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BHP Billiton Ltd (BHP)

BHP on New York Consolidated

21 Oct 2016
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Latest Key Developments (Source: Significant Developments)

BHP Billiton Chairman says will not seek re-election at 2017 AGM
Thursday, 20 Oct 2016 07:00am EDT 

BHP Billiton Plc :Chairman says decided that will not seek re-election at next year's AGM.  Full Article

BHP Billiton says qtrly iron ore production 58 mt
Tuesday, 18 Oct 2016 05:34pm EDT 

Bhp Billiton Ltd : qtrly iron ore production 58 mt versus 61 mt a year ago . qtrly copper production 355 kt versus 377 kt a year ago . qtrly petroleum production 55 mmboe versus 65 mmboe a year ago . All production and unit cost guidance remains unchanged for 2017 financial year . Guidance for olympic dam is under review . All four major projects under development are tracking to plan . fundamentals suggest both oil and gas markets will improve over next 12 to 18 months. . petroleum capital expenditure of approximately us$1.4 billion is planned in 2017 financial year . Olympic dam copper production for september 2016 quarter decreased by 26 per cent to 41 kt . mining and processing operations at samarco remain suspended . Olympic dam operations are in process of recommencing and expected to be fully ramped-up in december 2016 quarter .continue to expect supply for iron ore and metallurgical coal prices to grow more quickly than demand in near term.  Full Article

Westpac Banking Corp issues dividend update
Monday, 5 Sep 2016 04:32pm EDT 

Westpac Banking Corp: Westpac views over securities in BHP . amending dividend payable on Westpac views over securities in BHP from $0.1819 per security to $0.1852 per security .  Full Article

Woodside Petroleum agrees to acquire half of BHP Billiton's Scarborough assets
Sunday, 4 Sep 2016 07:30pm EDT 

Woodside Petroleum Ltd : Woodside agrees to acquire half of BHPB's Scarborough assets . Woodside will pay BHP Billiton US$250 million on completion of the transaction . Entered into binding sale and purchase agreements to acquire half of BHP Billiton's Scarborough area assets in Carnarvon basin . Acquisition includes a 25% interest in wa-1-r and a 50% interest in wa-62-r, which together contain the Scarborough gas field . Will make contingent payment of US$150 million upon a positive final investment decision to develop the Scarborough field . Completion is subject to pre-emption rights and customary regulatory approvals and is targeted by year- end 2016. . Woodside will operate wa-61-r, wa-62-r and wa-63-r" . Says the effective date of the transaction is 1 July 2016 .  Full Article

BHP Billiton updates on investigation findings into causes of failure at Samarco dam
Monday, 29 Aug 2016 05:48pm EDT 

BHP Billiton Ltd : Samarco update . Panel of 4 geotechnical specialists published findings into causes of failure of FundãO tailings dam at iron ore operations of Samarco . Dean Dalla Valle, BHP Billiton's chief commercial officer, said the dam failure had a devastating impact . Vale, BHP Billiton brasil and Samarco jointly commissioned Cleary Gottlieb Steen & Hamilton LLP to investigate cause of failure . Separately undertaken a comprehensive review of significant dams, which has confirmed that those dams are stable . Says reviewing non-operated minerals joint ventures in its portfolio . Says will centralise management of all major non-operated minerals joint ventures in the minerals americas operating group . Says will establish a new BHP Billiton global standard for non-operated minerals joint ventures .Will apply the process for dam safety reviews developed by the Canadian Dam Association at all of its minerals assets.  Full Article

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

UPDATE 1-Brazil's Samarco misses bond payment, has 30-day remedy period

SAO PAULO, Sept 26 Samarco Mineração SA, the Brazilian iron ore mining joint venture that suspended operations in November following a dam disaster, missed an interest payment on a $500 million bond that was due on Monday, trustee Bank of New York Mellon Corp said.