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BHP releases details of Gilbertson's payout
BHP Billiton has finally agreed to pay Brian Gilbertson, former chief executive, more than GBP4.2m for six months of service. BHP Billiton said Gilbertson would receive another GBP150 000 for reallocation expenses, could claim a pension worth GBP602 575 a year as well as retain a third of the 760 110 shares he is entitled to after leaving the group. The agreement, which took close to 4 months to conclude, is lower than the estimated USD17m payout feared by international shareholder organisations.
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BHP announces settlement with former CEO
BHP Billiton today (22 May 03) announced that it has reached agreement with former CE, Brian Gilbertson on the terms of termination of his employment with the group. 'We have resolved this matter on the terms specified in our contract with Mr Gilbertson', BHP Billiton Chairman Don Argus said today. 'The decision on the separation payments has the unanimous support of the board'. Mr Gilbertson will be paid a total amount of GBP4m, which represents his entitlements under his contracts of employment with BHP Billiton.
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BHP invests in copper projects
BHP Billiton is to exercise its rights to take a 51% stake in a number of copper projects with First Quantum Minerals in Zambia.
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BHP signs agreements with CNOOC
BHP Billiton today(16 May 03) announced it had signed, together with the other participants in the North West Shelf (NWS) Venture, further agreements with a related entity of the China National Offshore Oil Corporation (CNOOC). CNOOC will participate with a 25% share in the new joint venture, the 'China LNG Joint Venture' and each of the six original NWS participants will hold 12.5%. Subject to anticipated completion of regulatory and other approvals later this year, CNOOC, will pay each of the six NWS Venture participants about USD58m for its interest in the NWS Project titles.
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BHP and Tinto raided over suspected price fixing
Officials from the European Commission's competition authority, conducted raids on BHP Billiton and Rio Tinto. The raids were conducted in order to look for evidence of cartel agreements on pricing and sales practices in the copper concentrate market. If found guilty, the companies could face a hefty fine.
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BHP confirms copper concentrate investigation
BHP Billiton today (15 May 03) confirmed that The European Commission (Competition Directorate-General) served notice on BHP Billiton to submit to an investigation in the copper concentrate market. BHP Billiton understands that this is an industry-wide investigation and currently has no reason to believe that it is the focus of their investigation. In the last 12 months, BHP Billiton produced approximately 608,000 tonnes of Copper contained in concentrate from its worldwide operations and in total produced approx. 854,000 tonnes of copper (in concentrate and cathode form). BHP Billiton is co-operating fully with the ongoing investigations.
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BHP says no deal with Gilbertson has been reached
BHP Billiton said yesterday (7 May 03) that no deal had been reached regarding a renumeration package for the former CEO, Brian Gilbertson.
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BHP to review SA energy coal operation
BHP Billiton is to review its SA coal operations due to the impact of the strengthening rand and depressed coal prices. Both these aspects put pressure on the company's SA energy coal earnings. The review will produce operational changes, focusing on synergies across its coal mines that can reduce costs. These measures are expected to be introduced towards the end of July.
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BHP issues declaration of final dividend
A final dividend of 7.5 US cps will be paid to BHP Billiton shareholders on 2 Jul 03 bringing the total dividend for the year to 14.5 US cps. The rates of exchange applicable two business days before the announcement date are used for conversion. The last date to trade 'cum' dividend is 6 Jun 03. The payment date is 2 Jul 03.
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BHP Billiton results for the 9 months ended 31 Mar
The group reported turnover of USD4.5bn, up 24.6% from the figure reported in the comparable period, in the previous financial year of USD3.6bn. The group reported an EBITDA figure of USD1.4bn (USD1.1bn). Basic earnings per share were up 9.1% to 7.2cps (6.6cps).
Although global economic conditions remained weak, operating and financial results for the nine months ended 31 Mar 03 were solid and EBITDA generation from the portfolio of high quality long life assets was strong. This strong performance illustrates improved sales volumes, higher product prices, the continuation of cost savings initiatives, strong demand in China and East Asia and the benefits of the group's diversified portfolio of resource businesses.
Strong cash flows have enabled the board to increase annual dividends declared to shareholders for the full year, from 13.0 US cps last year to 14.5 US cps in the full year ending 30 Jun 03, an increase of 11.5%. A final dividend of 7.5 US cps will be paid on 2 July 03.
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| Closing price data source: JSE Ltd. All other statistics calculated by ProfileData. |
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