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BHPBill -- quarterly exploration and development
This report covers the group's exploration and development activities for the December 2011 quarter. 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
A focus on high return growth projects, diversified by commodity, geography and market was further reinforced during the December 2011 half year with the approval of projects in the Metallurgical Coal and Energy Coal businesses. BHPBill's commitment to its world class growth pipeline now exceeds USD26 billion.
During the December 2011 quarter, BHPBill announced the approval of the Caval Ridge mine development and the expansion of the Peak Downs operation (both Australia) which will add high quality export coking coal capacity and future development options for our leading Queensland Coal business. BHPBill also approved the Western Australia Iron Ore (WAIO) Orebody 24 mine and the North West Shelf Greater Western Flank-A project (Australia). Pre-commitment expenditure of USD1.2 billion for the first phase of the Olympic Dam Project (Australia) was activated following environmental approval by the Government of South Australia and the Commonwealth, and the successful passage of the Indenture agreement through the South Australian Parliament. This funding will facilitate the procurement of long lead time items such as trucks and accommodation, infrastructure development and early site works. Onshore US drilling and development expenditure in the petroleum business totalled USD0.9 billion during the December 2011 quarter and USD1.4 billion during the December 2011 half year.
Exploration
Greenfield exploration continued on copper targets in South America, Mongolia and Zambia; nickel and copper targets in Australia. Exploration for iron ore, potash and uranium was undertaken in a number of regions including Australia, Africa and the Americas. For the December 2011 half year, BHPBill spent USD532 million on minerals exploration, of which USD451 million was expensed.
Petroleum exploration expenditure for the December 2011 half year was USD565 million, of which USD265 million was expensed. Guidance for petroleum exploration expenditure for the 2012 financial year is USD1.4 billion, including the new onshore US exploration program.
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BHPBill -- quarterly production report
Highlights of the December 2011 quarterly production report:
- Western Australia iron ore production rose to a record annualised rate of 178 million tonnes per annum (100% basis) in the December 2011 quarter, a 25% increase over the previous corresponding period.
- A strong recovery in production across the base metals portfolio delivered a 27% increase in copper volumes from the September 2011 quarter.
- Half yearly production records were achieved at New South Wales Energy Coal (Australia) and Cerrejon Coal (Colombia), two of BHPBill's high value, export oriented energy coal operations.
- Petroleum production increased 36% from the December 2010 half year following the acquisition of the Fayetteville and Petrohawk Onshore US businesses and strong uptime performance from existing, operated assets.
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| Closing price data source: JSE Ltd. All other statistics calculated by ProfileData. |
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