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BHPBill -- information filed with the ASX
A presentation on the Olympic Dam Operation was filed with the Australian Securities Exchange ("ASX") by BHPBill on 31 October 2008. Notification was given that the presentation is available at: http://bhpbilliton.com/bb/investorsMedia/investmentPresentations.jsp.
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BHPBill -- information filed on the ASX
As part of the dual listed company structure, BHP Billiton Plc provides notification of information filed with the Australian Securities Exchange by BHP Billiton Ltd. A presentation on the Worsley Alumina Operation was filed with the Australian Securities Exchange by BHP Billiton Ltd on 30 October 2008. The presentation is available on BHP Billiton's webpage.
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BHPBill -- presentations
The following investor presentations from analysts' tours of operations in Western Australia were filed with the Australian Securities Exchange by BHP Bill on 28 October 2008:
- Stainless Steel Materials Presentation - Jimmy Wilson
- Mt Keith Operation Presentation - Jaco Harwig.
It is not possible to lodge the presentations with in pdf format. Instead notification is given that each presentation is available at: http://bhpbilliton.com/bb/investorsMedia/investmentPresentations.jsp
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BHPBill -- treasurer's decision on rail access
BHPBill expressed its disappointment in the decision announced by the Australian Federal Treasurer to 'declare' BHPBill's West Australian Goldsworthy rail line.
Ian Ashby, president of iron ore, said: "Providing third party access to the company's rail operations would compromise the efficiency of BHPBill's integrated mine, port and rail operations. In the current fiscal year alone, these operations are expected to deliver more than 137 million tonnes of iron ore to customers all over the world and are already running at full capacity. Our view is unchanged. The efficient delivery of iron ore to our customers should not be compromised through allowing other companies to put their rail cars on our tracks, creating potential delays or disruption to our operations."
Mr Ashby said that BHPBill had been working with the West Australian Government to develop a rail haulage regime and that this would be a preferable mechanism. "An access regime for providing rail haulage services is a more practical solution that would be less disruptive to the efficiency of the existing operations."
BHPBill is entitled to seek a reconsideration of the Treasurer's decision by the Australian Competition Tribunal. The company is currently involved in a similar reconsideration by the Tribunal in relation to the decision not to declare the Mt Newman line.
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BHPBill -- Competition Commission approves deal
The Competition Commission has recommended to the Competition Tribunal the approval, subject to conditions, of the merger arising from the hostile takeover bid in which BHPBill intends to acquire Rio Tinto.
The commission conducted an extensive assessment of the markets where the parties have significant presence or derive revenue in South Africa, including mineral sands, thermal coal and aluminium. While the commission found no major competition concerns in other markets, it found that the merger would result in the prevention of competition in the primary aluminium market in South Africa. The commission also found that the merger would have a negative impact on downstream industries that beneficiate aluminium.
BHPBill is the only producer of primary aluminium in South Africa, through its smelters in Richards Bay, while Rio Tinto is at an advanced stage in constructing an aluminium smelter in the Coega Industrial Development Zone in Port Elizabeth. Had it not been for the current electricity shortage in South Africa, the construction of the smelter would have been underway. Nevertheless, this delay will be short-lived as there are plans to address this problem in the near future.
In its investigation, the commission established that the Rio Tinto smelter would have brought about competition to BHPBill in South Africa, which has enjoyed a near-monopoly for many years. This would, in addition, enhance the benefits to firms that use the metal in South Africa. BHPBill has adopted a pricing regime that has reduced the benefits to these downstream firms. This pricing regime has however been recently discarded, as a response to the prospect of a new entry in Coega.
The commission has recommended to the Competition Tribunal that the merger be approved subject to BHPBill divesting of the entire interest to be acquired by it from Rio Tinto relating to the Coega Aluminium Smelter Project within twelve (12) months of the implementation of the proposed merger. This includes agreements made between Rio Tinto and Eskom and the South African Government relating to the supply of electricity and other elements necessary for the development of the Coega Aluminium Smelter Project.
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BHPBill -- quarterly exploration report
This report covers the group's exploration and development activities for the quarter ended 30 September 2008.
Development
First production was successfully achieved during the quarter at Neptune and North West Shelf Train 5 (both petroleum). In addition, North West Shelf Angel (petroleum) delivered first production on 3 October 2008. These projects will not be reported in future Exploration and Development Reports. During the quarter, BHPBill sanctioned two gas projects - Bass Strait Turrum and Angostura Gas Phase II.
Minerals exploration
Grassroots exploration continued on copper targets in Australia, Chile, Argentina and the Democratic Republic of Congo (DRC); on nickel targets in Australia, Russia, Colombia and Africa and on diamond targets in the DRC and Canada. Exploration for iron ore, coal, bauxite and manganese was undertaken in a number of regions including Australia, South America, Russia and West Africa. For the quarter ended 30 September 2008, BHPBill spent USD166 million on minerals exploration, of which USD146 million was expensed.
Petroleum exploration
Petroleum exploration expenditure for the quarter ended 30 September 2008 was USD148 million, of which USD107 million was expensed.
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BHPBill -- quarterly production report
Consistent with the outlook statement given at the interim and preliminary results, China has not been immune to the global slowdown. Macroeconomic indicators show that Chinese growth has softened, albeit from very high levels. Volatility and uncertainty is expected to continue in the short term. Notwithstanding this short term uncertainty, BHPBill remains confident that the ongoing industrialisation and urbanisation of China and other developing economies will continue to drive strong longer term demand for products. The group's uniquely diversified portfolio of low cost and high quality assets places it at a competitive advantage in the current uncertain environment and BHPBill is well positioned to capitalise as markets recover. BHPBill's strong cash flow and balance sheet allows the group to re-invest throughout the cycle, in growth projects that are focused on lower risk brownfield expansions in high margin commodities.
- Quarterly production records delivered at Hunter Valley Coal, Mining Area C, Saraji (all Australia), Samarco (Brazil), Samancor Manganese (South Africa), Cerrejon Coal (Colombia) and Zamzama (Pakistan) operations.
- Record quarterly shipments for iron ore to meet customer demand.
- Samarco Third Pellet Plant (Brazil) successfully ramped up to full design capacity.
- Olympic Dam (Australia) achieved a quarterly record for ore hoisted and material mined.
- Petroleum production was 15 per cent higher than the September 2007 quarter due to newly commissioned projects and strong operational performance. This was achieved despite the impact of two hurricanes in the Gulf of Mexico (USA).
- Kalgoorlie Nickel Smelter (Australia) rebuild was successfully completed ahead of schedule.
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BHPBill -- filing of F-4 files with the SEC
BHPBill announced that it has filed with the United States Securities and Exchange Commission its Registration Statement on Form F-4 in connection with its previously announced offer for Rio Tinto plc, as required by the US Securities Act of 1933, as amended. The Form F-4 registers the BHPBill exchange securities to be offered as consideration to holders of Rio Tinto plc ordinary shares located in the US and to holders of Rio Tinto plc American Depositary Shares (ADSs) wherever located. The Form F-4 is subject to review and must be declared effective by the SEC before the exchange securities can be issued. The filing initiates this process with the SEC.
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BHPBill -- Accc clears proposed acquisition
BHP Billiton welcomed the decision by the Australian Competition and Consumer Commission that it does not object to BHP Billiton's proposed acquisition of Rio Tinto. Confirmation that the ACCC does not object satisfies the Australian merger control pre-condition of BHP Billiton's proposed offer for Rio Tinto. In July, the U.S. Department of Justice also announced it would not oppose the transaction. The offer remains subject to certain pre-conditions.
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| Closing price data source: JSE Ltd. All other statistics calculated by ProfileData. |
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