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BHP Billiton Ltd (BHP.N)

BHP.N on New York Stock Exchange

26 Aug 2016
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Latest Key Developments (Source: Significant Developments)

BHP Billiton updates on outlook
Tuesday, 16 Aug 2016 02:19am EDT 

BHP Billiton Ltd : "Expect findings of the external investigation into the cause of the dam failure to be released shortly" . "Near-term is difficult" . "On track to deliver US$2.2 billion of gains over two years to end FY 2017" .  Full Article

BHP Billiton says FY statutory attributable loss $6.39 bln
Tuesday, 16 Aug 2016 02:12am EDT 

BHP Billiton Ltd : BHP Billiton results for the year ended 30 June 2016 . There were no fatalities at our operated sites in the 2016 financial year. . FY statutory attributable loss $6.385 billion versus profit of $1.91 billion a year ago . Determined to pay final dividend of 14 US cents per share . Capital and exploration expenditure declined by 42% to US$6.4 billion and is expected to decrease further to US$5.0 billion in the 2017 financial year . On a cash basis, capital and exploration expenditure was US$7.7 billion and is forecast to decline to US$5.4 billion in the 2017 financial year. . FY revenue down 31% to $30.912 billion . "Net debt of US$26.1 billion broadly unchanged from December 2015." . "Over the medium term, China is expected to grow more slowly" . The adjusted effective tax rate is expected to be in the range of approximately 35 to 40 per cent for the 2017 financial year. . "Next year, we expect another US$1.8 billion of productivity gains" . Says Samarco has confirmed it is unlikely to have in place the necessary approvals to restart its operations in this calendar year . "Economic uncertainty and high inventory levels of crude oil are likely to keep prices volatile but range bound" . Forecast "delivering more than US$7 billion of free cash flow based on current spot prices and a forecast reduction in net debt" . "We are confident in the long-term outlook for our commodities, particularly oil and copper.".  Full Article

BHP Billiton says to step away from Caroona coal project
Thursday, 11 Aug 2016 06:34am EDT 

BHP Billiton Plc : Has agreed to cease progression of the Caroona coal project, through the cancellation of exploration licence (el) 6505 .Notes announcement by New South Wales government regarding approach to future mining activities where Caroona coal project is situated.  Full Article

Vale says no cash for expansion, only dividends, debt cuts
Thursday, 28 Jul 2016 11:51am EDT 

Vale executives held a conference call with investors and analysts in English on Thursday to explain their second-quarter results. : Vale top iron ore executive Poppinga says capital spending to maintain existing mines near peak and likely to fall a bit . Vale Says That Its "Brazilian Iron Ore Blend" Received Regular Premium Of About $3 Above Benchmark Iron Ore Price In 2nd Qtr . Vale CEO Ferreira says company is 'very enthusiastic' about outcome of evolving asset-sale plans . Vale iron ore chief says realistic capacity of Carajas Railway is 175 million tonnes of iron ore a year from existing Carajas mines and new S11D mine . Vale says world iron ore supply is flat at about 50 days and balanced and can remain balanced through restocking . Vale says it expects 60 million tonnes of new sea-borne iron ore supply in 2017 compared with expected increase of 110 million tonnes in 2016 . Analysts are overestimating new mine ramp up and underestimating iron ore mine depletion . Vale iron ore chief Poppinga says supply demand outlook for iron ore will likely keep price above $50 a tonne for most of 2017 . Vale says it expects the equity portion of the partial divestment of Moatize coal project to close in fourth quarter . Moatize coal divestment money to flow direct to Vale, loans for future Nacala Corridor expansion will be non-recourse to Vale shareholders -CFO.  Full Article

BHP Billiton to recognise provision in range of US$1.1 bln to US$1.3 bln
Wednesday, 27 Jul 2016 06:37pm EDT 

BHP Billiton Ltd: Bhp billiton ltd - update samarco . "Will recognise a provision in the range of US$1.1 billion to US$1.3 billion" . Further short-term facility of up to US$116 million is being made available to Samarco to carry out remediation and stabilisation work . Also approved US$134 million to support the foundation to allow the continuation of reparatory and compensatory programs . Associated income statement charge will be recognised as an exceptional item in June 2016 half-year, together with direct costs of about US$100 million (post tax) . Short-term facility will preserve the value of BHP billiton's investment .Foundation provided for under agreement has been established to deliver the socioeconomic and environmental programs outlined in agreement.  Full Article

BHP Billiton says qtrly iron ore production 55,626 kt
Tuesday, 19 Jul 2016 06:26pm EDT 

BHP Billiton Ltd : Operational review for the year ended 30 June 2016 . Qtrly iron ore production 55,626 kt versus 60,086 kt a year ago . Q4 copper production 413 kt versus 435 kt a year ago . Q4 total petroleum production 56.0 mmboe versus 63.2 mmboe a year ago . Total iron ore production is expected to increase to between 228 and 237 mt in the 2017 financial year, excluding production from samarco . Total copper production is forecast to increase to 1.7 mt in the 2017 financial year . Total iron ore production for the 2016 financial year was broadly unchanged at 227 mt . Petroleum production is forecast to decrease to between 200 and 210 mmboe in the 2017 financial year . Expect to achieve full year unit cost guidance at our major assets, with unit costs forecast to decline further next year . Waio production for the 2017 financial year is forecast to increase to between 265 and 275 mt . Samarco production for the 2016 financial year was 11 mt (100 per cent basis). . Underlying attributable profit in the June 2016 half year is expected to include additional charges of up to US$175 million . Los colorados extension project was approved by the escondida owners council with first production expected in the second half of the 2017 financial year. . Four major projects under development are tracking to plan..  Full Article

Brazil Vale to show settlement best for clean-up of Samarco spill
Friday, 1 Jul 2016 12:01pm EDT 

Vale Sa : Brazil's Vale said in a statement it aims to demonstrate to courts that the settlement agreed with the government in March is the best option for repairing damage from the Samarco tailings dam disaster . The settlement was ratified in May but that decision was suspended on Friday after an appeal from prosecutors . Samarco is a joint venture between Vale and BHP Billiton Full story: [nL4N19N3QF] Further company coverage: [VALE5.SA] (Reporting By Stephen Eisenhammer) ((Stephen.Eisenhammer@thomsonreuters.com;)).  Full Article

BHP Billiton updates on Samarco, interim order issued by Superior Court of Justice
Thursday, 30 Jun 2016 08:20pm EDT 

BHP Billiton Ltd : Update Samarco Brazil . Refers to Federal prosecutors' office that earlier appealed against the ratification of the framework agreement . Superior Court of Justice in Brazil issued interim order suspending decision of federal court of appeal to ratify framework agreement . Effect of interim order of superior court of justice is to reinstate BRL20 bln public civil claim made by Brazilian authorities .BHP Billiton Brasil intends to appeal decision of superior court of justice.  Full Article

BHP Billiton intends to invest about US$900 mln in exploration next financial year
Sunday, 26 Jun 2016 06:28pm EDT 

BHP Billiton Ltd :Says next financial year, intend to invest about $900 mln in exploration, which represents 18 pct of overall capital budget.  Full Article

BHP Billiton says coal business targeting additional $600 mln gain by 2017 end
Monday, 20 Jun 2016 06:38pm EDT 

BHP Billiton Ltd : Update on BHP Billiton's coal business . Coal business is targeting another US$600 mln productivity gain by the end of 2017 financial year . Even in difficult environment, all operations remain cash positive . Confident base demand in emerging economies will remain resilient . Higher quality coals position well in increasingly carbon constrained world . "Longer-term coal market outlook remains positive" . Energy coal markets are expected to remain oversupplied in near term . Further 16% reduction in absolute costs anticipated by FY 2017 . Expect to deliver a 5 MT (8%) increase in volumes from FY 2015 to FY 2018 ."Recovery in FY 2017 EBITDA margins despite lower expected prices".  Full Article

Australia shares pause near recent peak, NZ reaches fresh record

SYDNEY/WELLINGTON, July 22 Australia's benchmark share index paused near a one-year high on Friday, though a rally in the natural resources sector offset some losses in energy and financials, while New Zealand stocks touched another all-time high.