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BHPBill -- press release
BHPBill is making its official competition filing to the European Commission in relation to its proposed acquisition of Rio Tinto on Friday, 30 May 2008.
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BHPBill -- further information on growth strategy
Marius Kloppers, chief executive officer of BHPBill, spoke at the Merrill Lynch Global Mining conference in Florida on Tuesday, 13 May 2008. During his presentation, he reviewed BHPBill's strategy of focussing on tier 1, low- cost and long-life assets. He also highlighted the group's scale and diversification as well as its focus on high margin commodities both in its current production profile and future development pipeline.
As part of his speech, he went on to outline BHPBill's superior potential for growth relative to Rio Tinto. Over the period between 2007 and 2012, BHPBill's compound annual growth rate (CAGR) is expected to be 6.9% on a copper equivalent volume basis. On a comparable basis, Rio Tinto is expected to deliver a CAGR of around 6%. More importantly BHPBill's growth is driven by higher margin commodities such as petroleum and iron ore. For further information please refer to Marius Kloppers' presentation at the Merrill Lynch Global Mining conference.
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BHPBill -- agreement to acquire Anglo Potash
BHPBill announced that it has entered into a definitive agreement with Anglo Potash Ltd ("Anglo Potash") to acquire all of the issued and outstanding common shares of Anglo Potash at a price of CAD8.15 cash per common share (the "Transaction"). Anglo Potash's only asset is its 25% interest in the Canadian potash joint venture development project in which BHPBill has a 75% interest. If approved, the announced acquisition will deliver to BHPBill 100% control of the joint venture. The total equity value of the transaction is approximately USD282 million. Anglo Potash's board of directors has unanimously approved the transaction and recommends that shareholders vote in favour of the transaction.
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BHPBill -- approves Worsley expansion project
BHPBill announced approval for the Efficiency & Growth expansion project at Worsley Alumina in Western Australia for an estimated capital investment of USD1.9 billion (BHPBill's 86% share). This includes approximately USD70 million of sustaining capital.
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