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BHP Billiton expands iron ore business
BHP Billiton today announced that it would be accelerating the development of its Western Australian iron ore expansion projects, to ensure a system capacity of 100m tonnes per annum by the end of the second quarter of 2004. President of Carbon Steel Materials, Bob Kirkby said the accelerated development of Area C and the Products and Capacity Expansion (PACE) would provide a low cost, low risk means of maximising returns from the current strong iron ore market conditions.
Similarly, the original schedule for PACE provided the foundations for expansion to 100m tonnes per annum by 2011. This capacity will also be available at the port by the first quarter of 2004, without additional expenditure. Capacity on the Newman to Port Hedland rail line will be expanded to 100m tonnes per annum by the end of the second quarter of 2004, with the addition of three extra sidings and 240 new ore cars. Capital expenditure for the additional sidings and ore cars, increased ore processing capability at Area C, and the accelerated pre-stripping at Mt Whaleback is expected to be in the order of USD50m with BHP Billiton's share being USD42.5m.
In addition, BHP Billiton recently approved the installation of a five kilometre overland conveyor and additional ore handling facilities at the Yandi mine. The new facilities will raise Yandi's capacity by 3m tonnes, to 42m tonnes per annum, early in the first quarter of 2004 and will also improve operating efficiencies. Capital expenditure for this high value brownfields expansion is expected to be in the order of USD27m with BHP Billiton's share being USD23m.The group is also undertaking feasibility studies for further expansions of the Western Australian iron ore business, should the market warrant, to 120m tonnes per annum. The first production cargoes are scheduled for loading in Sep 03, and the project will be officially opened on 30 Oct 2003. Customer feedback from trials of bulk sample product has been positive, with strong interest also expressed from China. The project is within budget and is on track to commission ahead of schedule in the first quarter of 2004.
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Bhp-Quarterly report on exploration activities
The BHP production report covers exploration and development activities for the quarter ended 30 June 2003. BHP Billiton's interest in the projects referred to in this report is 100%, and references to quarters are based on calendar years. Of the 16 projects currently in development, all are either on or under budget and fifteen are currently tracking on or ahead of schedule.
MINERALS EXPLORATION
The exploration group of BHP Billiton Minerals continued to pursue global exploration opportunities for key commodities of interest to the group utilising both the Junior Alliance Program and in house generative capabilities. In line with this strategy, BHP Billiton purchased Hunter Exploration group's minority 20% and 14% participating interests in the Aviat and Churchill Diamond Joint Ventures in Canada. At the end of June 2003, BHP Billiton entered into an agreement with Diamond Mines Australia, a subsidiary of Gravity Capital, to explore for diamondiferous Kimberlite pipes in Australia using the FALCON(TM) airborne gravity technology. BHP Billiton has a 6.1% interest in Diamond Mines Australia and has back-in rights to a majority interest position in significant discoveries made as a result of this initiative.
EXPLORATION EXPENDITURE
Information related to exploration expenditure will be included in the BHP Billiton full year results, to be released on 28 August 2003. It is expected that gross exploration expenditure will be in line with previous forecast.
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BHP June 2003 quarter production report
BHP Billiton releases its production report for the quarter ended 30 Jun 03. BHP produced a record annual Western Australian Iron Ore production of 76.5m tonnes and record annual shipments of 80.3m tonnes. The company achieved a record quarterly plant throughput of 1.18m tonnes at Ekati(TM) (Canada) and a record annual nickel production of 78 100 tonnes.
Petroleum Products: Total production for the June 2003 quarter was 30m barrels of oil equivalent, 7% higher than the March 2003 quarter and 10% lower than the June 2002 quarter.
Oil and Condensate: Production for the June 2003 quarter was 15.6m barrels, 2 % higher than the 15.3m barrels produced in the March 2003 quarter and lower than the 19.7m barrels produced in the June 2002 quarter.
Natural Gas: Production for the June 2003 quarter was 72.9bn cubic feet, 9 per cent higher than the 67bn cubic feet produced in the March 2003 quarter and 3% higher than the 70.7bn cubic feet produced in the June 2002 quarter.
Alumina: Production for the June 2003 quarter was 1.1m tonnes, compared with 1m tonnes in the June 2002 and March 2003 quarters.
Aluminium: Production for the June 2003 quarter was 273 000 tonnes, compared with 263 000 tonnes in the June 2002 quarter and 267 000 tonnes in the March 2003 quarter.
Copper: Production for the June 2003 quarter was 229 200 tonnes, 7% higher than the 213 500 tonnes produced in the June 2002 quarter.
Iron Ore: Record annual Western Australian production of 76.5m tonnes was 6% higher than the previous year, in response to strong demand in all Asian markets, particularly China.
Metallurgical Coal: Production for the June 2003 quarter of 9m tonnes was in line with the June 2002 quarter and 5% higher than the March 2003 quarter.
Manganese: Annual ore production of 4.1m tonnes was 16% higher than 2002 in response to strong customer demand, particularly from China. Full year alloy production of 737,000 tonnes was 19 per cent higher than 2002 also due to increased customer demand.
Ekati(TM) Diamonds: Record plant throughput of 1.18m tonnes was achieved at Ekati(TM) (Canada) during the June 2003 quarter. Combined with improved ore grade, quarterly production of 1.30m carats and annual production of 4.34m carats were 27% and 19% respectively higher than for the corresponding period last year.
Energy Coal: Production for the June 2003 quarter was 22m tonnes, compared with 20.6m tonnes in the June 2002 quarter and 19.7m tonnes in the March 2003 quarter.
Nickel: Record annual production of 31 200 tonnes was achieved at the QNI Yabulu refinery (Australia) during 2003, 9% higher than production during the previous year.
Ferrochrome: Annual production of 990 000 tonnes was 18% higher than in the previous year, driven by the restart of idle furnaces in response to increased market demand. Production for the June 2003 quarter was 259 000 tonnes, compared with 223 000 tonnes in the June 2002 quarter and 263 000 tonnes in the March 2003 quarter.
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BHP-Notifiable interest in shares
As at 16 Jul 03 Barclays PLC, had a notifiable interest in 76 992 116 ordinary shares of USD0.50 each, representing 3.12% of the issued share capital of 2 468 147 002 units of BHP Billiton.
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BHP_Notification of interest in shares
BHP Billiton was notified in a letter from Barclays, dated 11 Jul 03, that Barclays PLC no longer has a notifiable interest in the share capital of BHP Billiton.
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