Huge demerger as BHP Billiton spins off assets to create new mining company August 19, 2014 Global mining giant BHP Billiton yesterday confirmed it was spinning off a range of assets across five countries to create a new mining company. The major demerger will see the as-yet-unnamed NewCo take on aluminium, coal, manganese, nickel and silver assets, and will have current BHP Billiton chief financial officer Graham Kerr as its [...]
BHP Billiton demerger share price drop: Worth digging past the disappointment – Bottom Line August 19, 2014 Plans for a leaner, meaner and more profitable mining giant drew little love from investors yesterday. It was easy to see why – but that doesn’t mean the prospects for a slimmed-down BHP Billiton aren’t shiny. The air of disappointment that saw BHP’s shares fall nearly five per cent over the day was down largely [...]
BHP Billiton share price drops as it pushes ahead with $14bn spin-off August 19, 2014 BHP Billiton, the world’s second-largest miner, has confirmed plans to spin off some of its assets into a new metals and mining company worth $14bn (£8.38bn), effectively undoing the 2001 merger that created it. Among the assets to be demerged are aluminium, coal, manganese, nickel and silver mines, including the Cannington silver and lead [...]
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 [...]