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BHP Billiton PLC (BLT.L)

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Latest Key Developments (Source: Significant Developments)

Elliott says supports new BHP chair and new direction for BHP
Thursday, 15 Jun 2017 09:01pm EDT 

June 15 (Reuters) - :Elliott says supports new BHP chair and new direction for BHP.Elliott says "appointment of Kenneth Mackenzie as next chair is a constructive step in bringing much needed change to direction of BHP".  Full Article

BHP Billiton says Ken Mackenzie to become BHP chairman
Thursday, 15 Jun 2017 07:12pm EDT 

June 16 (Reuters) - BHP Billiton Ltd -:Ken Mackenzie to become BHP chairman.‍BHP Board has elected Ken Mackenzie to succeed Jac Nasser as chairman​.Mackenzie will assume role of chairman effective 1 sept 2017, following Nasser's retirement as both chairman & non-executive director.  Full Article

Elliott releases statement on growing calls for change from BHP shareholders
Tuesday, 13 Jun 2017 07:44pm EDT 

June 13 (Reuters) - Elliott -:Elliott says released statement regarding growing calls for change from BHP shareholders as company prepares to announce a new chairperson.Elliott says, over past few weeks, BHP's shareholders have made clear that substantial and meaningful change is needed.Elliott says shareholder frustration is understandable "considering BHP's sustained underperformance".Elliott says "appointment of a strong, experienced, and visionary chairperson would be a welcomed first step for BHP".  Full Article

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

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

More From Around the Web

RPT-COLUMN-BHP's new chairman has choice between exciting and boring: Russell

LAUNCESTON, Australia, June 19 There has been no shortage of advice doled out to incoming BHP Billiton chairman Ken MacKenzie on how to boost the world's largest mining company, but ultimately his role comes down to a fairly straightforward choice.