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BHP Billiton Ltd (BHP.N)

BHP.N on New York Stock Exchange

25 May 2017
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Latest Key Developments (Source: Significant Developments)

BHP says disappointed at Elliott claim that co not open to suggestions
Tuesday, 16 May 2017 02:49am EDT 

May 16 (Reuters) - BHP Billiton Ltd ::Note the letter that Elliott have sent to BHP and Elliott’s presentation.Co says will review the materials in full and formally respond as appropriate.Co says disappointed that the materials claim that co has not been open to suggestions and that has been misleading in its response.Co says we reject both claims.  Full Article

BHP CEO says all options to fully realise value of Shale acreage will be pursued
Tuesday, 16 May 2017 02:00am EDT 

May 16 (Reuters) - BHP Billiton Plc ::"We will remain disciplined, drive consistent, transparent application of our capital allocation framework, which includes cash returns to shareholders" - ceo."We have achieved a great deal over past year but we are not standing still" - ceo."All options to fully realise value of Shale acreage will be pursued, including further appraisal, new technology and asset sales and swaps" - ceo."Petroleum exploration program has unrisked value of over $20 billion, close to a quarter of which sits in low to medium risk prospects to be tested in next two years" - ceo."Further cost reductions support a 10 per cent value uplift" - ceo."Major growth projects valued at up to us$25 billion offer potential average returns of over 16 per cent at consensus prices" - ceo."Studies on olympic dam expansion are progressing well" - ceo."Phased expansion of Jansen Potash Project is expected to generate competitive returns in stage 1, with significant potential upside in subsequent stages" -ceo.  Full Article

Activist investor Elliott calls for independent review of BHP's petroleum unit
Monday, 15 May 2017 07:45pm EDT 

May 15 (Reuters) - :Elliott - Elliott responds to BHP's approach to unlocking shareholder value.Elliott - calling for an in-depth, open and timely independent review of BHP's petroleum business.Elliott - under revised proposal, BHP would stay incorporated in Australia, Australian headquartered and Australian tax resident.Elliott - under revised proposal, BHP would retain full ASX and LSE listings, with ordinary shares listed on ASX..Elliott - offers BHP new approach as solution to regulatory concerns raised in recent feedback on unification ideas in shareholder value unlock plan.  Full Article

Bhp Billiton cuts full-year copper forecast, narrows Iron ore guidance
Tuesday, 25 Apr 2017 06:51pm EDT 

April 26 (Reuters) - Bhp Billiton Ltd :Full year production guidance maintained for petroleum and energy coal.Total petroleum production for nine months ended March 2017 decreased by 15 per cent to 156.5 MMBOE.Total copper production for nine months ended March 2017 decreased by 20 per cent to 939 kt.WAIO production guidance narrowed to between 268 and 272 MT (100% basis).Total iron ore production for nine months ended march 2017 increased by three per cent to a record 171 MT.Copper guidance for 2017 financial year has been reduced to between 1,330 and 1,360 KT following 44 days of industrial action at escondida.Petroleum exploration expenditure guidance of us$820 million remains unchanged for 2017 financial year.Iron ore guidance for 2017 financial year has been narrowed to between 231 and 234 mt, or between 268 and 272 MT on a 100 per cent basis.Commissioning of escondida water supply project and planned ramp-up of los colorados extension project are now expected in september 2017 quarter..Operations are expected to return to full capacity in escondida during APRIL 2017, with a focus on safety during transition period.Due to damage to third party rail infrastructure caused by cyclone debbie, metallurgical coal production guidance reduced to between 39 and 41 mt in FY.Eescondida copper production of between 780 and 800 kt is now expected for 2017 financial year.Energy coal production for nine months ended March 2017 remained broadly in line at 21 MT.  Full Article

BHP Billiton Mitsubishi Alliance to invest $204 mln in Caval Ridge Southern Circuit
Friday, 21 Apr 2017 05:28am EDT 

April 21 (Reuters) - Bhp Billiton Plc :BHP Billiton Mitsubishi Alliance will invest US$204 million in the Caval Ridge Southern Circuit capital growth project, in central Queensland’s Bowen basin.Project will create up to 400 new construction jobs and lock in approximately 200 ongoing operational roles.Will also result in the caval ridge preparation plant increasing its throughput to reach its 10 million tonne per year capacity.Construction of the project is scheduled to commence mid CY2017 and take 18 months to complete.bhp billiton mitsubishi alliance will also invest in new mining fleet, including excavators, and trucks..  Full Article

Mitchell Services says entered into one-year contract with BHP Billiton
Wednesday, 19 Apr 2017 08:25pm EDT 

April 20 (Reuters) - Mitchell Services Ltd ::Material contract award.Has entered into a one-year contract containing two one-year extension options with BHP Billiton at its Olympic dam mine in South Australia.Contract is material in size based on anticipated resulting revenue..Under contract, Co will provide underground diamond drilling services.  Full Article

BHP Billiton responds to Elliott's restructure plan
Wednesday, 12 Apr 2017 12:24am EDT 

BHP Billiton Ltd : BHP Billiton review of Elliott proposal . "Elliott's proposals are not new to BHP Billiton" . "Believe that Elliott materially overstates potential value that could be created by its proposals" . Board, management concluded that costs and associated disadvantages of each element of Elliott's proposal would significantly outweigh potential benefits . Unifying DLC structure in manner proposed by Elliott could destroy at least US$1.3 billion in value to save less than US$2.5 million a year . Petroleum remains core to BHP Billiton strategy and has potential to create significant long term value at high returns . "View is that petroleum business as a part of BHP Billiton portfolio currently offers more value to shareholders than if it were a separate entity" . After assessing proposal, we have not identified any material or broader strategic benefits from unification in manner proposed by Elliott . Shareholders would face downside risk if new London listed shares by Elliott's proposal were to trade at blended price of existing BHP Billiton PLC & BHP Billiton Ltd shares . South African shareholders would face risk as they would not obtain capital gains tax roll-over relief and might need to pay tax under Elliott's proposal . "Expects that shareholders will benefit from realization of high returning growth options in BHP Billiton's US petroleum business".  Full Article

BHP says costs, risks of Elliott proposal outweigh benefits
Monday, 10 Apr 2017 06:53am EDT 

BHP Billiton Plc : BHP Billiton notes Elliott proposal . Regularly reviews opportunities to create value . Those reviews have included key elements of Elliott's proposal . Concluded that costs and associated risks of Elliott's proposal would significantly outweigh any potential benefits. . Notes publication of letter from Elliott and Elliott , , which outlines proposal for changes to group's DLC structure, asset portfolio, capital management . We have had dialogue with Elliott over many months, consistent with our commitment to shareholder engagement . Unification of DLC in manner proposed by Elliott would require approval by Australian foreign investment review board. . BHP Billiton will consider further its detailed response to proposal and will make a further announcement in due course. . There is no obvious discount in BHP Billiton's trading multiples relative to weighted average of relevant mining and oil and gas peers. . Disclosed information market needs to fully value petroleum business . Have not yet identified sufficient benefits to outweigh significant costs which would be incurred in unifying DLC .Elliott's demerger proposal is based on a view that investors would ascribe a higher value for these assets in a separately listed entity.  Full Article

Elliott Advisors sends letter to directors of BHP Billiton outlining "shareholder value unlock plan"
Monday, 10 Apr 2017 02:05am EDT 

BHP Billiton Ltd : Elliott Advisors - sends letter and presentation to directors of BHP Billiton outlining "shareholder value unlock plan" . Elliott Advisors - Elliott Funds, with some affiliates, hold long economic interest in respect of about 4.1% of issued share capital of BHP Billiton . Elliott Advisors - outlining three key steps including demerging and separately listing BHP's US petroleum business on NYSE . Elliott Advisors - outlined plan that could enable management to provide BHP shareholders with an increase in value attributable to their shareholdings .Elliott Advisors - outlined plan includes unifying BHP's dual-listed structure into single Australian-headquartered and Australian tax resident listed co.  Full Article

Boom Logistics updates on award of contract to supply cranes to BHPB Billiton’s Olympic Dam
Tuesday, 4 Apr 2017 02:50am EDT 

Boom Logistics Ltd : Resolution of legal matter and business update . Has been awarded a contract to supply a further 30 cranes and speciality rigging and engineering services to BHPB Billiton's Olympic Dam . Under terms of settlement, payments are due over period from 30 April 2017 to 31 December 2017 . Mobilisation of cranes will commence in late April 2017 with project due to run between august and october 2017 with anticipated revenue of $6 - $8 million . Boom will be paid its legal costs to be agreed or assessed by court process, estimated at $1.7 million to $2.0 million . Recent weather events in Queensland will impact revenues in March and April 2017 . Project work is in addition to renewal of services contract with BHP Billiton in Dec 2016 and will contribute to expected strong start to 2018 financial year .Unit has settled its legal claim relating to 18 metre glove and barrier matter by agreeing to payment to boom of sum of $2.7 million damages.  Full Article

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BHP hires Barclays to divest U.S. shale gas assets: sources

LONDON BHP has hired Barclays to divest its U.S. Fayetteville shale gas assets as the miner seeks to fend off an attack by activist funds, two sources close to the matter said on Tuesday.