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BHPBill takeover of Rio could be blocked
Business Report noted that BHPBill is heading for an altercation with regulators over the company's USD170 billion plan to acquire Rio Tinto. The proposed deal is contentious as it would give the merged entity control of one-third of the world's traded iron ore. London-based Fairfax analyst, John Meyer, said the EU may require a divestment if the deal was approved.
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BHP -- increase in resources and reserves
BHP Billiton announced a 46% increase in the Mineral Resource and a 23% increase in the Ore Reserve at Western Australia Iron Ore, an 11% increase in the Mineral Resource and a 30% increase in the Ore Reserve at Samarco Mineracao and an 82% increase in the Mineral Resource at Samancor Manganese. Work is in progress to incorporate the new Manganese Resource and estimate its impact on Manganese Reserves.
The Western Australia Iron Ore Mineral Resource increased by 3.7 billion wet metric tonnes to 11.7 billion tonnes, and the Ore Reserve increased by 571 million wet tonnes to 3 billion tonnes, both in 100% terms. BHP Billiton's attributable share of the Mineral Resource is 10.3 billion tonnes and Ore Reserve is 2.6 billion tonnes. In 100% terms, approximately 2.3 billion tonnes of Mineral Resource has been defined at the Jinayri and Marillana deposits, 1 billion tonnes has been defined at Area C and Yandi, and 442 million tonnes has been defined at the Eastern Pilbara mining hub.
The strategy to blend Yarrie (Mt Goldsworthy JV - Northern) mine production with Newman and Mining Area C mine production has resulted in an increase in the Yarrie Mineral Resource to 171 million tonnes and in an increase in the Yarrie Ore Reserve to 24 million tonnes in 100% terms. In 100% terms, the increase in Ore Reserves includes 180 million tonnes of Brockman ore at Packsaddle (Mining Area C), 41 million tonnes of Brockman ore at Newman, 172 million tonnes of Brockman ore at Jimblebar and 178 million tonnes of Channel Iron Deposit ore at Yandi.
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BHPBill mine sees drop in output
BHPBill's Escondida mine in Chile registered a 3% drop in copper output in April 2008, and industry researcher said in Business Report. Output fell to 113 600 tons from 117 100 tons compared to the same month in 2007.
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BHPBill launches uranium partnership
Business Report noted that BHPBill would join forces with China Guangdong Nuclear Power Group for uranium exploration. This comes as China is increasingly turning to atomic energy to supply its growing needs.
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BHPBill -- rebuilding of Kalgoorlie furnace
BHPBill announced that, as a result of a deterioration of the Kalgoorlie Nickel Smelter furnace in Western Australia, it would bring forward the furnace rebuild. The duration of the rebuild is estimated to be around four months. The Kalgoorlie Nickel Smelter normally produces around 100 000 tonnes of nickel-in-matte per annum that is both the feedstock for the Kwinana Nickel Refinery and exported to international customers. The estimated impact on sales in the 2009 financial year is expected to be around 25 000 tonnes of contained nickel units, plus 3 000 tonnes of contained nickel units in the 2008 financial year.
As a result of the furnace rebuild the Kwinana Nickel Refinery will be forced to shutdown for the duration of the rebuild. The shutdown will commence immediately. BHPBill's Nickel West operations are endeavouring to continue concentrate production. As a consequence of the furnace rebuild, BHPBill is reallocating gas to the Worsley Alumina Refinery.
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BHPBill Mitsubishi alliance lifts force majeure
BHPBill announced that, effective 5 June 2008, force majeure has been lifted across the BHPBill Mitsubishi Alliance (BMA) managed operations (including BHPBill Mitsui (BMC)). Force majeure was put in place on 24 January 2008 following extreme weather and flooding across the central Queensland coalfields.
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