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April 18, 2012
07:08 EDTBHPBHP reports on coal production for nine month ended March 31
BHP Billiton reported on its coal production for the nine months ended March 31, stating Western Australia Iron Ore achieved record production despite a decline in volumes in the March 2012 quarter as a result of cyclone activity. Full year WAIO production guidance remains unchanged as scheduled maintenance and tie-in activities are expected to constrain performance in the June quarter. The company said Queensland Coal production remained constrained in the March quarter as a result of industrial action and heavy rainfall. The extent to which industrial action will continue to affect production, sales and unit costs is difficult to predict, however with inventories now severely depleted, the impact on future quarters may be significant. Force majeure was declared across all BMA sites in April and remains in place. For energy coal, the company reported production records for the nine months and quarter ended March were achieved at two of its high value, export orientated energy coal operations, New South Wales Energy Coal and Cerrejon Coal. Preparation for the resumption of mining activity at San Juan Coal has commenced, with a full restart expected in the June quarter. Reference Link
News For BHP From The Last 14 Days
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October 6, 2015
10:22 EDTBHPBoard cut, unit review push Freeport shares higher
Shares of copper producer Freeport-McMoRan (FCX) are rallying in morning trading after the company announced plans to review strategic alternatives for its oil and gas business. The company also said it would shrink its board to nine members. WHAT'S NEW: Freeport-McMoRan said this morning that it is reviewing strategic alternatives for its oil and gas business, FM O&G, amid a tumble in commodity prices. In a statement, Freeport said it is studying options for achieving self-funding of the oil and gas unit. FM O&G's "high quality asset base, substantial underutilized Deepwater Gulf of Mexico infrastructure, large inventory of low risk development opportunities and talented and experienced personnel and management team provide alternatives to generate value," it wrote. A previously disclosed potential initial public offering of a minority interest in the oil and gas business remains an alternative for future consideration, the company said. The copper producer said that other alternatives under consideration include a spinoff of the company's oil and gas business to shareholders, joint venture arrangements and further spending reductions. In addition to the FM O&G news, Freeport-McMoRan also announced this morning that it reduced the size of its board of directors from 16 to nine members. These actions, the company said, follow "constructive discussions with many of its largest shareholders." The company said five directors have left the FCX board and have been appointed to the FM O&G board, with James Flores named FM O&G Chairman; Flores remains FM O&G's chief executive officer. WHAT'S NOTABLE: Freeport-McMoRan said earlier this year it would consider selling as much as 20% of its oil and gas unit in an IPO. In June, Chief Financial Officer Kathleen Quirk said the company would likely sell less than 20%, since keeping 80% of the unit would provide the company with some tax advantages. Activist investor Carl Icahn raised his stake in Freeport-McMoRan to 8.8% from 8.46% on September 18. Icahn told CNBC on September 30 that it was "right to expect" that he would get involved with the copper producer. Icahn said that too much copper is being produced now, depressing its price, but believes copper will turn in the future. PRICE ACTION: Freeport-McMoRan rose 6.26% to $11.88 in morning trading. Shares are down over 49% year to date. OTHERS TO WATCH: Other major integrated mining companies include Rio Tinto (RIO), BHP Billiton (BHP) and Vale S.A. (VALE).
October 4, 2015
16:11 EDTBHPBHP Billiton may postpone fundraising plans, Sunday Times says
BHP Billiton may postpone its hybrid bond fundraising efforts amid unfavorable market volatility, reports the Sunday Times, citing market sources. The company had hoped to price the bond this week, but could announce as early as Monday that it will delay its plans, sources told the Times. Reference Link
October 2, 2015
12:19 EDTBHPBHP Billiton downgraded to Hold from Buy at Societe Generale
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07:16 EDTBHPBHP Billiton volatility flat, shares near seven-year low
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September 28, 2015
07:01 EDTBHPBHP Billiton volatility flat as shares near seven-year low
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September 23, 2015
06:58 EDTBHPBHP Billiton volatility up as shares near seven-year low
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06:04 EDTBHPBHP Billiton now sees FY16 CapEx $8.5B
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06:02 EDTBHPBHP Billiton says paid $7.3B globally in taxes in FY15
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