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BHPBill announces dividend conversion date
BHPBill intends to continue its existing practice of setting the foreign currency conversion rates for dividends prior to the announcement of each dividend, and advising these rates when the dividend is announced. For the next dividend, which would be announced on 15 February 2006, this will be the close of business on 13 February 2006.
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BHPBill announces production update
BHPBill announced record half year production of aluminium, copper, nickel and LNG supported by strong market conditions. Half year production of copper rose 24% and nickel climbed 137% following the acquisition of WMC in June 2005. Escondida (Chile) achieved third consecutive quarter of record copper production. Total petroleum production for the December 2005 half year increased against the half year ended December 2004. Crude Oil and Condensate production for the December 2005 quarter was impacted by the loss of production from the Typhoon/Boris facility (USA) due to hurricane damage, natural field decline at Bass Strait and Liverpool Bay, the sale of the group's interests in Laminaria in January 2005 and unscheduled well downtime at North West Shelf. Natural Gas production for the December 2005 quarter was in line with the December 2004 quarter
Silver production was higher in the December 2005 half year primarily due to record production at Escondida reflecting increased throughput, inclusion of six months of production from Olympic Dam and improved mill throughput at Cannington (Australia). December 2005 half year and quarterly production of lead increased as a result of improved mill throughput at Cannington. Uranium Oxide Concentrate production in the December 2005 quarter was in line with the September 2005 quarter with higher production in the December 2005 quarter than the September 2005 quarter.
Metallurgical Coal production for the half year and quarter ended December 2005 was lower than the half year and quarter ended December 2004. Manganese ore production for the December 2005 half year and quarter was lower than all comparative periods as a result of lower market demand. December 2005 half year and quarterly production of manganese alloys decreased compared to the December 2004 comparative periods primarily reflecting lower market demand. December 2005 quarterly production was higher than the September 2005 quarter due to scheduled maintenance at Metalloys (South Africa) in the previous period.
Diamond carat production decreased in the half year ended December 2005 primarily reflecting the processing of lower grade ore at Ekati (Canada). December 2005 quarterly production was lower than the September 2005 quarter as a result of reduced throughput and lower grade following changed ore sources within the mine. Record half year and quarterly fertiliser production was achieved at Southern Cross Fertiliser Operations resulting from increased operating efficiency with Energy Coal production for the December 2005 quarter lower than the September 2005 quarter, primarily reflecting lower seasonal demand for Ingwe (South Africa) domestic coal, return to normal longwall geological conditions at San Juan Coal (USA) following a record quarter in September 2005 due to unusually favourable conditions, and reduced yields and equipment availability combined with increased strip ratios at Hunter Valley Coal (Australia).
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BHPBill releases quarterly exploration update
Despite pressures of tight labour markets and difficulty in sourcing construction and drilling plant and machinery, all projects remain on or ahead of schedule, with the Atlantis South schedule under review following the recent hurricanes in the Gulf of Mexico.
The Worsley Alumina DCP (BHPBill share -- 86%) were approved in May 2004 with a budget of USD192 million. The projects would increase alumina capacity by 250 000 tonnes per annum to 3.5 million tonnes per annum. Construction activity is nearing completion. Commissioning would begin in the first quarter of 2006.
The Alumar Refinery (BHPBill share -- 36%) expansion was approved in December 2005 with a budget of USD518 million. The project includes upgrades to the existing production unit and duplication of the upgraded line and would increase alumina capacity by 2 million tonnes per annum to 3.5 million tonnes per annum. Commissioning is expected to be completed in mid calendar year 2008.
The Escondida Sulphide Leach Project (BHPBill share -- 57.5%) was approved in April 2004. The project would produce 180 000 tonnes of copper cathode per annum. During the quarter, ore stacking continued with approximately 20 million tonnes of ore being delivered to the pad to date. A project budget of USD870 million was approved by the board. Production is scheduled to begin during the second half of 2006.
The Spence Project, approved in October 2004, will be a new open cut mine with associated plant facilities capable of producing 200 000 tonnes per annum of copper cathode through a combination of chemical and bacterial leaching. The project budget is USD990 million. Production is scheduled to begin during the last quarter of 2006.
The Rapid Growth Project 2 (BHPBill share -- 85%) was approved in October 2004 with a budget of USD575 million. The project would increase installed capacity at Western Australian Iron Ore by 8 million tonnes per annum by the second half of 2006 (this would be offset by an 8 million tonnes per annum reduction in capacity due to the suspension of the Goldsworthy ship loading operations at Finucane Island in the third quarter of 2006, related to the Rapid Growth Project 3).
The Rapid Growth Project 3 (BHPBill share -- 85%) was approved in October 2005. Installed capacity at Western Australian Iron Ore's Area C mine would increase by 20 million tonnes per annum by the fourth quarter of 2007, and the project would also deliver some latent capacity at the port to be utilised in future expansions. Initial engineering activities and early procurement works are proceeding to plan. Development costs are estimated at USD1.5 billion.
The Samarco Third Pellet Plant Project (BHPBill share -- 50%) was approved in October 2005. The project would increase annual iron ore pellet production capacity by 7.6 million tonnes to 21.6 million tonnes per annum (100% basis). The project budget is USD1.18 billion. Production is scheduled to commence during the first half of 2008.
- Stainless Steel Materials
The Ravensthorpe Nickel Project was approved in March 2004. The project includes the development of a mine, treatment plant and associated infrastructure near Ravensthorpe in Western Australia. Following a review of project costs completed in August 2005, a revised budget of USD1 340 million was approved. The first shipment of MHP remains on schedule for the second quarter of 2007.
The Yabulu Extension Project was approved in March 2004. The metal refining section of the Yabulu refinery near Townsville in Queensland is being expanded to process up to 220 000 tonnes of MHP. This additional processing capacity will increase refinery production to 76 000 tonnes of nickel and 3 500 tonnes of cobalt. Following a review of project costs completed in August 2005, a revised budget of USD460 million was approved. First nickel metal production from the expanded Yabulu refinery is on schedule for the third quarter of 2007.
During the six months ended 31 December 2005, BHPBill spent USD99 million on minerals exploration, of which USD96 million was expensed, and USD251 million on petroleum exploration, of which USD123 million was expensed.
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