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BHPBill -- changes to board
The BHP Billiton board today announced that Mr Paul Anderson and Dr Gail de Planque will retire from the Board on 31 January 2010 and Mr Malcolm Broomhead and Ms Carolyn Hewson will be appointed as Non-executive Directors from 31 March 2010.
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BHPBill -- further funding for iron ore project
Billiton today announced approval for USD 1.93 billion of capital expenditure to underpin the further accelerated growth of its Western Australia iron ore business. This investment represents early expenditure for the company's Rapid Growth Project 6 (RGP6). RGP6 is expected to increase installed capacity at the company's Western Australia iron ore assets to 240 million tonnes per annum during calendar year 2013. The funding will allow early procurement of long lead time items and detailed engineering to continue the expansion of the inner harbour at Port Hedland, progress rail track duplication works and expand the Jimblebar mining operation.
On 5 June 2009, BHP Billiton and Rio Tinto signed an agreement of core principles to establish a production joint venture covering the entirety of both companies' Western Australian iron ore assets. BHP Billiton and Rio Tinto concluded binding agreements on 5 December 2009 on the proposed JV that cover all aspects of how the joint venture will operate and be governed. Under the binding agreements, Rio Tinto will have the option to participate in RGP6 by paying its share of invested capital, with this decision being made after the joint venture transaction is completed, estimated to occur in the second half of the 2010 calendar year.
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BHPBill to acquire Athabasca Potash
BHPBill has entered into a definitive agreement with Athabasca Potash Inc ("API") to acquire all of the issued and outstanding common shares of API at a price of CAD8.35 cash per common share. The total equity value of the transaction is approximately CAD341 million (USD320 million) on a fully diluted basis. API is a Toronto Stock Exchange-listed, junior potash company that owns the Burr Project and various potash exploration properties in Saskatchewan, Canada. API holds one of the largest exploration permit areas in the Saskatchewan basin, covering approximately 6 900 km2.
The Burr Project is located adjacent to Hubbell’s Jansen Project and some of API's exploration properties neighbor Hubbell's potash permit areas. Acquiring API will give BHPBill access to a total of more than 14 000 km2 of prospective exploration ground in the world-class Saskatchewan potash basin.
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BHPBill -- exploration and development report
Klipspruit expansion project (energy coal) in South Africa is essentially complete and has delivered first coal. This project will not be reported in future exploration and development reports. On 18 January 2010 BHP Billiton announced USD267 million of pre-approval capital expenditure to accelerate the development of the Caval Ridge and Hay Point coal terminal stage 3 expansion projects. The funds will be used for feasibility studies, the procurement of long-lead time items and initial project activities.
On 20 January 2010 BHP Billiton announced approval for USD240 million of capital expenditure to support the development of the first stages of the Jansen Potash project in Saskatchewan, Canada. This pre approval expenditure will facilitate the early stage work for the establishment of the production and service shafts. The Jansen project is currently being designed to ultimately produce approximately 8 million tonnes per annum of agricultural grade potash, and represents BHP Billiton's first production of potash.
Future exploration and development reports will disclose progress updates for all projects with USD250 million or above of BHP Billiton share of capital investment, which aligns disclosures with internal approval thresholds.
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BHPBill interim production report
Highlights for the half-year ended 31 December 2009:
- Another half year production record for petroleum and iron ore, due to successful growth project delivery. Half-year production records were also set for nickel and zinc.
- Half year production records achieved at Western Australia Iron Ore, North West Shelf, Hunter Valley Energy Coal, Poitrel and Nickel West (all Australia), Samarco and Alumar refinery (both Brazil) and Zamzama (Pakistan).
- Quarterly production records achieved for alumina and nickel, and at North West Shelf, Nickel West, Alumar refinery and Zamzama.
- During the half-year first production was achieved at Western Australia Iron Ore Rapid Growth Project 4 (RGP4), Alumar refinery expansion and Klipspruit expansion (South Africa), reflecting the company's continued investment through the cycle. With the completion of RGP4, Western Australia Iron Ore operations would have more than doubled its installed capacity since the accelerated growth program commenced in 2002.
During the December quarter we saw strong price recovery across the commodity suite driven by demand in China and restocking in the developed world. Government stimulus measures appear to have supported a gradual return to normalised global trade, albeit from a low base, and most key indicators across the developed economies showed improvement. Going forward the speed of recovery in the developed economies remains uncertain, particularly considering the eventual withdrawal of government stimulus. In China the impact of measures to control loan growth will add another future variable. Consequently BHPBill expects some degree of volatility in the short term outlook for commodities.
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BHPBill eyeing joint venture with ArcelorMittal
Business Day reported that BHPBill and international steel maker ArcelorMittal hope to merge their iron ore assets in west Africa to cut infrastructure costs. The two companies said that they were in talks concerning a joint venture as their deposits in Guinea and Liberia are near each other's.
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BHPBILL - advances on copper climb
BHP Billiton, the world's largest mining company, advanced to R244. A close at this level would be the highest since August 28. Copper for delivery in three months climbed as much as 1.7% to USD 7 614 a ton in London, it's highest level in more than 16 months. Nickel, lead, zinc and aluminium prices also gained.
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BHPBill - approval for Antamina expansion
BHP Billiton announced it has approved its share of the capital expenditure required to expand mining and processing capacity at the Antamina copper and zinc mine in northern Peru. Antamina is a joint venture between BHP Billiton (33.75%), Xstrata (33.75%), Teck Resources (22.5%) and Mitsubishi Corporation (10%). All four partners have approved their respective shares of the project's USD1.288 million capital budget (BHP Billiton share USD434.7 million).
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| Closing price data source: JSE Ltd. All other statistics calculated by ProfileData. |
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