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BHPBill --completion of capital management program
BHP Billiton confirms that the expanded USD10 billion capital management program announced on 16 February 2011 was completed on 29 June 2011. The number of shares bought since the resumption of the capital management program on 15 November 2010 is 146.9 million shares in BHP Billiton Ltd and 94.9 million shares in BHP Billiton Plc. All shares purchased are cancelled on settlement. Further information on BHP Billiton can be found on our Internet site: www.bhpbilliton.com
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BHPBill -- further investment in Jansen Potash
BHP Billiton announced today approval for USD488 million of further investment to support development of the Jansen Potash Project in Saskatchewan, Canada. This additional pre-commitment capital will fund site preparation and the procurement of long lead time items during the project's feasibility study. The funding will also enable BHP Billiton to develop the first 350 metres of the production and service shafts should Government approvals be received. Today's announcement takes BHP Billiton's investment in Jansen to USD1.2 billion and the total dedicated to Saskatchewan to almost USD2 billion (including acquisitions), reflecting the company's commitment to develop a world class potash business in the province. In February 2011, BHP Billiton announced progression of the Jansen Potash Project into the feasibility study phase. On site, the company has constructed the refrigeration centre and drilled more than 55 000 metres of wells to complete the 89 freeze holes and monitoring wells required for the production and service shafts. Based on the current schedule, Jansen is expected to start producing saleable potash from its 3,370 million tonne in-situ Mineral Resource in calendar year 2015. The project is designed to ultimately produce approximately 8 million tonnes per annum (mtpa) of agricultural grade potash with an estimated 70-year mine life. BHP Billiton also continues to study other potential projects in the Saskatchewan potash basin and will start drilling at Melville in July 2011, having undertaken 2D and 3D seismic surveys of the project area. The Boulder and Young projects continue to progress as do other studies in the area. While the full size and potential of these development options have yet to be confirmed, BHP Billiton believes its Saskatchewan potash business could reach an annual production capacity of more than 16mtpa.
Mineral Resources:
This release includes information on Mineral Resources, which is based on information prepared by the relevant competent persons as named in the June 2010 annual report, and reported under the Australasian code for reporting of exploration results, mineral resources and ore reserves`(JORC Code). The competent persons verify that this release is based on and fairly reflects the information in the supporting documentation and agree with the form and context of the Mineral Resources presented. The Competent Persons are full time employees of BHP Billiton unless otherwise noted and have the required qualifications and experience to estimate and report mineral resources under the JORC Code. The relevant details of the competent persons, and the mineral resources broken down into measured, Indicated and Inferred categories can be found at: http://www.bhpbilliton.com.
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BHPBill -- Worsley efficiency and growth project
BHP Billiton announced today the completion of the budget and schedule review for the Worsley Efficiency and Growth (E&G) project. The capital cost estimate for the project, encompassing the development of the Marradong mine, refinery expansion and connection to a multi-fuel cogeneration unit, has increased to USD2,995 million (BHP Billiton share). First production is now scheduled for the first quarter of calendar year 2012. (1) Worsley Alumina is a joint venture between BHP Billiton (86 per cent), Japan Alumina Associates (Australia) Pty Ltd (10 per cent) and Sojitz Alumina Pty Ltd (four per cent). Further information on BHP Billiton can be found on our Internet site: www.bhpbilliton.com
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BHPBill successful over taxes in Australia
The High Court of Australia has decided in favour of BHPBill in its dispute with the Australian Taxation Office over certain tax issues relating to BHPBill's former Hot Briquetted Iron project. The dispute concerned the clawback of capital allowance deductions claimed by BHPBill for the Hot Briquetted Iron plant. As a result of the decision, an income tax credit of approximately USD580 million will be recognised as an exceptional item in the company's June 2011 financial results.
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