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BHPBill -- diamonds business review
BHP Billiton announced today that it is reviewing its diamonds business, comprising the group's interests in the EKATI Diamond Mine and the Chidliak exploration project in Canada. BHP Billiton's strategy is to invest in large, long life, upstream and expandable assets while remaining a simple and scalable organisation. EKATI is a world class operation and Chidliak is a promising exploration opportunity, but many years of extensive exploration suggest there are few options to develop new diamond mines that are consistent with this approach. This review will, therefore, examine whether a continued presence in the diamonds industry is consistent with BHP Billiton's strategy and evaluate the potential sale of all or part of the diamonds business. As it reviews its diamonds business, BHP Billiton will only pursue those options that will preserve EKATI's outstanding safety and environmental standards and protect the benefits that the mine has created for local communities. Potential transactions arising from the review will be subject to detailed analysis before a final decision is made. In the event that these criteria are not met, BHP Billiton will continue to operate its world class diamonds business in a sustainable manner.
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BHPBill -- CFO and management change
BHPBill announced changes to its senior management team:
- Alex Vanselow, group executive and CFO, will retire from BHPBill at the end of February 2012. He will be succeeded by Graham Kerr, recently president of diamonds and specialty products; and
- Mike Henry, president of marketing, will join the group management committee as group executive and chief marketing officer, reporting to the CEO, Marius Kloppers.
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BHPBill -- AGM announcement
The poll results will be communicated to the market shortly after the conclusion of BHPBill's annual general meeting held in Melbourne on 17 November 2011.
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BHPBill prices USD3 billion bond
BHPBill announced that it has priced a three tranche Global Bond under its debt shelf registration statement, which has been previously filed with the US Securities and Exchange Commission. The Global Bond comprises USD1 000 million 1.125% Senior Notes due 2014, USD750 million 1.875% Senior Notes due 2016, and USD1 250 million 3.250% Senior Notes due 2021. The proceeds will be used for general corporate purposes, including the retirement of commercial paper.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Offers and sales will only be made pursuant to a written prospectus and prospectus supplement, copies of which may be obtained from the joint book runners., Barclays Capital Inc, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, 1-888-693-5847 and JP Morgan Securities LLC, 383 Madison Avenue, New York, New York 10179, +1-212-834-4533.
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BHPBill approves new mine development
BHPBill approved a USD822 million (BHPBill share USD698 million) investment for the development of its Orebody 24 mine, located approximately 10 kilometres north-east of Newman, Western Australia. Orebody 24 is a sustaining mine to maintain iron ore production output from the Newman Joint Venture operations. The new Orebody 24 mine will have a capacity of 17 million tonnes per annum (100 per cent basis) and will include the construction of an ore crushing plant, train loadout facility, rail spur and other associated support facilities. Initial mining from Orebody 24 will start in the second half of calendar year 2012.
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BHPBill petroleum onshore US shale briefing
The following document has been submitted to the National Storage Mechanism and will shortly be available for inspection at: www.hemscott.com/nsm.do:
- BHP Bill Petroleum Onshore US shale briefing http://www.bhpbilliton.com/home/investors/reports/Documents/2011/111114_BHPBill itonPetroleumInvestorBriefing_Presentation.pdf.
The document may also be accessed via BHPBill's website - www.bhpbilliton.com.
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BHPBill -- Western Australian agreement changes
BHPBill has finalised an agreement with the Western Australian Government to increase the royalty rate payable to the state for its iron ore fines product. Based on this agreement, the Western Australian Government will proceed with amendments to the State Agreement Acts covering operations managed by BHP Billiton Iron Ore. These amendments will include an increase in the royalty rate applicable to iron ore fines from 5.625 per cent of sales revenue to 6.5 per cent from 1 July 2012, and then to 7.5 per cent from 1 July 2013. This will align the royalty rate for fines with the existing rate paid on lump ore. The State Agreement amendments are subject to the approval of the parliament of Western Australia.
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BHPBill approves Caval Ridge Mine project
BHP Billiton today approved development of the Caval Ridge Mine project and expansion of the Peak Downs Mine in the northern Bowen Basin in Central Queensland, Australia. The initial project will add 8 million tonnes per year capacity (100 per cent basis) in export metallurgical coal, with the expectation of a rapid, low cost expansion to 10 million tonnes per year. This additional 2 million tonnes per year will only require the addition of mining equipment. This expansion has not yet been permitted. The total investment in the initial project is USD4.2 billion, of which BHP Billiton's share is USD2.1 billion. The resource life of the initial project is expected to be greater than 60 years1. First coal is expected in calendar year 2014. The new Caval Ridge Mine will have the capacity to produce 5.5 million tonnes per year. The Peak Downs Mine will expand production by 2.5 million tonnes per year. The investment will include construction of a new coal handling and preparation plant at Caval Ridge to process production from the Caval Ridge Mine and Peak Downs expansion. Coal from the Peak Downs expansion will be transported by conveyor to the new plant. The Peak Downs Mine lies to the immediate south of the new Caval Ridge Mine. The Caval Ridge Mine will be an open cut dragline and truck and shovel operation, with coal railed to the BHP Billiton Mitsubishi Alliance (BMA) Hay Point Coal Terminal. The project has received all necessary regulatory approvals.
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