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BHPBill says long-term power curbs unsustainable
According to Business Report, BHPBill spokesperson Illtud Harri, has said that reducing its electricity consumption by 10% is "not sustainable in the long-term". Harri also said that BHPBill was in talks with Eskom, but declined to five further details.
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BHPBill -- heavy rains shut Queensland operations
BHPBill provided a preliminary estimate of the production impact of the recent heavy rainfall experienced across Queensland's Bowen Basin (Australia). While these assessments are continuing, it is currently estimated that the two significant rainfall events, on January 18 - 20 and February 9 - 14, will impact FY08 production from the BHP Billiton Mitsubishi Alliance (BMA) owned mines by between 6.5 and 7.5 million tonnes. In addition, the FY08 production impact from the BHP Billiton Mitsui (BMC) owned mines is estimated to be between 0.5 and 1.0 million tonnes. These assessments include any rollover into FY09.
The BHP Bill share of this production impact is between 3.7 and 4.6 million tonnes after taking into account relevant ownership. BHP Billiton has insurance cover for property damage and business interruption losses, and potential claims are currently being assessed.
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BHPBill outpaced by Rio Tinto
Business Day reported that Rio Tinto, the target of a hostile bid by BHPBill, outperformed its rival by reporting an 11% increase in second-half net profit to USD4.1 billion. Rio Tinto's increase contrasts with the 2.4% drop in earnings reported last week by BHPBill. This will help Rio Tinto fend off BHPBill. London-based analyst Tobias Woerner commented that Rio Tinto has more growth potential than BHPBill in coming years because of its exposure to iron ore and aluminium. Woerner also said that as a result of Rio Tinto's valuable iron ore exposure, BHPBill will have to raise it's offer for the company.
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BHPBill -- reduction in share capital
BHPBill announced that, further to the resolution approved at the AGM held on 25 October 2007 relating to the reduction of share capital in BHPBill by the cancellation of all the shares held by BHP Billiton Ltd on 31 December 2007, 25 515 350 ordinary shares of BHPBill were cancelled today and a sum of USD12 757 675 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 237 025 800.
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BHPBill -- offer for Rio Tinto
The Board of BHP Billiton announced an offer for all of the shares in Rio Tinto Ltd and Rio Tinto plc. The combination of BHP Billiton and Rio Tinto will create the world`s premier diversified natural resources company with a unique opportunity to unlock value for shareholders:
- Unparalleled exposure to the same key mineral basins will create significant value by optimising production efficiencies and delivering greater volumes on an accelerated basis to meet growing demand;
- Creation of substantial value through quantified synergies and benefits which are expected to contribute a total incremental EBITDA of USD3.7 billion nominal per annum within seven years of completion of the Acquisition;
- Efficient development of the next generation of large-scale projects in new regions for the benefit of its customers, the communities in which it operates, and its shareholders; and
- A world-class management and operational team with strength and depth across all levels of the organisation with a commitment to the pursuit of excellence and the highest standards in safety and sustainability and a focus on global best practice in community and the environment.
This value will only be unlocked if the Offers are successful. BHP Billiton`s offer will deliver to Rio Tinto shareholders:
- 3.4 BHP Billiton shares for each Rio Tinto share;
- Approximately 44 per cent of the Enlarged Group compared with approximately 36 per cent based on the market capitalisations of the companies prior to the approach by BHP Billiton to Rio Tinto on 1 November 2007; and
- A 45 per cent premium to the Rio Tinto share price prior to the approach.
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BHPBill -- news release
The following news releases have been made to the market and are available on our website at www.bhpbilliton.com:
- BHP Billiton Announces Offer of 3.4 BHPBill shares per Rio Tinto Share
- Interim results for the half year ended 31 December 2007
- Presentation of the interim results by Marius Kloppers, Chief Executive Officer and Alex Vanselow, Chief Financial Officer
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BHPBill -- moves to disrupt Rio Tinto bid
According to Bloomberg as reported in Business Day, Aluminium Corporation of China (Chinalco) and Alcoa have bought 12% of Rio Tinto for USD14bn in an attempt to stop BHPBill's hostile bid for the rival mining group. The regulatory deadline is on Wednesday at which time BHPBill will make a firm offer for Rio Tinto or walk away.
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BHPBill -- approves funding
BHPBill announced approval for USD1.094 billion (BHPBill share USD930M) of capital expenditure to underpin accelerated growth of their WAIO business. This amount represents pre approval expenditure for Rapid Growth Project 5 (RGP5). RGP5 is expected to increase WAIO`s installed capacity to more than 200 million tonnes per annum (Mtpa) during calendar year 2011.
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