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BHPBill earnings expected to be 5.7% lower
Analysts are expecting a 5.7% drop in headline earnings a share, excluding exceptions for the year to Jun 03. The five analysts surveyed expect earnings of between USD0.289 and USD0.3 a share. Attributable profit, excluding exceptional items is anticipated to be 4.6% lower at USD1.845bn. Factors including the weak US dollar and stronger commodity producer currencies (particularly the Australian dollar) are likely to be responsible for the lower figures. Large foreign exchange translation losses are also anticipated as is a negative effect from the loss of BHP Steel which was "spun out" of the group on 1 Jul 02. Aluminium, base metals, diamonds and petroleum should post reasonable returns but the group's energy coal division will have had a tough financial year. BHPBill will release its results on 28 Aug 03.
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BHPBill's CEO to receive a USD3.7m package
BHPBill announced the terms of employment of its new CEO Charles Goodyear on 21 Aug 03. The total package of USD3.7m includes a fixed portion of USD1.8m and an "at risk" portion of USD1.9m. The "at risk" portion of the package is subject to the performance of the group as a whole, made up of a short term portion of USD0.8m and long term incentive of USD0.2m as well as deferred shares to the value of USD0.8m.
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BHP to resume mining At Tintaya
BHP announced today (12 Aug 03) that it will re-start sulphide mining operations at its Tintaya copper mine in southern Peru during Aug 03. This follows the approval of a new mine plan and a review of projected copper market conditions. Shipments of copper concentrates from Tintaya are expected to recommence in early calendar 2004. Production from Tintaya was originally curtailed in Jan 02 due to rising global copper inventory levels and a belief that reducing production during this period of low demand would enhance the long-term value of BHP's copper business.
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BHP Billiton announces results of well appraisal
BHP Billiton announced today results from its Neptune-5 appraisal well in the Gulf of Mexico, drilled in Atwater Valley Block 574, approximately 215km from the Louisiana coast. The well encountered a gross hydrocarbon column of nearly 1 200 feet, with more than 500 feet (total vertical thickness) of net oil pay. The net column is significantly larger than those recorded in the similar Miocene reservoir sandstone intervals of previous Neptune wells, and the preliminary evaluation of the fluids indicates the presence of oil similar in quality to the medium sour crude found at the Atlantis and Mad Dog fields. The well was drilled to a total depth of 19 142 feet in water depths of 6 215 feet.
The positive result from Neptune-3 (Jul 02), the joint venture partners have accelerated the appraisal program at the field over the last year, drilling three wells since mid 2002. Core and fluid samples have been taken and the partnership is sidetracking Neptune-5 while assessing options for other associated operations at the well.
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