Copper rose and BHP Billiton shares and Rio shares rose to new record closes on the ASX yesterday.
Rio shares moved past the $100 mark each for the first time to end at $99.99.
BHP Billiton shares jumped 68c to $34.68 and also revealed a new approach to climate issues.
Rio became the first stock to touch the $100 mark on the ASX. (Poseidon hit $280 a share 37 or so years ago but that was when there were individual state- based exchanges.)
Rio beat the likes of Macquarie Bank($90.10 close) and CSL ($87.45) to become the first ASX-listed stock to reach that level. It touched $100.09 before settling at its closing price.
Macquarie closed $1.05 higher and CSL added 15 cents.
BHP shares rose in London on a media report it was again looking at a bid for aluminum giant, Alcoa, at a cost of more than $40 billion. Alcoa is trying to buy Alcan of Canada.
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BHP Billiton meantime had a big selling day yesterday with its$US300 million ($A357 million) plan to support low-emission technology development. It also set itself new environmental efficiency targets in a revised climate change policy.
The world's biggest miner said in a statement and in interviews by retiring CEO, Chip Goodyear, that it will commit the money over the five years to 2012 to support industry research, provide capital funding for new internal energy projects and support the efforts of employees and communities in reducing their emissions.
BHP Billiton said it also hopes to assist governments planning to create market-based mechanisms such as emissions trading, like)the cap and trade system now being used in the EU.
"BHP Billiton is working with governments and other stakeholders on the development of policies that provide the necessary incentives and tools for effective, equitable abatement," the miner said in its statement to the ASX.
Australia plans to have a domestic carbon emissions trading scheme up and running no later than 2012, with an emissions reduction target to be set next year.
BHP Billiton says it plans to cut its energy and greenhouse gas intensity, or efficiency, by 13 per cent and six per cent respectively from 2006 to 2012.
From 1996 to 2000, the miner achieved a 12 per cent reduction in greenhouse intensity per unit of output.
"BHP Billiton has recognized that our company, as well as society generally, must make real behavioural changes and accelerate technological progress if we are to achieve a meaningful reduction in energy use and greenhouse gas emissions,'' Chief Executive Officer Charles "Chip'' Goodyear said in the statement.
"We are on track to exceed our current target of a further five per cent improvement by the end of this financial year," outgoing chief executive Chip Goodyear said.
"We have also contributed significantly to research and development in clean coal technologies, including geosequestration and have implemented several related programs across the business."
Individual sites will have greenhouse gas and energy management plans, including targets incorporated into business plans, with associated monitoring and reporting.
What was clear from the comments by Mr Goodyear is that this will be a small cost to BHP Billiton. It is a tiny proportion of its multi-billion dollar profit expected this year, let alone over the next six years.
The simple fact is that customers, whether they are industry or consumers, governments or business, will pay the cost of carbon trading systems, efforts to limit or cut greenhouse gas emissions and other actions to limit the rise of global warming.
Europe's system allows the creation of so-called carbon permits.
According to European media reports over the weekend, permits for 2008 ended last week at 22.78 euros a ton, after reaching a 13-month high of 26 euros on May 30. This was onAmsterdam's European Climate Exchange, which has the largest share of EU carbon dioxide trading.
Some analysts see this rising to more than30 euros by 2008 or 2009. That would be well over $A40 a ton.
The EU emissions trading program aims to cut carbon dioxide.
Around11,400 factories and power sites have been granted emissions permits which trade on exchanges such as the ECX and the European Energy Exchange in Germany. Holders of surplus credits can sell them to companies that fail to meet their emissions restrictions, which require one permit for each metric ton of carbon dioxide produced.
This means higher electricity/power costs in the first instance, with that cost being passed on through the chain, and hopefully forcing users to curtail emissions.
The EU system is only now starting to act as a disincentive because the early pricing was set too low.
