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BHP settles 2003 coking coal prices
BHP Billiton announced that the commercial terms have been settled for the majority of annually priced cooking coal contracts for the year commencing 1 Apr 03. The pricing outcomes relate to the BHP Billiton Mitsubishi Alliance (BMA) and BHP Mitsui Coal operations in Queensland, and the BHP Billiton Illawarra Coal operations in New South Wales. FOB returns for all brands of metallurgical coals have decreased by an average of 4%. The lower prices reflect market conditions prevailing across most coal types. Volumes are expected to remain steady.
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Bhp-Production report for 3 months ended 31 Mar 03
Oil and Condensate production for the quarter of 15.3m barrels was 22% lower than the March 2002 quarter. The decrease was mainly due to natural field decline in Bass Strait, Laminaria and Griffin and higher downtime and natural field decline at Liverpool Bay and Typhoon. Natural Gas production for the quarter of 66.99bn cubic feet was in line with the March 2002 quarter, reflecting increased production from Bruce following removal of contract restrictions and increased demand at Bass Strait. Natural gas production was 3% lower than the December 2002 quarter mainly due to seasonal conditions reducing demand from Bass Strait. Alumina production for the quarter of 1m tonnes was in line with the March 2002 and December 2002 quarters. Aluminium production for the quarter of 267 000 tonnes was 7% higher than the March 2002 quarter, mainly due to a return to full production at Alumar and Valesul. Copper production for the quarter of 231 300 tonnes was 23% higher than the March 2002 quarter due to the ramp up of the Escondida Phase IV expansion. Iron Ore production for the quarter of 17.2m tonnes (BHP Billiton share) was 5% higher than the March 2002 quarter and 7% lower than the December 2002 quarter. Metallurgical Coal production for the quarter of 8.6m tonnes was in line with the December 2002 quarter and 5% lower than the March 2002 quarter. Ekati Diamond production for the quarter of 1.02m carats was 9% higher than the March 2002 quarter mainly due to continued benefits of a processing plant de-bottlenecking program and mining of higher ore grades. Energy Coal production for the quarter of 19.7m tonnes was in line with the March 2002 quarter. Nickel production for the quarter of 18 600 tonnes was 4% higher than the March 2002 quarter, reflecting ramp-up of production at Cerro Matoso Line 2, benefits from ongoing improvement programs at Cerro Matoso and improved efficiencies at Yabulu.
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BHPBilliton issues quartely activity report
PETROLEUM DEVELOPMENT
At the North West Shelf expansion, Australia, overall progress on the fourth liquefaction processing train is 64% complete and remains on schedule to start up in mid 2004. BHP Billiton's share of capital expenditure is USD237m. At Minerva, work is progressing under a Lump Sum Turn Key contract. The offshore drilling and completion of the two new subsea wells has been successfully completed and civil engineering works have commenced on the gas plant site near Port Campbell. The project is on budget (BHP Billiton's share of capital expenditure is USD123m) and on schedule for first gas production in the first quarter 2004. Phase 1 of the development of the Zamzama Gas Field is being executed on a fast track basis and will include drilling at least four wells and constructing two additional 140 MMcf/d processing trains. BHP Billiton's share of capital expenditure is USD40m and first gas is scheduled for third quarter 2003. The OHANET Development consists of the development of four gas-condensate reservoirs in the Illizi Basin in southern Algeria. Overall construction progress is over 95%. First production is scheduled for the second half of 2003, and BHP Billiton's share of capital expenditure is USD464m. The ROD Integrated Development consists of the development of six satellite oilfields in the Berkine Basin in eastern Algeria. The project will produce 80,000 barrels of Sahara Blend crude oil per day. First production is scheduled for the end of first quarter 2004 and BHP Billiton's share of capital expenditure is USD179m. In February 2002, BHP Billiton acquired a 25% interest in the Caesar oil pipeline and a 22% interest in the Cleopatra gas pipeline which will transport product from the Mad Dog and Atlantis fields to pipelines closer to shore. The project is on budget with BHP Billiton's share of the capital cost estimated at USD100m. BHP Billiton announced its sanction of the Mad Dog field in February 2002, approving up to USD335m for development of the Gulf of Mexico oil and gas field. Construction continues on the hull (in Finland) and topsides (in the USA), with an estimated 39 per cent of the work complete at the end of March 2003. BHP Billiton announced sanction of the first development phase of the Greater Angostura oil and gas field off the northeast coast of Trinidad. BHP Billiton's share of capital expenditure for the first phase is expected to be around USD327m. First oil is scheduled for the end of calendar year 2004.
MINERALS DEVELOPMENT
Construction work on the 253 000 tonne per annum Mozal II aluminium smelter project continued during the quarter with progressive handover of completed process systems to the smelter operations team. Full production is expected to be reached in the fourth quarter of 2003. Cost trends to date indicate that the project is likely to be completed well below the project budget of USD860m (BHP Billiton share USD405m). Main construction work on the 130 000 tonne per annum Hillside III aluminium smelter project has reached 55% completion. Full production is expected by the end of the second quarter 2004 and the expenditure to date remains in line with the budgeted USD449m. The Escondida Phase IV expansion project reached mechanical completion in September 2002 below the budgeted cost of USD1.045bn (BHP Billiton share USD600m). The Mining Area C Project capital cost is estimated to be USD213m (BHP Billiton share USD181m). Construction work is progressing at both the plant and infrastructure rail and road sites and is over 50 per cent complete. Overall the project is within budget and remains on schedule to commission in the fourth quarter of 2003. The Mount Arthur North Mine will be capable of producing up to 15 million tonnes of raw thermal coal per annum when full production is achieved in 2006. The project is progressing to plan and forecast cost to completion is within the approved budget of USD411m. The status of the exploration and appraisal wells drilled during the quarter or in the process of drilling as at 31 Mar 03 can be viewed in the original article.
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BHP successfully launches USD850m global bond
BHP Billiton, announced today (15 Apr 03) the successful launch of its 10 year global bond. The proceeds from the issue, which was expanded from USD750m to USD850m due to strong demand, will be used to repay existing debt and for general corporate purposes. BHP's Chief Financial Officer, Chris Lynch, commented, 'The success of this issue in terms of the expanded size, the quality of the book and the pricing achieved again illustrates the strength of the BHP Billiton credit story. This is the first issue in the US market for the combined BHP Billiton Group, and following on from the success of our inaugural Eurobond in October 2002, will further our objective of diversifying funding sources.'
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BHP to issue inaugural bond
BHP Billiton today (11 Apr 03) announced its intention to issue an inaugural global bond. The company is looking to raise USD750m with a maturity of 10 years, the proceeds of which will be used to repay existing debt and for general corporate purposes.
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BHP Billiton - Hillside enough
BHP Billiton had no plans, besides the USD449m Hillside expansion, to increase its aluminium capacity the group said yesterday (8 Apr 03). The company was being cautious, as aluminium producers deliver into an arena that has an estimated two-year surplus of supply. Michael Campbell, vice-president of investor and media relations, said no other projects were on the horizon for now.
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Mozal expansion project
BHP Billiton, on behalf of the other shareholders of Mozal, the Government of Mozambique, the Industrial Development Corporation of SA and Mitsubishi Corporation of Japan, announces that first aluminium was cast at the expansion project at the Mozal aluminium smelter near Maputo in Mozambique on 7 Apr 03.
Approved in Jun 01, the expansion project will double the output of the smelter from 253 000 tons per year to 506 000 tons per year of primary ingots. Full production is expected to be reached in the fourth quarter of 2003. To date the Mozal expansion construction team has worked 14.6 million man-hours. Currently three million continuous man-hours have been recorded without a lost time injury, and the project lost time injury frequency rate is 1.14, which is a world-class performance.
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