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BHPBill -- quarterly production report
BHP Billiton released its production report for the quarter ended 30 June 2006 showing the achievement of annual production records in aluminium, copper, iron ore, nickel and natural gas in a strong demand environment. Record annual production was achieved at North West Shelf (Australia), Hillside (South Africa), Mozal (Mozambique), Paranam (Suriname), Escondida (Chile), Antamina (Peru), Western Australian Iron Ore, GEMCO (both Australia), New Mexico Coal (USA), Cerrejon Coal and Cerro Matoso (both Colombia). Worsley Development Capital Projects (Australia) and Western Australian Iron Ore Rapid Growth Project 2 (Australia) were commissioned and Escondida Sulphide Leach (Chile) achieved first production during the quarter.
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BHPBill reports on quarterly exploration
During the quarter, the board approved the development of the Shenzi oil and gas field in the Gulf of Mexico (USA) and the Koala Underground Project at the EKATI diamond operation (Canada). This brings to seven the total number of major projects approved during the 2006 financial year for an estimated cost of USD5.1 billion (BHP Billiton share). The Worsley Development Capital Projects (Australia) and the Rapid Growth Project 2 (Australia) were commissioned and the Escondida Sulphide Leach Project (Chile) achieved first production during the quarter. Cost and capacity pressures continued during the final quarter of the 2006 financial year. Tight labour markets and shortages of equipment and supplies have driven up costs and in some instances impacted project schedules. Currency strength against the US dollar has added further pressure. Market conditions in Australia and the Gulf of Mexico are particularly tight and are impacting both existing projects and plans to execute new growth projects in these regions. Specifically, the Ravensthorpe Nickel Project in Western Australia and the Atlantis South Development in the Gulf of Mexico are experiencing cost pressures more than 30 per cent in excess of approved budgets. As a result, a detailed review of the Ravensthorpe schedule and budget commenced during the quarter. The Atlantis South Development schedule remains under review following last year's hurricanes in the Gulf of Mexico. Assuming Atlantis first oil in quarter one of 2007, total production for the Petroleum Customer Sector Group for the 2007 financial year is expected to be in line with the 2006 financial year. Most other projects remain broadly on schedule with some minor delays being experienced in Australia.
Exploration expenditure
During the year ended 30 June 2006, BHP Billiton spent USD295 million on minerals exploration of which USD214 million was expensed. Capitalised exploration included USD76 million for the Caroona (Australia) exploration licence. Petroleum exploration expenditure was USD447 million. The amount expensed was USD318 million including USD41 million of exploration expenditure previously capitalised.
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BHPBill sells part of Koornfontein to BEE group
BHPBill has sold 50% plus one share of its Koornfontein coal mine to Siyanda Resources. Business Day noted that the sale price was R75 million.
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