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BHP - Samarco update
Samarco Mineração S.A. (Samarco) has met the licensing requirements to restart operations at its Germano complex in Minas Gerais and its Ubu complex in Espírito Santo, Brazil, and has commenced iron ore pellet production.
Samarco’s operations were suspended following the failure of the Fundão dam on 5 November 2015.
Samarco’s gradual restart of operations incorporates concentrator 3 at the Germano complex and pelletising plant 4 at Ubu, as well as a new system of tailings disposal combining a confined pit and tailings filtering system for dry stacking.
Independent tests have been carried out on Samarco’s preparations for a safe restart of operations. Samarco expects initially to produce approximately eight million tonnes of iron ore pellets per annum.
The extensive work undertaken by the Renova Foundation (Renova) to remediate and compensate for the damages of the failure of the Fundão dam in 2015 continues, and BHP Billiton Brasil Ltda. continues to support Renova in its work. By November 2020, Renova had spent approximately BRL 10.7 billion (approximately USD2.1 billion) on its remediation and compensation programs. By November 2020, approximately BRL 3.1 billion (approximately USD620 million) had been paid in indemnities and emergency financial aid to approximately 325,000 people.
BHP Billiton Brasil Ltda. and Vale S.A. each hold a 50 per cent interest in Samarco.
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BHP - changes to board roles
In accordance with UK Listing Rule 9.6.11, BHP advises that, in the light of Susan Kilsby taking on the role of Board Chair of Fortune Brands Home & Security, Inc (a company of which she has been a non-executive Director since 2015), Susan will step down as:
- BHP’s Senior Independent Director, and be replaced in that role by Gary Goldberg, effective immediately; and
- the Chair of BHP’s Remuneration Committee, and be replaced in that role by Christine O’Reilly, effective 1 March 2021.
Susan has informed the Board of her intention to retire as a BHP Director during CY2021, no later than the 2021 Annual General Meetings.
Gary Goldberg has been a non-executive Director of BHP since February 2020. He is a member of the Remuneration Committee and the Sustainability Committee.
Christine O’Reilly has been a non-executive Director of BHP since October 2020. She is a member of the Remuneration Committee and the Risk and Audit Committee.
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BHP - company secretary changes
Stefanie Wilkinson has been appointed Group Company Secretary of BHP Group Limited and BHP Group Plc, effective 1 March 2021. In the interim, Geof Stapledon will be Acting Group Company Secretary of BHP Group Limited and BHP Group Plc, and Caroline Cox, the Chief Legal, Governance and External Affairs Officer, will remain a Company Secretary of BHP Group Limited and BHP Group Plc until 1 March 2021. Further information on BHP can be found at: bhp.com
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BHP - early redemption of hybrid securities
BHP announced that it has today, 1 December 2020, given notice to holders of the outstanding USD2 250 000 000 6.750 per cent. Subordinated Non-Call 10 Fixed Rate Reset Notes due 2075 issued by BHP Billiton Finance (USA) Ltd. and guaranteed by BHP Group Limited and BHP Group Plc (ISIN: US055451AX66 (Rule 144A) / USQ12441AB91 (Reg S)) (CUSIP: 055451AX6 / Q12441AB9) (the “US Dollar Notes”) that it will fully redeem all of the US Dollar Notes outstanding on 30 December 2020 (the “Redemption Date”) in accordance with Condition 7.3 of the US Dollar Notes, following the incurrence of a Substantial Repurchase Event.
The US Dollar Notes shall be redeemed at their outstanding principal amount plus any accrued but unpaid interest up to (but excluding) the Redemption Date and any outstanding Arrears of Interest (without double counting). Following redemption, the US Dollar Notes will be cancelled pursuant to Condition 7.6 of the US Dollar Notes.
Words and expressions used in this notice shall, unless defined herein or the context otherwise requires, have the same meaning as in the terms and conditions of the relevant Series.
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