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BHPBill still interested in oil in South Africa
BHPBill wants to drill four blocks off the Cape coast, according to Finweek. This is despite not having yet completed discussions with the government over fiscal guarantees in the event that it finds and produces oil. Meanwhile, its old-order exploration sub-leases have expired. The government wants to convert all sub-lease exploration permits into new order permits. BHPBill spokeswoman Bronwyn Wilkinson said that the company continued to be engaged in negotiations with the government.
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BHPBill -- twelve month production report
BHPBill released its production report for the year ended 30 June 2007.
Petroleum
Total production was in line with the year ended June 2006 and higher than the March 2007 quarter. Natural field decline has been offset by improved facility performance and successful development drilling. There were no major project start-ups in the period. Higher seasonal gas demand in Australia also supported the improved result.
Crude oil, condensate and natural gas liquids production was higher than the March 2007 quarter due to improved operational uptime and successful development drilling which offset natural field decline. Stronger seasonal gas demand also increased condensate production. A record quarterly performance from Bass Strait led to a 10 per cent increase in production of natural gas versus the March 2007 quarter production.
Aluminium
Alumina production and sales for the year ended June 2007 were all time records. Record annual output was achieved at all operations due to the continuing ramp up of the Worsley expansion and strong performance at Paranam and Alumar. Worsley exceeded its expanded nameplate capacity in the June 2007 quarter.
In aluminium a sixth consecutive annual production record was achieved. Successful implementation of ongoing efficiency initiatives resulted in record or near record performance at all operations.
Copper
An annual production record was set with the continued ramp up of the Escondida Sulphide Leach Project and Spence (both Chile). In aggregate, these two projects contributed 134 950 tonnes during the year. Partially offsetting this was lower output from Olympic Dam due to maintenance activities and reduced ore hoisting and grades. June 2007 quarterly production was higher than the June 2006 quarter reflecting the continued ramp up of the recently expanded capacity. As of 30 June 2006 the company had 274 280 tonnes of copper sales which were subject to a finalisation adjustment. The finalisation adjustment and provisional pricing impact as at 30 June 2007 will increase earnings by USD108 million for the financial year. For the year ended 30 June 2007 the group had 346 610 tonnes of copper sales that were provisionally priced at a weighted average price of USD7 152 per tonne.
Silver
Record silver production at Escondida reduced the effect of the rehabilitation of ground support at Cannington (Australia). Production has recovered following the successful completion of the rehabilitation project in the March 2007 quarter.
Lead
Improved performance following the completion of the Cannington rehabilitation project was offset by declining grade.
Zinc
Production was higher than all comparative periods due to improved grade and increased proportion of zinc contained ore processed at Antamina (Peru).
Uranium
Variability of ore sources, lower grade, and ongoing maintenance activities at Olympic Dam impacted output for the year ended June 2007. Third party products were purchased from the spot market to meet contractual requirements. This will decrease earnings by USD81 million for the financial year. The higher production in the current period compared to the June 2006 and March 2007 quarters reflects increased grade and recoveries.
Diamonds
Production increased versus the year and quarter ended June 2006 due to processing of higher grade ore containing lower value diamonds.
Nickel
Record annual production was driven by strong performances at all operations. All operations achieved near record production and sales.
Iron Ore
Records were set for annual production and sales volumes reflecting increased output from the expanded Western Australia Iron Ore operations. Production was higher than the March 2007 quarter due to resumption of normal production levels following cyclone activities at Western Australia Iron Ore and planned maintenance at Samarco (Brazil) in the previous quarter.
Manganese Ore
Higher production compared to all prior periods was driven by stronger customer demand.
Manganese Alloy
Production was higher than the year and quarter ended June 2006 due to optimisation of the product mix and improved facility availability and utilisation. The current quarter's output was impacted by planned furnace maintenance at TEMCO (Australia).
Metallurgical Coal
Strong annual and quarterly performance across the Queensland Coal portfolio followed a light plant shutdown schedule. Records were achieved at Goonyella and Saraji. The ramp up of Poitrel continued (all Australia). Our Hay Point Coal Terminal (Australia) attained record annual and quarterly throughput, partially mitigating the impact of port constraints at third party facilities. These constraints at third party facilities are expected to continue in the near term.
Energy Coal
Production was in line with the year ended June 2006. Increased output from improvement initiatives was offset by extreme weather conditions at Hunter Valley Coal. Production for the June 2007 quarter was higher than the March 2007 quarter due to the impact of a planned longwall move at San Juan (USA) in the previous quarter. Third party infrastructure constraints on the east coast of Australia will continue to impact Hunter Valley Coal's export sales. Production in South Africa will be lower in the 2008 financial year due to the divestment of Koornfontein and potential divestment of Optimum and reduced output from the Douglas underground mine as it approaches shut down in the middle of the 2008 calendar year.
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BHPBill -- exploration and development report
BHPBill released a report on its exploration and development activities for the quarter ended 30 June 2007.
Development
In July, the company announced the sanctioning of the Pyrenees Project, an oil and gas project off the west coast of Australia. Progress relating to Pyrenees will now be reported each quarter.
Minerals Exploration
BHPBill continued to pursue global exploration opportunities for key commodities of interest utilising both in-house capabilities and the Junior Alliance Programme. Grassroots exploration continued on diamond targets in Angola, Canada and the Democratic Republic of Congo (DRC), on copper targets in Australia, Chile, Mongolia, the DRC and Zambia; and on nickel targets in Australia, Russia and Africa. Exploration for iron ore, coal, potash and bauxite was undertaken in a number of regions including Australia, Brazil, Canada and West Africa.
For the twelve months ended 30 June 2007, BHPBill spent USD410 million on minerals exploration. Olympic Dam, Nickel West, Western Australia Iron Ore and Diamonds and Speciality Products (potash and diamonds exploration) accounted for much of the increase in exploration expenditure over the previous year. Petroleum exploration expenditure for the twelve months ended 30 June 2007 was USD477 million.
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BHPBill starts uranium division
Business Day reported that BHP Bill has created a uranium unit as part of changes under incoming CEO Marius Kloppers. Kloppers aims to grow output by 10% annually, including an expansion of the Olympic Dam uranium and copper mine in Australia. Graeme Hunt has been appointed to run the uranium unit.
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BHPBill -- resignation of group company secretary
Ms Karen Wood has tendered her resignation as the group company secretary of BHP Billiton Ltd and BHP Billiton Plc effective Thursday, 12 July 2007. Ms Wood has resigned to assume a new appointment within the group as Group Executive and Chief People Officer.
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BHPBill -- management committee changes
Following the appointment of Marius Kloppers as CEO, effective as of 1 October, BHPBill today announced its new senior management team, to be known as the Group Management Committee. Effective immediately, the Group Management Committee will comprise:
- Chief Executive Officer, Chip Goodyear (to be succeeded by Marius Kloppers on 1 October);
- Group Executive and Chief Executive Non-Ferrous (Marius Kloppers until 1 October);
- Group Executive and Chief Executive Ferrous and Coal, Marcus Randolph;
- Group Executive and Chief Executive Petroleum, J. Michael Yeager;
- Group Executive and Chief Financial Officer, Alex Vanselow;
- Group Executive and Chief People Officer, Karen Wood; and
- Group Executive and Chief Commercial Officer, Alberto Calderon.
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BHPBill -- cancellation of shares
Further to the resolution approved at the AGM relating to the reduction of share capital in BHPBill by the cancellation of all the shares held by BHP Billiton Ltd on 15 May 2007, 19 650 000 ordinary shares of BHPBill were cancelled on 5 July 2007 and a sum of USD9 825 000 being equal to the reduction in share capital, was transferred to a special reserve. The total number of shares cancelled under the authorities granted at the AGM currently amounts to 121 335 000 ordinary shares.
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| Closing price data source: JSE Ltd. All other statistics calculated by ProfileData. |
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