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BHPBill -- appointment of new division head
BHPBill announced that it has appointed Hubrecht (Hubie) van Dalsen as President Metallurgical Coal, effective 2 February 2009.
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BHPBill -- lapsing of Rio Tinto offer
BHPBill noted the statement made by the UK Takeover Panel Executive agreeing that pre-condition (A) to BHPBill's offer for Rio Tinto plc cannot now be satisfied and that, as a result, the UK offer period with respect to Rio Tinto and BHPBill ceased with immediate effect. Accordingly, BHPBill notes that its offer for Rio Tinto plc has now lapsed and that, given the inter- conditionality of its offers for Rio Tinto plc and Rio Tinto Ltd, its offer for Rio Tinto Ltd has also now lapsed. BHPBill therefore also announced that it is withdrawing its official competition filing (Form CO) from the European Commission and will withdraw its Registration Statement on Form F-4 from the United States Securities and Exchange Commission.
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BHPBill -- impairment of nickel operations
BHP Billiton's operations are subject to regular reviews to ensure appropriateness of asset carrying values. These reviews are based on the prevailing and expected long term or future economic conditions. Following a review of Ravensthorpe and Yabulu nickel operations (both Australia), a pre-tax impairment charge of approximately USD2.1 billion (USD1.5 billion post-tax) will be reflected in the group's results for the half year ending 31 December 2008. Due to the size and nature of the impairment this will be disclosed as an exceptional item in BHP Billiton's interim results. The impairment of the Ravensthorpe and Yabulu operations is mainly due to the significant deterioration in the nickel market, which has seen a dramatic fall in demand, coupled with changes in the rate of production ramp up for Ravensthorpe and the projected sustaining capital expenditure. BHP Billiton will continue to review the operating performance and future value of both operations in accordance with normal practice.
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BHPBill -- expansion at Western Australia Iron Ore
BHP Billiton announced the approval of the Rapid Growth Project 5 (RGP5) with a total capital investment of USD4.8 billion. This includes previously approved capital of USD930 million. RGP5 will increase installed capacity across the group's Western Australia Iron Ore operations by 50 million tonnes to 205 million tonnes per annum (100% basis). RGP5 is expected to deliver first production in the second half of the 2011 calendar year. The majority of production growth will come from the Yandi and Mining Area C operations. RGP5 will also deliver significant infrastructure upgrades including additional shipping berths at the Port Hedland inner harbour (Finucane Island), substantial double tracking of the company's rail system and additional crushing, screening and stockpiling facilities at Yandi.
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BHPBill -- update on Rio Tinto offers
The BHP Billiton board decided that it no longer believes that completion of the offers for Rio Tinto would be in the best interests of BHP Billiton shareholders. BHP Billiton Chairman, Don Argus, said the decision was first and foremost about BHP Billiton shareholder value and risks to that shareholder value.
Marius Kloppers, BHP Billiton's CEO, said: "We have previously said that similar cultures and the overlap of key assets and infrastructure make this a compelling combination. Recent global events and associated falls in commodity prices have, however, altered risk dimensions. BHP Billiton is very focussed on balance sheet strength. Accordingly, the greater debt exposure of the combination plus the difficulty of divesting assets have increased the risks to shareholder value to an unacceptable level."
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BHPBill -- information filed with ASX
On 31 October 2008 BHPBill released an Olympic Dam Site Presentation to the market which included information on the Yeelirrie uranium deposit. Slide 61 of that presentation provided tonnage and grading and advised that this resource needed to be updated to compliancy with the Australasian Code for Reporting of Mineral Resources and Ore Reserves (the JORC Code). Notification is given that the updated presentation is available at: http://bhpbilliton.com/bb/investorsMedia/investmentPresentations.jsp
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BHPBill -- management announcement
Following the announcement on 20 November 2007, BHPBill advised that Andrew Mackenzie has commenced his role as group executive and chief executive of the non ferrous division.
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