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Stock Market & Financial Investment News

News Breaks
February 26, 2014
07:44 EDTBHPB&A ends talks with BHP over Guinea iron stake, Reuters reports
B&A Mineracao, the Brazilian miner, ended talks with BHP Billiton about a stake in the Mount Nimba iron ore deposit in Guinea, sources say, reports Reuters. Sources added that B&A found the project too expensive, risky and difficult from an operational and political stand point. Reference Link
News For BHP From The Last 14 Days
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May 1, 2015
13:49 EDTBHPWestmoreland agrees in principle to buy San Juan Mine, enter coal supply deal
Westmoreland Coal (WLB) announced that it has agreed in principle to purchase the San Juan Mine in Farmington, New Mexico from BHP Billiton (BHP) and enter into a new long-term coal supply agreement with the owners of the San Juan Generating Station. The contemplated new coal supply agreement states that Westmoreland will take over operations at the beginning of 2016. The new coal supply agreement expires in 2022, but SJGS owners can extend the agreement beyond 2022, to coincide with the SJGS owners’ plans for operation of the plant after 2022. The new coal supply agreement and the agreement in principal for Westmoreland to purchase San Juan Mine will not be final or binding until all parties have secured internal approvals.
11:00 EDTBHPSan Juan would be ideal dropdown candidate for Westmoreland, says Brean Capital
After PNM Resources (PNM) announced Westmoreland Coal (WLB) will take over coal operations servicing the San Juan Generating Station in New Mexico from BHP Billiton (BHP) in early 2016, Brean Capital said it thinks these assets would be an "ideal" candidate for further dropdown to Westmoreland LP (WMLP), which the firm would expect to be an accretive transaction for Westmoreland. Brean, which views Westmoreland's track record of executing attractive acquisitions as "solid" in recent year, reiterates its Buy rating and $46 price target on the shares.
09:02 EDTBHPPNM Resources to file two agreements with New Mexico regulators
PNM Resources' (PNM) New Mexico electric utility, Public Service Co. of New Mexico, will file with the New Mexico Public Regulation Commission substantially final coal supply and participant restructuring agreements for San Juan Generating Station. The agreements will be filed as part of PNM’s ongoing regulatory proceedings seeking NMPRC approval of the SJGS Plan settlement agreement filed in October 2014. Approval of the settlement agreement is an important step in implementing a revised state plan that benefits customers and complies with federal visibility regulations under the Clean Air Act. The new coal supply agreement states that the intended new coal mine owner, Westmoreland Coal Company (WLB), will take over operations at the beginning of 2016. The current agreement with the existing coal mine owner, BHP Billiton (BHP), would have terminated at the end of 2017. The earlier transaction date allows PNM customers to more quickly benefit from fuel savings of approximately 15-20 percent in 2016 and 2017. The savings will be passed along to customers through the company’s fuel clause. The new coal supply agreement expires in 2022, but SJGS owners can extend the agreement beyond 2022, to coincide with the SJGS owners’ plans for operation of the plant after 2022. The new coal supply agreement and the agreement in principle for Westmoreland to purchase San Juan Mine will not be final or binding until all parties have secured internal approvals. PNM and the other owners of the plant will now work to secure all final approvals from their respective governing bodies. A SJGS participant restructuring agreement will also be filed today with the NMPRC, identifying the ongoing ownership of the plant effective January 1, 2018. The agreement identifies PNMR Development and Management Company, an unregulated subsidiary of PNM Resources, as the owner of 65 MWs of SJGS Unit 4. SJGS is currently jointly owned by PNM and eight other entities. This agreement allows for the exit of certain participants while, combined with the shutdown of SJGS Units 2 and 3 under the revised state plan, defines the terms of ownership of the remaining capacity among the remaining participants.
05:58 EDTBHPBHP Billiton, Barbadoes sign exploration licenses
The Government of Barbados and BHP Billiton yesterday signed exploration licenses for two offshore blocks, Carlisle Bay and Bimshire. These blocks are approximately 40 kilometers southeast of the island nation, total about 5,000 square kilometers and are located in waters ranging from approximately 1,200 to 2,000 meters in depth. Upon approval by the Government of an environmental impact assessment and environmental plan, BHP Billiton will commence the first three-year phase, which includes conducting a 2D seismic survey on the two exploration blocks. With favorable results, BHP Billiton may enter an optional second phase of three years to perform a 3D seismic survey, followed by an optional third phase of two years to drill exploration wells.

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