Archive | BHP Billiton

Apache man moving ‘home’ to protest copper mine in Arizona – by Felicia Fonseca (Washington Post – November 27, 2019)

https://www.washingtonpost.com/

FLAGSTAFF, Ariz. — Wendsler Nosie Sr. is drawn to a mountainous area in central Arizona where he and other Apaches have harvested medicinal plants, held coming-of-age ceremonies and gathered acorns for generations.

On Thursday, he’ll start a three-day journey to make a permanent home in the area known as Chi’chil Bildagoteel, or Oak Flat, in protest of a proposed copper mine made possible by a federal land exchange.

The Resolution Copper mine near Superior would be one of the largest such mines in North America, using techniques known as block-cave mining that call for digging underneath the ore body and setting off explosions to extract it. Continue Reading →

BHP Plans to Increase Its Stake in Ecuador-Focused SolGold – by Thomas Biesheuvel and David Stringer (Bloomberg News – November 25, 2019)

https://ca.finance.yahoo.com/

(Bloomberg) — BHP Group increased its stake in Ecuadorian copper miner SolGold Plc, another sign that the biggest miners are increasing exposure to copper in the hope that the electrification of cities and cars will boost demand.

SolGold shares surged the most since June after Bloomberg earlier reported the companies were in talks. Melbourne-based BHP paid 17.1 million pounds ($22 million) to raise its holding in the company to 14.7%, almost drawing level with top investor Newcrest Mining Ltd.

Brisbane-based SolGold’s interests in Ecuador include the flagship Alpala copper-gold project, which the company estimates has a potential 55-year life and is among the world’s best undeveloped deposits. The company is also studying 13 other priority targets in the nation, according to a presentation this month. Continue Reading →

World’s biggest miner names Canadian as new CEO, raises intrigue about potash ambitions – by Gabriel Friedman (Financial Post – November 14, 2019)

https://business.financialpost.com/

Decision could have consequences on whether BHP pushes forward with a massive potash project in Saskatchewan in the coming years

Canadian Mike Henry will be the next chief executive of giant Australian miner BHP Group, a decision that could have consequences on whether it pushes forward with a massive potash project in Saskatchewan in the coming years.

Henry, 53, takes the helm in January, leaving a month or so for him to transition from his current role as head of BHP’s Australian mining operations, where the company’s iron ore mines that account for nearly half its revenue are located.

One item on his eventual to-do list, though not necessarily at the top, will be whether the company will allocate $5 billion to construct the first phase of its Jansen potash project in Saskatchewan. The project would initially add four million tons of potash to the market and as much as four times that over time, which could drastically alter the supply and demand dynamics for existing producers such as Saskatoon-based Nutrien Ltd. Continue Reading →

Global miner BHP taps Australia head Henry as new CEO – by Sonali Paul and Melanie Burton (Reuters U.S. – November 13, 2019)

https://www.reuters.com/

MELBOURNE (Reuters) – BHP Group Ltd (BHP.AX) (BHPB.L) on Thursday named its Australian head Mike Henry to succeed Andrew Mackenzie as the miner’s chief executive, shunning calls from some investors for fresh blood from outside the Anglo Australian giant.

Mackenzie, 62, will step down on Dec. 31 ending nearly seven years in charge of the biggest global miner, during which time he overhauled the company, spinning off a raft of assets and cutting costs sharply.

Henry, a 53-year-old Canadian who joined BHP in 2003, has led its Australian operations over the past three years, including its biggest earner, iron ore, and the world’s largest metallurgical coal operations. Continue Reading →

Nutrien and other rivals get nervous as BHP Billiton eyes $17-billion potash project in Saskatchewan – by Gabriel Friedman (Financial Post – October 18, 2019)

https://business.financialpost.com/

Chuck Magro, chief executive of Saskatoon-based Nutrien Ltd., remained quiet on Thursday after the Australian-based mining giant BHP Billiton Ltd. disclosed its latest plans to build a giant potash mine in his company’s backyard.

BHP announced it would commit an additional US$345 million, on top of roughly $3 billion already spent, to de-risk Jansen, a proposed potash mine east of Saskatoon that could upend the market; and it gave itself until February 2021 to make a final decision on the estimated $17-billion project.

If constructed, Jansen would add about 4.4 million tonnes of potash per year, roughly 7 per cent of the current market, and potentially enough to drive down potash prices and deal a blow to Nutrien, the largest producer in the world. The Saskatoon-based firm’s stock price fell just under a per cent to $64.64 on the Toronto Stock Exchange. Continue Reading →

BHP’s London AGM rejects call to quit ‘pro-coal’ associations – by Barbara Lewis (Reuters U.S. – October 17, 2019)

https://www.reuters.com/

LONDON (Reuters) – BHP (BHP.AX) (BHPB.L) shareholders are poised to reject a motion urging the world’s biggest listed miner to suspend membership of some industry bodies judged to be at odds with goals to tackle climate change, initial voting in London suggested on Thursday.

Ethical investors have called for the suspension, arguing BHP’s membership of some industry organizations funds pro-coal lobbying.

One of BHP’s biggest shareholders, Aberdeen Standard Investments, part of Standard Life Aberdeen (SLA.L), last week spoke out in favor of the resolution, saying lobby groups can be a major obstacle to positive change. Continue Reading →

BHP to decide fate of Jansen potash mine in early 2021 – by Cecilia Jamasmie (Mining.com – October 17, 2019)

https://www.mining.com/

BHP (ASX, NYSE: BHP), the world’s largest miner, will decide whether to go ahead with its long-delayed $17 billion Jansen potash project in Canada by February 2021, when it reaches 10 years since completing the feasibility study for the operation.

The company has been mulling a final decision on the asset for at least six years, during which it has spent almost $3 billion laying the ground for crop nutrient-producing project.

Two shafts have already been sunk, but BHP will have to invest another $5.3–$5.7 billion to finish phase one construction of the mine, which the company said would take fewer than 5 years to complete. BHP has in the past said it would consider selling a stake in the project to share capital and risk. Continue Reading →

Top-five BHP investor Aberdeen Standard piles on climate pressure ahead of AGM – by Barbara Lewis and Simon Jessop (Reuters U.S. – October 9, 2019)

https://www.reuters.com/

LONDON (Reuters) – One of BHP’s biggest shareholders Aberdeen Standard Investments on Wednesday added to pressure for the world’s leading miner to cut ties with lobby groups it says are at odds with the company’s pledges on climate leadership.

Earlier, the Church of England Pensions Board urged shareholder advisers to review their opposition to a resolution calling on BHP to withdraw from groups that lobby for policies inconsistent with global climate change limitation goals.

Aberdeen Standard Investments, which holds around 3.2% of BHP’s stock, said it was taking the rare step of speaking out ahead of a vote at BHP’s annual shareholder meeting in London on Oct. 17 because of the urgency of tackling climate change, and after its research found the lobby groups were the biggest single obstacle to progress. Continue Reading →

Electric-Car Dreams Could Fall a Nickel Short – by Rhiannon Hoyle (Wall Street Journal – September 29, 2019)

https://www.wsj.com/

Demand for a form of nickel needed in electric-vehicle batteries is starting to outpace supply

SYDNEY—Global producers of electric cars have big ambitions and a bigger problem: Supplies of a key material are running short.

Nickel sulfate is a brilliantly colored crystalline substance used in electric-vehicle batteries. The ore most commonly used to produce it is mined in only a handful of places—and they include some of the most politically or operationally challenging, such as Russia or Canada’s frozen Northeast.

Nickel sulfate accounts for just a fraction of global nickel sales; about 70% of nickel is used in stainless steel. But auto makers will launch more than 200 new plug-in electric vehicles through 2023, consulting firm AlixPartners estimates—and that isn’t counting hybrids. UBS expects batteries in electric vehicles to account for 12% of global nickel demand by then, up from 3% in 2018. Continue Reading →

OPINION: BHP approach to Anglo CEO signals end of Mackenzie era is nearing – by Stephen Bartholomeusz (Sydney Morning Herald – September 26, 2019)

https://www.smh.com.au/

Reports that miner BHP has approached Anglo American’s chief executive to sound him out as Andrew Mackenzie’s successor signals that the end of the BHP chief’s six-year tenure is now close.

Bloomberg has reported that BHP has contacted Anglo American CEO Mark Cutifani twice this year but so far has been rejected. Cutifani, an Australian, has been the chief executive of Anglo since 2013 and is credited with a massive turnaround of a group that was in crisis when he was appointed.

BHP doesn’t comment on its succession planning but it has become increasingly apparent that the process – which is a long-term and continuous one – has been intensifying this year. Continue Reading →

BHP Approached Anglo American Chief Mark Cutifani for CEO Role – by Thomas Biesheuvel and David Stringer (Bloomberg News – September 25, 2019)

https://finance.yahoo.com/

(Bloomberg) — BHP Group has talked to Anglo American Plc Chief Executive Officer Mark Cutifani about running for the top job at the company, according to people familiar with the matter.

BHP made the approaches earlier this year and again more recently, said the people, who asked not to be identified as the process is confidential. Cutifani rebuffed the company’s advances so far, they said. BHP favors an internal hire, but also wants to speak with external candidates, the people said. Spokesmen for Anglo and BHP declined to comment.

Cutifani has said in previous interviews he planned to stay until Anglo finished its $5 billion Peruvian copper project Quellaveco, which may start production in 2022, by which time he will be in his mid-60s. Continue Reading →

BHP boss’ pay cut by almost 25% after worker’s death, runaway train – by Cecilia Jamasmie (Mining.com – September 18, 2019)

https://www.mining.com/

BHP’s chief executive, Andrew Mackenzie, saw his annual pay shrink by almost a quarter after an unexplained death at one of the company’s Queensland mines and a runaway iron ore train cost him a portion of his short-term bonus.

Mackenzie, 62, had his short-term bonus reduced by more than $1 million from 2018 to $1.3 million. His base salary was kept at $1.7 million, taking his total earnings, including other benefits, to $3.5 million, from $4.6 million in 2018.

According to BHP’s 2019 annual report, the death of a 49-year-old worker at its Saraji coal mine on New Year’s Eve last year, the cause of which it was unable to determine, was the main reason for the pay-cut. It was the first time in more than 15 years that the company had failed to pinpoint the cause of a fatal accident, BHP said. Continue Reading →

BHP invests in bio-tech – by Esmarie Iannucci (MiningWeekly.com – September 12, 2019)

https://www.miningweekly.com/

PERTH (miningweekly.com) – Mining major BHP has taken a strategic stake in US biotech start-up Cemvita Factory, which is developing bio-engineered pathways that support carbon dioxide (CO2) sequestration and utilisation.

Cemvita Factory is developing a portfolio of CO2 conversion microorganisms, including a platform that mimics photosynthesis and other natural processes.

BHP’s chief geoscientist Laura Tyler, said BHP is interested in the potential for biomimetic technology to enhance remediation of mine-impacted soils and water. “Biomimetics have the potential to convert CO2 into useful downstream products such as chemicals and polymers, and it also holds promise for the remediation of mine sites. Continue Reading →

Talks on Guinea’s iron ore advance, BHP nears deal on Nimba-sources – by Saliou Samb and Barbara Lewis (Reuters U.S. – August 29, 2019)

https://www.reuters.com/

CONAKRY/LONDON, Aug 29 (Reuters) – Leading miner BHP is near a deal to divest its stake in Guinea’s Nimba iron ore deposit, while three big miners are vying to develop half of the country’s Simandou, the largest known untapped iron ore reserve, sources close to the talks said.

Guinea has struggled for decades to extract money from its iron ore, which has been left undeveloped because of protracted legal disputes and the cost of infrastructure.

BHP has also tried for years to sell its stake in the Nimba prospect, which does not fit the company’s preference for operating in stable, developed economies. Banking sources, speaking on condition of anonymity, said the price would be insignificant as BHP is keen to seal a deal. Continue Reading →

COLUMN-BHP is sailing between China stimulus breeze and trade war storm: Russell – by Clyde Russell (Reuters U.S. – August 20, 2019)

https://www.reuters.com/

LAUNCESTON, Australia, Aug 20 (Reuters) – Spot the problem. The world’s biggest mining company, BHP Group, reports its highest profits in five years even as its top customer is engaged in a now protracted trade dispute with the world’s largest economy.

BHP on Tuesday posted an annual profit of $9.12 billion, a bumper figure built largely on selling iron ore, coal and copper to China, the world’s largest importer of commodities.

BHP’s results show it has so far managed steer a safe course, with its sails filled with the wind of Chinese stimulus spending, but the stormy seas of the trade war threaten to blow it off course. The underlying profit was slightly below the $9.4 billion forecast by analysts, but was up from the $8.93 billion a year earlier. Continue Reading →