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BHPBill -- buy-back reaches milestone
According to Business Report, BHPBill has completed a quarter of its USD10bn share buy-back programme. The group said it had repurchased 141.1 million shares, equal to 2.42% of the issued share capital of the group. An analyst at Old Mutual Investment Group (SA), Anwaar Wagner, said the news that BHPBill had completed a quarter of its USD10 billion buy-back was "quite positive" as the shares were undervalued and this would enhance earnings. Wagner said that currently the share price was not factoring in current high commodity prices and that Old Mutual believed the commodity prices would stay structurally high for longer.
BHPBill's chief financial officer, Alex Vanselow, said: "We are pleased with the strong support we have received from shareholders. The successful execution of the off-market buy-back maximises economic value for all our shareholders, who benefit from the enhanced value of the remaining shares through the increased earnings, cash flow and return on equity attributable to each share".
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BHPBill -- pricing of USD2.25 billion bond
BHPBill announced that it has priced a three tranche global bond under its debt shelf registration statement which was recently filed with the U.S. Securities and Exchange Commission. The global bond comprised USD875 million floating rate notes due 2009, USD625 million 5.125% senior notes due 2012 and USD750 million of 5.40% senior notes due 2017. The proceeds would be used for general corporate purposes. This press release did not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Offers and sales would only be made pursuant to a written prospectus and prospectus supplement.
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BHPBill approves USD2.2 bn iron ore expansion
According to Business Report, Bloemberg reported that BHPBill and its partners will spend USD2.2 billion on a plant, railways and a port in Australia to increase iron ore sales to China as their demand grows. The expansion will increase output by 20% and is expected to start in the first half of 2010. BHPBill owns an 85% share in the project. According to Mark Pervan, head of research at Daiwa Securities, "It's a strong endorsement of the iron ore market, and with the Indian export tax, there's more demand for iron ore to come from Australia and Brazil".
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BHPBill approves major capacity expansion
BHPBill announced approval for the Rapid Growth Project 4 (RGP4) which would increase system capacity across its Western Australian iron ore operations to 155 million tonnes per annum (Mtpa). Initial production was expected to commence in the first half of CY2010. BHPBill has approved capital expenditure of USD1.85 billion for its share of the project. The company also said that a range of options to expand capacity beyond RGP4 were also being evaluated, subject to customer demand. By the end of CY2007 BHPBill will have increased the capacity of its Western Australian iron ore operations by 60Mtpa over the past four years.
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BHPBill to combine coal division
BHPBill announced that, as part of the decision to manage the Energy Coal business alongside the Iron Ore, Manganese and Metallurgical Coal businesses, Energy Coal and Metallurgical Coal would now be brought together under a single Customer Sector Group President.
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