At last, mining giants such as Rio Tinto Plc and BHP Billiton Ltd are more than satisfied as they enjoy strong China’s demand for iron ore. The industry leaders note that iron ore imports by the world’s second economy jumped to the highest level in four months as the country has been recently witnessing the slow revival in the steel sector. The new positive trend has encouraged Rio Tinto to continue its expansion plans as it wants to take advantage of the visible upward trend. Yet BHP Billiton Ltd and analysts as well strongly underline that in the future global iron ore supplies would grow at the faster pace than demand, hence the prices might decrease substantially.
BHP Billiton informed that it finally got rid of the Pinto Valley copper mine and a railroad in Arizona. The lucky buyer of these assets is Canada’s Capstone Mining Corp. which is to pay as much as $650 million to the global mining giant. The sale price for these assets is substantially higher than analysts’ estimates ranging from $200 million to $300 million. Interestingly, everything indicates that the BHP Billiton’s divestment operation is speeding up.
BHP Billiton Ltd., the largest mining company by market value, has started the search for a new chief executive officer who will replace its current CEO Kloppers.The search process is expected to take about two years.
BHP Billiton, the biggest miner in the world, has shifted focus to the Queensland coal output, which it aims to increase by a rate of about 10 percent every year over the course of the following two years, leading to a possible offset of lower prices that it anticipates for the majority of its goods over the extended term.
Almost one week after an announcement regarding calling of the Olympic Dam Project, BHP Billiton has informed that it is selling one of Australian largest undeveloped uranium deposits. BHP Billiton tries to adjust to the new economic situation, where commodity prices are falling and the whole mining industry seeks to survive worse days. As a result of the current economic situation BHP Billiton decided to sell its Yeelirrie uranium deposit in Western Australia to Canada’s Cameco Corp, one of the world’s biggest listed uranium producers, for $430 million; the deal will have to obtain regulatory and state government approval.
BHP Billiton, the top global miner, informed that its Olympic Dam cooper expansion project was delayed. BHP officials added that no major projects would be approved in a year to June 2013. BHP called off one of its “mega projects” called Olympic Dam, which had aimed to expand the company’s copper-uranium development is South Australia as it has to face increasing capital costs.
Should we expect the emergence of a Big-Daddy market for mining in the near future? Because that’s what would happen if the London Stock …