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BHP - Samarco debt negotiations update
BHP noted that on 28 January 2019, Samarco Mineração S.A. (Samarco) publicly disclosed certain information related to, and prepared by, Samarco for the purposes of negotiations between Samarco and certain of its lenders in relation to a restructuring of Samarco's unsecured financial obligations.
Samarco was required to disclose such information under the terms of a confidentiality agreement entered into as part of the negotiation process with the lenders.
As at the date of this announcement, the parties have not reached agreement on the restructuring of Samarco's unsecured financial obligations.
The restart of Samarco's operations will occur only if it is safe, economically viable and has the support of the community. Resuming operations requires the granting of licences by state and federal authorities and community hearings, among other requirements.
BHP Billiton Brasil Ltda. and Vale S.A. each hold a 50 per cent interest in Samarco.
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BHP - company secretary changes
BHP's group company secretary, Margaret Taylor, has given notice of her resignation and will cease to be a company secretary of BHP Group Ltd. and BHP Group Plc, effective 1 March 2019.
Caroline Cox, currently General Counsel of BHP, will also assume the role of group company secretary, and has been appointed a company secretary of BHP Group Ltd. and BHP Group Plc effective 1 March 2019.
Geof Stapledon remains a company secretary of BHP Group Plc, and has been appointed company secretary of BHP Group Ltd., also effective 1 March 2019.
Rachel Agnew remains a company secretary of BHP Group Ltd. and BHP Group Plc.
Further information on BHP can be found at bhp.com
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BHP - operational review
BHP released an perational review for the half year ended 31 December 2018.
Highlights
- Production guidance for the 2019 financial year remains unchanged for petroleum, iron ore, metallurgical coal and energy coal. Total copper production guidance increased to between 1 645 and 1 740 kt and reflects the retention of Cerro Colorado.
- Group copper equivalent production was broadly unchanged in the December 2018 half year, with volumes for the full year also expected to be in line with last year.
- Full year unit costs for all major assets are expected to be in line with guidance, predominantly reflecting stronger anticipated volumes in the second half of the year. However, unit costs were tracking above full year guidance at the December 2018 half year as a result of planned maintenance and production outages during the period.
- All major projects under development are tracking to plan.
- In Petroleum, the first appraisal well at Trion in Mexico (Trion-2DEL) encountered oil, in line with expectations. A downdip sidetrack is currently being drilled to further appraise the field.
- The Onshore US sale process was completed on 31 October 2018, with the net proceeds of USD10.4 billion to be returned to shareholders. On 17 December 2018, a USD5.2 billion off-market buy-back of BHP Group Ltd. shares was successfully completed. The balance of the net proceeds will be paid on 30 January 2019 as a special dividend of USD1.02 per share.
- The financial results for the December 2018 half year are expected to reflect certain items as summarised in the table on page two.
- Productivity for the December 2018 half year has been impacted by unplanned production outages at Olympic Dam, Spence and Western Australia Iron Ore, with a total negative impact of approximately USD600 million.
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BHP - dividend currency exchange rate
On 17 December 2018, the Board of BHP determined to pay a special dividend of USD102 cents per share. As noted in the dividend determination on 17 December 2018 the currency conversion for Australian cents, British pence and New Zealand cents will be based on the foreign currency exchange rates on the Record date, 11 January 2019, and for South African cents one week before the Record Date on the JSE Ltd., which was 4 January 2019.
The following table sets out the currency exchange rates applicable for the dividend:
Dividend 102 US cents per share; Exchange rate in local currency and Dividend per ordinary share
Australian cents - 0.722000; 141.274238
British pence - 1.282550; 79.529063
New Zealand cents - 0.682291; 149.496329
South African cents - 14.155100; 1 443.820200
The dividend will be paid on 30 January 2019.
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BHP - dividend currency exchange rate
On 17 December 2018, the Board of BHP determined to pay a special dividend of USD102 cents per share.
The currency exchange rate applicable for the dividend payable in South African cents to shareholders on the BHP Group Plc branch register is based on the exchange rate on 4 January 2019 and is set out below:
- Dividend - USD102 cents per share
South African cents
- Exchange rate - 14.15510
- Dividend per ordinary share in local currency - 1 443.82020
The exchange rates applicable to the BHP dividend being paid in other currencies will be based on the foreign currency exchange rates on the Record Date, being 11 January 2019, and will be announced to the market.
BHP Group Plc shareholders registered on the South African section of the register will not be able to dematerialise or rematerialise their shareholdings between the dates of 9 January 2019 and 11 January 2019, both dates inclusive, nor will transfers between the UK register and the South African register be permitted between the dates of 4 January 2019 and 11 January 2019, both dates inclusive.
The dividend will be paid on 30 January 2019.
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| Closing price data source: JSE Ltd. All other statistics calculated by ProfileData. |
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