Connect to share and comment

Mining giant BHP mulling demerger

Global mining giant BHP Billiton is considering spinning-off its aluminium, bauxite and nickel assets into a single entity that would be worth about Aus$20 billion ($18.5 billion), reports said Wednesday. The Anglo-Australian resources company wants to demerge "non-core" assets that are not providing adequate returns, as part of a streamlining process that will focus its portfolio on top-tier assets, the Australian Financial Review said.

Mining giant BHP mulling demerger

Global mining giant BHP Billiton is considering spinning-off its aluminium, bauxite and nickel assets into a single entity that would be worth about Aus$20 billion ($18.5 billion), reports said Wednesday. The Anglo-Australian resources company wants to demerge "non-core" assets that are not providing adequate returns, as part of a streamling process that will focus its portfolio on top-tier assets, the Australian Financial Review said.

BHP Billiton weighs spin-off of unloved assets

By Sonali Paul MELBOURNE (Reuters) - BHP Billiton <BHP.AX><BLT.L> is weighing a range of options to simplify its portfolio of assets, including a possible spin-off of unwanted businesses such as aluminum and nickel into a separate company, the top global miner said on Tuesday. "We continue to actively study the next phase of simplification, including structural options, but will only pursue options that maximize value for BHP Billiton shareholders," the company said in a statement.

Capstone Mining says study extends Pinto Valley's mine life by eight years

VANCOUVER - Capstone Mining Corp. (TSX:CS) says a new pre-feasibility study on its wholly-owned Pinto Valley copper mine in Arizona has extended the mine's life by eight years to 2026. The company, which bought Pinto Valley last year, says average annual production for the first five years is targeted at 128.4 million pounds of copper in concentrate and 6.6 million pounds of copper cathode. Annual production for the life of the mine is 119.5 million pounds of copper in concentrate plus 6.3 million pounds of cathode copper.

BHP Billiton working with aboriginal community in potash mine development

SASKATOON - An Australian mining company is focusing on creating stronger business ties with the aboriginal community in Saskatchewan. Alex Archila, asset president for BHP Billiton (NYSE:BHP), delivered a keynote speech at the First Nations University of Canada this week. The company is building the Jansen potash mine about 140 kilometres east of Saskatoon and recently signed an opportunities agreement for First Nation participation in the project. That agreement encompasses several things including education, coaching and working with suppliers and contractors.

Miner BHP Billiton posts better than expected $8.1 billion half year profit

MELBOURNE, Australia - BHP Billiton, the world's biggest miner, Tuesday reported a better-than-expected half year profit of $8.1 billion as cost cuts offset lower commodity prices. The Anglo-Australian company's shareholders could participate in a company share buyback in six months. Chief executive Andrew Mackenzie said net debt could be down to $25 billion by then, a level he has previously said could trigger a capital return. BHP's net profit for the July-December half year jumped 83 per cent to $8.1 billion from $4.4 billion a year earlier.

Mining giant BHP Billiton to reduce spending by 25%

Mining giant BHP Billiton said Tuesday it plans to cut spending by 25 percent this year and focus on its flagship operations as soft prices and extra supply squeeze resources firms. BHP chief Andrew Mackenzie said the world's largest miner was on track to meet production guidance and deliver 16 percent growth in the next two years. Despite tough operating conditions in the mining sector due to an easing in key market China's rampant growth and a surge in new supply, which has hit prices, Mackenzie said BHP remained profitable by finding savings.

BHP sees China driving resources demand for 15 years

Anglo-Australian mining giant BHP Billiton on Thursday said China's economic growth was resilient enough to drive strong demand for commodities for the next 15 years. The world's biggest diversified miner derives 30 percent of its revenue from China and while chairman Jac Nasser admitted Chinese growth was slowing, he was confident demand from the Asian powerhouse would continue to fuel the resources industry.

BHP Q1 iron ore output up 23 percent, ups FY2014 target: 212 million per tonnes

SYDNEY (Reuters) - BHP Billiton <BHP.AX>, the world's biggest mining company, posted a 23 percent rise in quarterly iron ore output and said copper and petroleum production also rose, part of a strategy to capture more of a slower-growing market for raw materials. "Our pursuit of productivity gains and operating excellence is already yielding strong results," BHP Chief Executive Andrew Mackenzie said in a statement.

BHP Billiton abandons delayed India energy projects

Global mining and energy giant BHP Billiton announced Monday it had given up on nine Indian deep-sea oil and gas projects due to delays in carrying out exploration at the sites. The Anglo-Australian giant said it had relinquished six blocks in the Bay of Bengal which it partly owned with Indian conglomerate GVK, and another three that it owned fully. "The decision to relinquish these blocks is the result of an exploration portfolio review and the inability to carry out exploration operations in these blocks," a BHP spokesman told AFP in an emailed statement.
Syndicate content