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BHPBill - market speculation
As announced on 30 November 2015, the Federal Attorney General, the States of Espirito Santo, Minas Gerais and other public authorities have commenced a public civil claim, seeking the establishment of a fund for clean-up costs and damages relating to the Samarco dam failure. As referred to in the BHPBill results for the half year ended 31 December 2015, BHP Billiton Brasil, Samarco and Vale S.A. are in negotiations with the Brazilian Government in relation to that claim.
There has been speculation in the press that a settlement has been reached with the Brazilian authorities concerning the claim. Significant progress has been made with the negotiations, and we are hopeful that an agreement will be reached. If and when that happens, an announcement will be made at that time. Further information on BHPBill can be found at: bhpbilliton.com
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BHPBill - simplified operating model
BHPBill announced a new operating model that will create a more agile Company ready to respond to the challenges and opportunities presented by a rapidly changing global marketplace.
Under the changes announced, BHPBill will become a much simpler organisation focused on geographic operating regions and supported by globalized functional services drawing upon world-class expertise and scale. BHPBill's minerals production operations will be organised into two regional units - Minerals Australia and Minerals Americas. The Company's oil and gas exploration and production operations will continue to be housed within a global Petroleum unit, reflecting the operating environment in that sector.
Under the Business changes announced:
- Mike Henry, currently President Coal, will become President Operations, Minerals Australia and will have responsibility for BHPBill's Australian iron ore and coal operations, the Olympic Dam copper mine, Nickel West and the Indomet Coal project. He will also be responsible for the development of world-class maintenance practices across the Company. Mr Henry will relocate to Melbourne, Australia.
- Daniel Malchuk, currently President Copper, will become President Operations, Minerals Americas and will have responsibility for BHPBill's copper assets in Chile, the New Mexico Coal mine in the United States, the Company's non-operated interests in the Antamina copper joint venture in Peru, the Cerrejon coal joint venture in Colombia and the Resolution copper project in the United States. Mr Malchuk will be responsible for the development of a new projects centre of excellence to promote continued advances in capital efficiency across the organisation. He will also oversee the Company’s ongoing copper exploration program. Mr Malchuk will continue to be based in Santiago, Chile.
- Steve Pastor will become President Operations, Petroleum, and will have responsibility for BHPBill's petroleum interests in the Gulf of Mexico, onshore United States, Australia and Trinidad and Tobago. He will also oversee the Company's ongoing petroleum exploration program. Mr Pastor joined BHPBill in 2001 from Chevron Corporation and has deep operations and project management experience in the oil and gas sector in both conventional and onshore.
The changes, which are effective 1 March 2016, mean that one less President role will be required in Australia, and as a result Jimmy Wilson, currently President Iron Ore, will leave the Company. As the role of President Petroleum will change to become more closely focused on operations and will no longer include direct oversight of functional and business administration, it has been agreed that Tim Cutt, currently President Petroleum, will also leave the Company.
In addition to these changes, Dean Dalla Valle has been assigned to lead the Company's response to the Samarco dam failure. He will be based in Brazil in recognition of this significant event and the Company’s commitment to support Samarco in the response and recovery effort. Mr Dalla Valle will retain responsibility for the Jansen Potash project in Canada and will continue to report to the CEO.
Mr Mackenzie also outlined the changes to BHPBill’s functional model to improve the efficiency and capability of service delivery to the Company. These changes include the transition of key functional services to global reporting lines. This will eliminate duplication of effort and create deep pools of expertise in the provision of services to the Company’s operated Assets. The key changes are:
- Reflecting the Company's commitment to Sustainability and risk management, the Corporate Health, Safety and Environment (HSE) and Risk, Audit and Assurance functions will report to Geoff Healy, currently Chief Legal Counsel, who has been appointed to the expanded role of Chief Risk and Legal Officer. HSE at the operating level will remain embedded within each Asset.
- Chief Financial Officer, Peter Beaven, will assume global responsibility for strategy and business development, allowing the Company to more effectively identify opportunities for value and growth across all commodities.
- BHPBill's Marketing and Supply functions will consolidate under the leadership of Arnoud Balhuizen who has been appointed to the role of President, Marketing and Supply. Mr Balhuizen will report to the CEO and will continue to be based in Singapore.
- A new technology function is being established to provide operational and information technology services to the Company as well as lead technology innovation across the organization. Diane Jurgens has been appointed to the role of Chief Technology Officer, reporting to the CEO, and will continue to be based in Singapore.
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BHPBill - interim results presentation
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 Billiton Interim Results Presentation
The document may also be accessed via BHPBill's website - www.bhpbilliton.com The Webcast for this presentation can be accessed at: http://edge.media-server.com/m/p/6fshu74d
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BHPBill - credit rating
BHPBill noted the announcement on 1 February 2016, by Standard & Poor’s that it has lowered the credit ratings of BHP Billiton Ltd. and BHPBill from A+ to A. The rating on BHPBill’s senior secured notes has been lowered from A+ to A and subordinated notes from A- to BBB+.
BHPBill has also been placed on ‘CreditWatch with negative implications’ and Standard & Poor’s has advised it aims to resolve the CreditWatch after the release of BHPBill’s Results for the half year ended 31 December 2015. BHP Billiton has the strongest credit rating in the sector and remains committed to maintaining its strong balance sheet through the cycle. Further information on BHP Billiton can be found at: bhpbilliton.com.
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| Closing price data source: JSE Ltd. All other statistics calculated by ProfileData. |
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