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BHPBill -- publication of prospectus
BHPBill announced the publication of the prospectus relating to the EUR20 000 000 000 euro medium term note programme of BHP Billiton Finance Ltd and BHP Billiton Finance Plc., guaranteed by BHP Billiton Ltd and by BHP Billiton Plc.
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BHPBill -- quarterly production report
Highlights:
- A strong start to the financial year with an increase in production for 11 commodities and most assets operating at capacity.
- Record quarterly Petroleum production despite the suspension of drilling activities in the Gulf of Mexico (USA). This was driven by strong crude performance at Pyrenees (Australia) and strong liquefied natural gas production at North West Shelf (Australia).
- Other quarterly production records were achieved at Samarco and the Alumar refinery (both Brazil), and for manganese ore, including records at both GEMCO (Australia) and Hotazel (South Africa).
- Olympic Dam (Australia) achieved record quarterly ore hoisting rates following the successful repair of the Clark Shaft.
Despite ongoing uncertainty in the developed world, BHP Billiton remains positive on the prospects for many of its core commodities and the underlying performance of its business due to strength in the emerging economies and the ongoing delay in the supply side response.
Total petroleum production
Petroleum delivered a quarterly production record driven by strong crude oil production from Pyrenees and strong LNG performance at North West Shelf. Eastern Australia experienced high gas demand due to colder weather. Strong performance from the Australian assets was partially offset by natural field decline and the suspension of drilling activities in the Gulf of Mexico.
Crude oil, condensate, and natural gas liquids
Crude oil and condensate production was in line with comparative periods. Natural field decline that followed the suspension of drilling activities in the Gulf of Mexico was offset by the successful start-up and continued strong performance at Pyrenees, despite planned maintenance. There was no weather related downtime in the Gulf of Mexico assets during the quarter.
Natural Gas
Record natural gas volumes were achieved due to strong LNG production from North West Shelf and increased seasonal demand in Eastern Australia. This was partially offset by planned maintenance at North West Shelf LNG Train 4 and severe flooding in Pakistan. The drilling moratorium has impacted our operations in the Gulf of Mexico. Our current expectation is that production volumes for the 2011 financial year will be in line with the 2010 financial year.
Alumina
Production was higher than comparative periods due to the ongoing ramp up of the Alumar refinery, which is scheduled to produce at its expanded capacity around mid calendar year 2011. An unplanned calciner outage at Worsley (Australia) impacted production in the September 2009 quarter.
Aluminium
Production across all operations was in line with comparative periods.
Copper
Production was in line with the June 2010 quarter with strong operating performance at Olympic Dam following the successful repair of the Clark Shaft. During the September 2010 quarter, Olympic Dam achieved record ore hoisting rates. This was offset by lower ore grades at Antamina (Peru) and Escondida (Chile). Production in the September 2009 quarter was impacted by the repair of the Laguna Seca SAG mill at Escondida and a planned smelter outage at Olympic Dam. As announced previously, Escondida production is expected to decline by five to 10 per cent in the 2011 financial year, mainly due to lower ore grades. Lead/Silver - Cannington (Australia) production was higher than comparative periods due to increased grades and plant utilisation. Zinc - Production during the September 2010 quarter was impacted by lower grades at Antamina.
Uranium
Olympic Dam achieved record ore hoisting rates following the successful repair of the Clark Shaft. Production was lower than the September 2009 quarter mainly due to lower grades.
Diamonds
Production was lower than both comparative periods primarily due to lower ore processed and lower average grade. During the quarter a higher proportion of ore was sourced from the Fox pit at Ekati (Canada) as mining of the higher grade Panda underground ceased in the June 2010 quarter.
Nickel
Production was higher than the September 2009 quarter which was impacted by a planned outage at the Nickel West Kalgoorlie (Australia) smelter. Production was lower than the June 2010 quarter which benefited from the drawdown of accumulated concentrate stocks. As announced previously, Cerro Matoso (Colombia) production will be impacted for nine months due to the planned replacement of one of its two furnaces, commencing in the second half of the 2011 financial year.
Iron Ore
Western Australia iron ore production was higher than both comparative periods due to the continued ramp up of Rapid Growth Project (RGP) 4 and improved supply chain performance, partially offset by RGP 5 tie-in activities. Samarco achieved a production record during the quarter with increased capacity utilisation across all three pellet plants following preventative maintenance in the June 2010 quarter.
Manganese Ore
GEMCO and Hotazel achieved production records during the quarter. Production continued to recover strongly following proactive supply chain management in response to weak market demand in the September 2009 quarter, and weather related disruptions in the June 2010 quarter. Sales were impacted during the September 2010 quarter by port maintenance at GEMCO and rail constraint in South Africa.
Manganese Alloy
Production was lower than the June 2010 quarter, which benefited from the recovery of recycled material. Sales in the September 2010 quarter reflect the typical inventory cycle.
Metallurgical Coal
Production was higher than the September 2009 quarter due to improved operational and supply chain performance, supported by strong demand. Production during the September 2010 quarter was impacted by planned maintenance at Queensland Coal and Illawarra (both Australia). Heavy rainfall in Queensland during September 2010 restricted overburden removal, which is expected to adversely impact coal mining activities in the December 2010 quarter.
Energy Coal
Production during the quarter benefited from the continued ramp up of the Klipspruit (South Africa) expansion and improved operating performance at Khutala (South Africa). This was offset by plant tie-in activities related to the MAC20 project at Hunter Valley Energy Coal (Australia), weather related disruptions at Cerrejon Coal (Colombia) and constrained customer demand at New Mexico Coal (USA).
There have been no significant changes in the financial position of the Group in the quarter ended 30 September 2010. Further information on BHP Billiton can be found on our Internet site: www.bhpbilliton.com.
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BHPBill -- exploration and development report
During the quarter, the Douglas-Middelburg Optimisation Project (energy coal) was completed and delivered first coal on schedule and budget. This project will no longer be reported in future exploration and development reports. The approval of the Macedon Project (gas), offshore Western Australia was announced on 24 September 2010.
Minerals Exploration
Grassroots exploration continued on copper targets in Chile and Zambia, nickel targets in Australia; manganese targets in Gabon and diamond targets in Canada. Exploration for iron ore, coal, bauxite, potash and manganese was undertaken in a number of regions including Australia, Canada, South America and Africa. For the quarter ended 30 September 2010, BHP Billiton spent USD129 million on minerals exploration, of which USD106 million was expensed.
Petroleum Exploration
Exploration and appraisal wells drilled during the quarter or in the process of drilling as at 30 September 2010. Further information on BHP Billiton can be found on our Internet site: www.bhpbilliton.com.
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BHPBill -- BHP Billiton Finance annual report
A copy of the annual report and accounts of BHP Billiton Finance Plc for the year ended 30 June 2010 has been submitted to the National Storage Mechanism and will shortly be available for inspection at: www.hemscott.com/nsm.do:
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BHPBill -- BHP Billiton Finance annual report
A copy of the annual report and accounts of BHP Billiton Finance Ltd for the year ended 30 June 2010 has been submitted to the National Storage Mechanism and will shortly be available for inspection at: www.hemscott.com/nsm.do:
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BHPBill & Rio Tinto terminate joint venture
On 5 June 2009, BHP Billiton and Rio Tinto signed core principles to establish a production joint venture covering the entirety of both companies' Western Australian Iron Ore assets. This resulted in the signing of definitive agreements on 5 December 2009. The completion of these agreements was subject to a number of conditions, including regulatory approvals. Since the agreement was signed it has become increasingly apparent that regulatory approvals of the joint venture are unlikely to be achieved. Consequently, BHP Billiton and Rio Tinto have reluctantly agreed to dissolve the proposed joint venture.
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BHPBill -- response to German federal cartel
BHP Billiton and Rio Tinto have noted with disappointment the statement by the German Federal Cartel Office (FCO) that its current intention is to prohibit the companies' proposed iron ore production joint venture in Western Australia. The German regulatory process continues and the parties are expecting to receive a formal notification next week. The parties continue to believe that the joint venture is pro-competitive and will increase the supply of iron ore. However, both BHP Billiton and Rio Tinto acknowledge the concerns expressed by some regulators and the obstacles to achieving clearance for the joint venture. No decisions about next steps have been taken at this stage while regulatory discussions continue.
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| Closing price data source: JSE Ltd. All other statistics calculated by ProfileData. |
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