities of chief executive officer and managing director of the group with effect from 1 Jul 02
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| Closing price data source: JSE Ltd. All other statistics calculated by ProfileData. |
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