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BHPBill -- Samarco expansion
BHP Billiton announced that the partners of Samarco had approved the USD3.5 billion (BHP Billiton share USD1.75 billion) Fourth Pellet Plant Project at Samarco (Brazil). The expansion will increase Samarco iron ore pellet production capacity by 8.3 million tonnes to 30.5 million tonnes per annum (100% basis). First pellet production is expected in the first half of calendar year 2014.
The investment includes:
- additional mining capacity and a third concentrator at the Germano mine;
- a third slurry pipeline of approximately 400 kilometres in length; and
- a fourth pellet plant and enhanced ship loading capacity at the Ponta Ubu site.
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BHPBill -- nine month production report
Production highlights for the nine months ended 31 March 2011:
- Successfully concluded the acquisition of the Fayetteville Shale (USA), which is expected to be an important contributor to the continued growth of the petroleum business.
- Quarterly production records were achieved at Hunter Valley Energy Coal (Australia) and the Alumar refinery (Brazil), while record milling rates were set at Olympic Dam (Australia) for the second consecutive quarter.
- Record iron ore production and sales for the nine months ended March 2011 were achieved at both Western Australia Iron Ore and Samarco (Brazil), highlighting the benefit of BHPBill's commitment to invest through economic cycles. Year to date production records were also achieved for crude oil and condensate, the North West Shelf (Australia) and manganese ore.
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BHPBill -- exploration and development report
The report released covers the group's exploration and development activities for the quarter ended 31 March 2011. Unless otherwise stated, BHPBill's interest in the projects referred to in this report is 100 per cent and references to project schedules are based on calendar years.
Development
BHPBill approved major projects with a total investment value of USD9.8 billion (BHPBill share) during the March 2011 quarter. The progression of these projects into execution forms a meaningful component of the company's anticipated organic growth program that is expected to exceed USD80 billion over the five years to the end of the 2015 financial year. At Western Australia Iron Ore (WAIO), a commitment was made to further expand capacity to in excess of 220 million tonnes per annum (mtpa). BHPBill also commenced the important expansion of its Metallurgical Coal business with the approval of the 4.5 mtpa Daunia mine, the Stage Three Expansion of the Hay Point Coal Terminal and the Broadmeadow Life Extension project. In addition, BHPBill approved the RX1 Project at Hunter Valley Energy Coal and the Escondida Ore Access Project (copper).
BHPBill's longer term growth potential was further emphasised by the progression of both the Olympic Dam Project (copper and uranium) and Jansen Potash Project into feasibility. The MAC20 Project (energy coal) was completed in the March 2011 quarter and delivered first coal ahead of schedule and on budget. This project will no longer be reported in future Exploration and Development Reports.
Minerals exploration
Grassroots exploration continued on copper targets in South America, Mongolia and Zambia; nickel and copper 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 nine months ended 31 March 2011, BHPBill spent USD428 million on minerals exploration, of which USD356 million was expensed.
Petroleum exploration
Exploration and appraisal wells drilled during the quarter or in the process of drilling as at 31 March 2011. Petroleum exploration expenditure for the nine months ended 31 March 2011 was USD247 million, of which USD199 million was expensed. Petroleum exploration expenditure for the 2011 financial year is now expected to be less than USD600 million. The decrease is largely due to permitting delays in the Gulf of Mexico.
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BHPBill denies talk of bid for Woodside
According to Business Report, BHPBill has doused speculation that it plans to buy Royal Dutch Shell's stake in Woodside Petroleum and make a AUS46 billion (R320 billion) takeover offer. BHPBill "is not aware of any basis for the market speculation" for media reports linking it to Woodside, the Melbourne-based company said. It was reported that BHPBill was in talks with Shell, which was being advised by UBS.
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BHPBill -- repurchase of BHP Billiton Ltd shares
BHPBill announced the successful completion of its off-market tender buy-back (Off-Market Buy-Back) of BHP Billiton Ltd shares. The final transaction size of AUD6.0 billion (USD6.3 billion) has enabled BHP Billiton Ltd to buy back 147 million shares, which represents 4.4 per cent of the issued share capital of BHP Billiton Ltd. The final price for the Off-Market Buy-Back has been set at AUD40.85 per share, which represents a discount of 14 per cent to the market price of AUD47.4985 per share.
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