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BHPBill-Petmin moves toward joint venture
Petmin announced on Friday, 20 Feb 04, that Petmin and BHPBill have entered into a strategic alliance on Petmin's Alto Cuilo diamond project in Angola. The deal gives BHPBill six months in which to work towards finalising a joint venture. BHPBill will pay Petmin R1.5m, which will be transferred into Petmin's share base once the joint venture has been finalised. If the joint venture isn't finalised within the six months the money will be returned to BHPBill.
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BHPBill profit driven by China
BHPBill is expected to report earnings on Wednesday, 18 Feb 04. The company profit in the second quarter is expected to increase by 59%. The increase is driven by demand in China for cars, homes and electronic appliances, resulting in increased sales of ore and other metals.
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BHPBill settles 2004 coking coal prices
BHPBill announced on 10 Feb 04 that it had settled commercial terms for the majority of annually priced coking coal contracts relating 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 US dollar returns for all brands of metallurgical coals have increased by an average of 28%. Sales volumes are expected to remain strong over the course of the contract period, commencing 1 Apr 04.
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BHPBill looks to Africa
After opening the Hillside aluminium expansion on Tuesday, 5 Feb 04, the chairman of BHPBill said that the company had started a project to examine what opportunities there might be to develop its southern African aluminium operations. Chief executive officer Chip Goodyear, said that before decisions on expansions could be made, the issue of affordable power supply had to be resolved. The possibility of BHPBill becoming more directly involved in power generation was not ruled out.
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BHP announces resignation of manager
BHP Billiton today (5 Feb 04) announced the resignation of Mr Brad Mills following his decision to join Lonmin Plc as chief executive.
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BHP approves iron ore expansion project
BHP Billiton today (5 Feb 04) announced the approval of a significant brownfields expansion project in its Western Australian iron ore business. Capacity at the Pilbara iron ore operations will be increased from 100 million tonnes per annum (Mtpa) to 110 Mtpa by the end of 2004. The capital cost for the project is expected to be USD111m.
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BHPBill's rating lifted
Morgan Stanley lifted its rating of BHPBill for 04 and 05 on Tuesday, 3 Feb 04, on the back of the increase in oil and copper prices. BHPBill has been raised to overweight from equal weight and its price target to GBP5.20 from GBP4.90. The profit forecast for this year was raised by 1% to 45c a share and for next year the forecast raised by 9% to 65c a share.
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BHPBill to invest in power
BHPBill announced on Tuesday, 3 Feb 04, that it wanted to invest in African electricity projects in order to leverage its power needs for its aluminium smelters. The firm is seeking to underwrite the energy projects rather than be the operator.
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BHPBill faces possible legal action
National Union of Mineworkers said on Friday, 30 Jan 04, that BHPBill would rather face legal action than a strike over a planned cut of 300 jobs.
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| Closing price data source: JSE Ltd. All other statistics calculated by ProfileData. |
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