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BHPBill approves Koala Underground Project
BHP Billiton today announced the approval of the Koala Underground Project at the EKATI Diamond Mine in Canada. The project will recover approximately 9.8 million carats of high value Koala diamonds over an eleven year production life at a capital cost of approximately USD250 million (BHP Billiton share USD200 million). Initial production is expected in the December 2007 quarter and full production is expected to be reached by mid calendar year 2009.
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BHPBill buys 2 million shares in Skye Resources
On 22 June 2006, a wholly owned subsidiary of BHP Billiton, Billiton Development B.V., purchased 2 000 000 common shares of Skye Resources Inc. ("Skye Resources"), representing approximately 6.8% of the issued and outstanding common shares of Skye Resources. Before the acquisition, BHP Billiton held 2 846 400 shares of Skye Resources, representing 9.7% of the issued and outstanding common shares of Skye Resources. This acquisition brings the total number of Skye Resources shares owned by BHP Billiton to 4 846 400 common shares, representing 16.5% of the issued and outstanding common shares of Skye Resources. The acquisition is being funded using cash and existing facilities. BHP Billiton purchased the shares on the TSX for investment purposes and to further BHP Billiton's ongoing interest in mining opportunities in Guatemala.
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BHPBill settles iron ore prices
BHP Billiton today announced it had reached agreement with a number of its Chinese steel customers on prices for contracted iron ore tonnage for the 2006 contract year. Prices increased by 19% over prices negotiated in respect of the 2005 year across the range of lump and fines iron ore products supplied by BHP Billiton.
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BHPBill -- mineral exploration in Russia
BHPBill and MMC Norilsk Nickel, Russia's largest mining and metals company, announced the launch of an alliance to explore and develop mineral resources in the Russian Federation. The companies' CEOs signed an agreement establishing the formal terms governing their cooperation. The agreement provides for joint identification of attractive mineral exploration and development prospects in Russia, to be followed by the establishment of joint local companies to pursue and develop specific projects. These exploration and development companies will be owned 50% plus one share by MMC Norilsk Nickel and 50% minus one share by BHPBill.
The companies will jointly pursue a range of commodities in certain targeted areas, initially concentrating on the North West of Russia as well as Western Siberia. By working together, BHPBill and MMC Norilsk Nickel will look to maximise the benefits of their respective strengths. As Russia's leading mining company, MMC Norilsk Nickel has the in-country knowledge and experience that is essential for success in Russia. BHPBill will complement this by applying global exploration and project development expertise and world-class technology.
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BHPBill -- final dividend and AGM dates
The proposed dates(1) for the 2006 Final Dividend are as follows:
- Last day to trade on JSE - 1 September 2006
- Ex-Dividend Date (JSE)- 4 September 2006
- Record Date - 8 September 2006
- Payment - 27 September 2006
The 2006 AGM of BHP Billiton will be held in London on Thursday, 26 October 2006 at 10:30 am.
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BHPBill to develop oil and gas field
BHP Billiton today announced that the Shenzi oil and gas field in the deepwater Gulf of Mexico has been approved for development. The Shenzi facility will have a design capacity to produce up to 100 000 barrels of oil and 50 million cubic feet of gas per day. BHP Billiton is the operator of the field and has a 44% interest in the project. The other co-venturers in the project are BP (28%) and Hess Corporation (28%).
The Shenzi field is located in the deepwater Gulf of Mexico approximately 120 miles from the coast of Louisiana. The field comprises Green Canyon Blocks 609, 610, 653, and 654, and water depths are approximately 4 300 feet. The initial field development will consist of seven producing wells, and the full field development is expected to have up to 15 producing wells and possible water injection. Gross costs for the full field development through 2015 are estimated at approximately USD4.4 billion (BHP Billiton share is USD1.94 billion). Recoverable reserves in the portion of the field covered by this approved expenditure will be assessed further during development drilling, but are currently estimated to be 350 - 400 million boe. Additional potential reserves will be targeted for follow-up development.
A standalone, tension leg platform (TLP) has been selected for the production facility. The proposed facilities, wells, and completions are proven designs that have been successfully implemented in the deepwater Gulf of Mexico. All major contracts are in place to commence project execution. First oil is expected by mid-year 2009 with seven initial pre-drilled subsea production wells being tied back to the TLP. Shenzi oil will be exported via a new-build pipeline to Ship Shoal 332, with the gas going via a new-build lateral into a connection in the Cleopatra trunk lines, then on to Ship Shoal 332.
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