BHP Billiton to cut thousands of mining jobs June 24, 2014 MINING giant BHP Billiton is looking to cut up to 3,000 jobs in its mining operations in Western Australia as it seeks to reduce costs, following the significant drop in the iron ore spot price of over 30 per cent so far this year. The London-listed resources group, which was one of the largest in [...]
Why one bank is switching its allegiance from BHP Billiton to Rio Tinto June 5, 2014 As both are FTSE 100 listed Anglo-Australian miners, BHP Billiton and Rio Tinto often get compared rather than contrasted. But RBC Capital Markets today downgraded BHP – despite the stock outperforming Rio by around 10 per cent this year – and switched to a preference of Rio over BHP. “Since December 2013 we have preferred [...]
BHP mulls sale of its Australian nickel business May 14, 2014 BHP BILLITON yesterday said it was considering selling off its nickel business in western Australia, as the miner pushes ahead with plans to streamline its portfolio. “The review is considering all options for the long-term future of Nickel West, including the potential sale of all or parts of the business,” said the firm. The asset [...]
BHP raises iron ore target after record output April 16, 2014 BHP BILLITON yesterday lifted its full-year production guidance for iron ore and metallurgical coal, having achieved record levels during the first nine months of the year. The FTSE 100-listed mining giant said the continued ramp-up of the Jimblebar mine in western Australia and the relatively limited impact of the wet season meant it is raising [...]
Miner BHP lifted by plan to spin off $20bn arm April 1, 2014 MINING giant BHP Billiton’s share price climbed over two per cent yesterday, after it confirmed that it is considering spinning off a portfolio of non-core assets. “We believe that a portfolio focused on our major iron ore, copper, coal and petroleum assets would retain the benefits of diversification, generate stronger growth in free cash flow [...]
BHP Billiton reacts to demerger speculation April 1, 2014 BHP Billiton has issued a statement in response to so-called “market speculation” about its decisions on simplifying its portfolio. The response comes after the Australian Financial Review reported that the miner has been weighing up different options for over a year, including spinning off non-core assets, in a move that could see a new $20bn [...]
Global recovery boosts profits for BHP Billiton February 17, 2014 PROFITS soared at mining giant BHP Billiton in the six months to the end of 2013, the group reported last night, as the economic recovery boosted demand. Net profit for the half-year jumped 83 per cent to $8.1bn (£4.8bn) as rising volumes and falling costs combined to increase profitability. Revenues increased 5.7 per cent while [...]
BHP vows higher shareholder returns as production soars January 22, 2014 BHP BILLITON’S iron ore expansion plan went full throttle in the second half of the year, with the miner posting record production from its West Australian mines and a 19 per cent rise in output. The FTSE 100-quoted miner’s West Australian operation benefited from the early delivery of first production from the Jimblebar mine, which [...]
BHP to boost production October 21, 2005 BHP Billiton, the world’s largest mining company, will invest $1.3bn (£735m) to boost iron-ore production in western Australia in the face of rising demand by Asian markets led by China. The move comes just 24 hours after Rio Tinto said it would also commit $1.35bn to increase the iron-ore production of its mines in western [...]