Tag: BHP

BHP Billiton says it is looking for another $US600 million ($A800 million) in cost cuts in its coal business over the next year, as well as floating the idea it could sell off more assets – as it did in Indonesia several weeks ago.

BHP Billiton (BHP) continues to sell off unwanted small scale assets, this time flicking coal mining assets in Indonesia to its partner.

BHP Billiton CEO Andrew Mackenzie has defiantly told a mining conference that the company is not going to be tied down, “waiting for prices to recover”.

BHP Billiton has joined its big rival Rio Tinto in trimming its West Australian iron ore production guidance.

Shares in BHP Billiton (BHP) continued to ignore last week’s downgrade by ratings group, Moody’s, rising for yet another day thanks to the continued rebound in key commodity prices.

BHP Billiton (BHP) shares rose strongly yesterday despite the news that the company and Vale had reached agreement on the first of the costly claims involving last November’s Samarco dam disaster.

Despite the sharp fall in interim profit and abandonment of its previous progressive dividend policy, BHP Billiton remains on the hunt for purchases in the copper and oil sectors, even as it acknowledges the outlook for its key commodities will be weaker than previously thought.

The slide in iron ore, copper, oil and gas prices in the six months to December has forced BHP Billiton (BHP) to bite the bullet and slash interim dividend 74% to just 16 cents a share.

The pressure is mounting on BHP Billiton (BHP) to cut or drop its dividend.

BHP Billiton (BHP) is facing another billion dollar hit to its bottom line (on top of last week’s $A10 billion whack) and has cut its full year iron ore production target thanks to the Samarco disaster in Brazil.

Brazil’s federal and state governments will sue BHP Billiton (BHP), Vale, (the owners of the Samarco iron ore miner) for 20 billion reais ($7.2 billion) in damages caused by the burst of a tailings dam on November and killed and injured two dozen people and caused widespread damage, according to the country’s Environment Minister Izabella Teixeira.

BHP Billiton (BHP) negotiated yesterday’s AGM in Perth with little difficulty, despite the now usual protests from the usual suspects, with the issue of the moment, the mine dam disaster in Brazil discussed extensively as well as the company’s dividend policy.

Another day of pressure for BHP Billiton (BHP) shares ahead of today’s annual meeting for Australian company shareholders in Perth, as fears about the cost and impact of the Samarco dam disaster escalate.

A moment for some truth on Thursday in Perth when Australian shareholders meet at the 2014-15 annual meeting.

More pressure on BHP Billiton (BHP) shares today as the markets sell-off after the Paris terrorist outrages and investor worry about the continuing slide in commodity prices – especially oil.

BHP Billiton (BHP) shares are facing a nasty 5% plus plunge on the ASX when trading resumes this morning after a another night of losses on global markets and the first fines imposed by the Brazilian government for the Samarco mine collapse a week ago.

Iron ore and copper production stood out in the Q1 exploration and production report from BHP Billiton (BHP) yesterday, along with news of more cost cutting in its petroleum division.

BHP Billiton (BHP) yesterday sprung a major surprise on its Australian shareholders by asking them to effectively sacrifice some of the company’s franking credits to allow it to meet its dividend requirements to its UK shareholders.

As expected BHP Billiton’s (BHP) 2014-15 results were lower than expected.

No sign of BHP Billiton (BHP) pulling back on its iron ore ambitions for the current financial year.

Ahead of its production and exploration report next week and the annual profit release next month, BHP Billiton (BHP) has revealed some financial housekeeping in its US shale gas business.

BHP Billiton (BHP) shares fell yesterday after the company’s March quarter production and sales update and news that it was cutting spending on its iron ore expansion – but would still reach its target, but more slowly.

BHP Billiton (BHP) boosted sales of iron ore by more than 16% in the March quarter to record levels, according to the company’s latest quarterly production and sales report issued this morning.

BHP Billiton’s (BHP) board has recommended shareholders vote for the proposed spin-off of assets that will become the new company South32.

BHP Billiton (BHP) says it won’t be changing its current export first policy for maximising returns on installed capacity at its Western Australia Iron Ore business (WAIO).

Standby for a surge in interest in BHP Billiton’s (BHP) ‘rats and mice’ collection of unwanted assets in aluminium, nickel, manganese and thermal coal after some of them staged solid recoveries in earnings in the six months to December 31.

Despite the expected sharp fall in interim profit, BHP Billiton (BHP) shareholders will get a $US0.62 interim dividend, compared to the $US0.59 cent dividend paid a year ago.

The continuing slide in oil and gas prices (especially in the US where gas prices fell 9% this week on mild winter weather) has overshadowed the usually headline grabbing iron ore operations of BHP Billiton (BHP) in its December quarter production and sales report.

Amid all the angst about falling oil, coal and especially iron ore prices, not to mention continuing pressure on big mining companies to cut costs and spending, BHP Billiton (BHP) and Rio Tinto (RIO) are drifting towards a decision on the huge Resolution underground copper project in the US that will worry the life out of investors and analysts.

It was a case of forget the gloomy news in yesterday’s coal and copper briefing from BHP Billiton (BHP) and buy the ’sugar hit’ from the surprise Chinese interest rate cut.

Shareholders in BHP Billiton (BHP) were more interested in the damage the falling iron ore price was doing to the company, rather than what they were told at the company’s Australian annual meeting in Adelaide yesterday.

It seems that literally, no one would offer a nickel for BHP Billiton’s (BHP) underperforming nickel operations in Western Australia. So now the company will hold on to them as a ’non-core’ asset, meaning they will be sold to if anyone wants to buy them.

BHP Billiton (BHP) has mounted a strong defense of its current business strategy of cutting costs, boosting productivity from the asset base it retains after spinning off around $US14 billion in unwanted assets.

Like its great rival Rio Tinto (RIO) last week, BHP Billiton (BHP) yesterday produced a September production and sales report that surprised on the upside – especially in iron ore, petroleum and the biggest surprise of all – a surge in coking coal from its mines in Queensland.

BHP Billiton (BHP) officially opened its $US3.4 billion Caval Ridge coking coal export mine in Queensland yesterday, two days before the Chinese government brings back import duties on coking and thermal coal.

A definite thumbs down from nervy investors to news yesterday from BHP Billiton (BHP) that it plans to dramatically expand its Western Australian iron ore operations.

Oh dear, the greedy investor was there for all to see in the sell-off in BHP Billiton (BHP) shares yesterday.

Investors in London have given the BHP Billiton (BHP) spin off the thumbs down, selling down the company’s shares by close to 5%.

BHP Billiton (BHP) has confirmed that it will spin-off its aluminium, coal, manganese, nickel and silver assets into a new company.