https://www.scmp.com/rss/46138/feed Known as the “Big Australian” because it is the country’s largest company measured by market capitalisation BHP Billiton is a mining, oil and gas company headquartered in Melbourne. The mining giant was created in 2001 through the merger of Broken Hill Proprietary (BHP) and the Anglo-Dutch Billiton. en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com BHP Billiton's South32 spin-off started trading with a market value of nearly US$9 billion yesterday, a third below the top end of forecasts and underlining investor nerves about the outlook for the battered mining sector. The cautious response to mining's biggest listing since Glencore in 2011 suggests the newly independent firm will need to do more to convince the market it can grow assets that were long neglected within BHP. "Investors feel that they can be patient as they wait to learn a... https://www.scmp.com/business/markets/article/1802393/bhp-spin-south32-makes-cautious-market-debut-amid-mining-sector?utm_source=rss_feed https://www.scmp.com/business/markets/article/1802393/bhp-spin-south32-makes-cautious-market-debut-amid-mining-sector?utm_source=rss_feed Mon, 18 May 2015 10:54:18 +0000 Resources giant BHP Billiton, the world's biggest miner, posted a 31 per cent drop in half-year profit as prices for all its main products collapsed, but beat market forecasts and flagged further belt tightening to withstand the tough conditions. The company again cut its targets for capital spending and said it would reap savings of US$4 billion in the next two years, shoring up cash flows so it could stick to its policy of not cutting dividend payouts. "We are confident that we can maintain... https://www.scmp.com/business/companies/article/1722637/bhp-billiton-half-year-earnings-plunge-31pc?utm_source=rss_feed https://www.scmp.com/business/companies/article/1722637/bhp-billiton-half-year-earnings-plunge-31pc?utm_source=rss_feed Tue, 24 Feb 2015 14:07:08 +0000 BHP Billiton aims to cut its iron ore production costs by more than 25 per cent and squeeze more tonnes from its mines as it aims to overtake rival Rio Tinto as the world’s cheapest producer, the world’s largest miner said on Monday. BHP, the No 3 iron ore producer behind Brazil’s Vale and Rio Tinto, outlined the cost-cutting and expansion plan even as iron ore prices have slumped 42 per cent this year, as it sees demand picking up over the medium term. “We will continue to squeeze the lemon... https://www.scmp.com/business/companies/article/1610542/bhp-plans-slash-iron-ore-production-costs?utm_source=rss_feed https://www.scmp.com/business/companies/article/1610542/bhp-plans-slash-iron-ore-production-costs?utm_source=rss_feed Mon, 06 Oct 2014 02:40:38 +0000 A proposed spin-off by BHP Billiton of about US$15 billion in assets signals the start of a new round of disposals as the mining giants adapt to the end of a boom for commodities. With Anglo American fielding offers on a weekly basis for mines and Rio Tinto Group last month dumping Mozambique coal assets for a fraction of what it paid three years ago, producers are streamlining in the wake of China-led mineral demand that drove record profits as metal prices soared. Miners have been sharpening... https://www.scmp.com/business/commodities/article/1575604/bhp-billiton-sets-scene-mining-disposals-commodity-boom-ends?utm_source=rss_feed https://www.scmp.com/business/commodities/article/1575604/bhp-billiton-sets-scene-mining-disposals-commodity-boom-ends?utm_source=rss_feed Sun, 17 Aug 2014 20:00:45 +0000 BHP Billiton is looking at more job cuts at its flagship Australian iron ore division as a way to reduce costs, as ore prices slump and pressure mounts to rein in spending. The possibility of more cuts comes as thousands of jobs in Australia's once-booming mining sector disappear in response to cooling demand from China for imported industrial materials such as iron ore, coal and copper. A BHP spokeswoman said it was not possible to put a number on how many jobs could be targeted and declined to... https://www.scmp.com/business/commodities/article/1539937/bhp-looking-more-job-cuts-iron-ore-prices-drop?utm_source=rss_feed https://www.scmp.com/business/commodities/article/1539937/bhp-looking-more-job-cuts-iron-ore-prices-drop?utm_source=rss_feed Tue, 24 Jun 2014 18:30:45 +0000 The latest production reports by Anglo-Australian mining giants BHP Billiton and Rio Tinto show just how much the commodity market has changed over the past year. BHP and Rio's quarterly statements underline that mining is now a game of producing the highest volumes at the lowest costs, while at the same time scaling back on spending. This seems like a logical response to concerns over slowing demand growth from top consumer China, whose appetite for commodities drove a decade-long boom in... https://www.scmp.com/business/commodities/article/1339210/miners-shift-focus-stay-game?utm_source=rss_feed https://www.scmp.com/business/commodities/article/1339210/miners-shift-focus-stay-game?utm_source=rss_feed Thu, 24 Oct 2013 19:23:19 +0000 Global mining giant BHP Billiton upgraded its iron ore production target while petroleum output hit a quarterly record, as it ramps up output to capture more of a slower-growing market for raw materials. Iron ore benefited from multibillion-dollar expansion work under way in Australia that will lift fiscal 2014 output to 212 million tonnes, up from a previous target of 207 million, BHP said in its fiscal first-quarter production report. In petroleum, liquids output rose 16 per cent, helped by a... https://www.scmp.com/business/companies/article/1337088/bhp-raises-production-target-iron-ore?utm_source=rss_feed https://www.scmp.com/business/companies/article/1337088/bhp-raises-production-target-iron-ore?utm_source=rss_feed Tue, 22 Oct 2013 03:15:45 +0000 BHP Billiton has cut bonus payouts to its top executives, as total returns to shareholders fell over five years, even though the top global miner beat its target for outperforming its peers over that period. New chief executive Andrew Mackenzie, who was first poached from rival Rio Tinto in 2008, also gave up shares worth 941,000 pounds (HK$11.4 million) at Thursday’s close that were due to him from his sign-on bonus. In total, Mackenzie was awarded shares worth 4.6 million pounds, after the... https://www.scmp.com/business/companies/article/1298780/bhp-billiton-cuts-bonuses-chief-exec-forgoes-us15m-shares?utm_source=rss_feed https://www.scmp.com/business/companies/article/1298780/bhp-billiton-cuts-bonuses-chief-exec-forgoes-us15m-shares?utm_source=rss_feed Fri, 23 Aug 2013 03:02:25 +0000 Miner BHP Billiton mapped out a cautious approach to expanding into potash, keeping a USUS$14 billion Canadian project alive but delaying production at the giant deposit until at least 2020. In its first set of results under new chief executive Andrew Mackenzie, BHP outlined its plan to keep options open alongside a 15 per cent drop in half-year profit. The world’s largest miner missed forecasts largely due to Australian mining tax adjustments and other non-operational items. BHP and Glencore... https://www.scmp.com/business/companies/article/1298304/bhp-delays-us14b-canada-potash-push-profit-drops?utm_source=rss_feed https://www.scmp.com/business/companies/article/1298304/bhp-delays-us14b-canada-potash-push-profit-drops?utm_source=rss_feed Wed, 21 Aug 2013 04:13:06 +0000 BHP Billiton said on Friday that US authorities have laid out grounds for possible enforcement action against the top global miner for corrupt practices, stepping up a four-year probe linked partly to its 2008 Olympics sponsorship. The company has been under investigation by the Securities and Exchange Commission (SEC) and the Department of Justice (DOJ) since 2009, mainly over exploration activities that had been terminated and its hospitality at the Beijing Olympic Games. “As a part of the US... https://www.scmp.com/business/companies/article/1297081/bhp-faces-possible-us-anti-corruption-enforcement-action-over?utm_source=rss_feed https://www.scmp.com/business/companies/article/1297081/bhp-faces-possible-us-anti-corruption-enforcement-action-over?utm_source=rss_feed Fri, 16 Aug 2013 00:39:32 +0000 Australia, the world’s biggest producer of iron ore, forecast a 14 per cent rise in exports in the this year/14 fiscal year as the country’s big miners press ahead with multi-billion dollar expansions despite signs demand growth is softening. Slower than expected economic growth in China is forecast to weaken prices for iron ore, Australia’s largest export earner, further next year. The Bureau of Resources and Energy Economics (BREE) forecast iron ore exports of 610 million tonnes in the... https://www.scmp.com/business/commodities/article/1269232/australia-sees-iron-ore-exports-rising-even-demand-falters?utm_source=rss_feed https://www.scmp.com/business/commodities/article/1269232/australia-sees-iron-ore-exports-rising-even-demand-falters?utm_source=rss_feed Wed, 26 Jun 2013 03:04:41 +0000 Australian coal miners are steeling themselves for years of production cuts, job reductions and asset sales as swelling shipments from international rivals lower hopes of a recovery in prices for coal. Prices have slumped around 30 per cent since their peak two years ago as coal flooded global markets, especially from the United States where cheap gas has cut domestic demand and led to a nearly 50 per cent jump in thermal coal exports last year. Even robust Chinese and Indian demand growth is... https://www.scmp.com/business/companies/article/1244894/australia-coal-firms-dig-years-mine-closures-job-cuts?utm_source=rss_feed https://www.scmp.com/business/companies/article/1244894/australia-coal-firms-dig-years-mine-closures-job-cuts?utm_source=rss_feed Fri, 24 May 2013 03:24:02 +0000 Vale, the world's largest iron ore miner, reported profit that beat analysts' estimates for the first time in two years as cost reductions and higher copper sales offset lower prices for the steel ingredient. First-quarter net income of US$3.11 billion, or 60 US cents a share, compared with a loss of US$2.7 billion, or 52 US cents, in the previous three-month period, according to a statement after the close of trading on Wednesday. Vale was expected to post per-share profit excluding items of... https://www.scmp.com/business/companies/article/1222812/vale-q1-profit-falls-despite-big-cost-cuts?utm_source=rss_feed https://www.scmp.com/business/companies/article/1222812/vale-q1-profit-falls-despite-big-cost-cuts?utm_source=rss_feed Thu, 25 Apr 2013 06:13:53 +0000 BHP Billiton, the world's largest mining company, will pay its incoming chief executive Andrew Mackenzie less than his predecessor at a time of declining commodity prices and revenue for the industry. Mackenzie, who will take over from Marius Kloppers, 50, on May 10, will be paid a base salary of US$1.7 million during the 2014 financial year, the Melbourne-based company said. Kloppers' base salary in 2007, when he became chief executive, was US$1.85 million. In 2012, it was US$2.2 million. BHP... https://www.scmp.com/business/companies/article/1218701/bhps-new-boss-take-pay-cut?utm_source=rss_feed https://www.scmp.com/business/companies/article/1218701/bhps-new-boss-take-pay-cut?utm_source=rss_feed Fri, 19 Apr 2013 16:00:00 +0000 PetroChina, the mainland's biggest oil and gas producer, is looking to make more deals in Australia, adding to about US$3.7 billion in acquisitions as part of a global drive to feed surging Chinese demand. "As one of the key markets in our Asia and Pacific operations, PetroChina is willing to expand our presence in Australia when a good opportunity arises," said Mao Zefeng, a Beijing-based spokesman for PetroChina. PetroChina, planning to invest at least US$60 billion this decade in global oil... https://www.scmp.com/business/commodities/article/1188778/petrochina-seeks-more-deals-australia?utm_source=rss_feed https://www.scmp.com/business/commodities/article/1188778/petrochina-seeks-more-deals-australia?utm_source=rss_feed Mon, 11 Mar 2013 16:00:00 +0000 PetroChina, Asia’s biggest oil producer, agreed to pay BHP Billiton US$1.63 billion for its holding in Woodside Petroleum’s proposed Browse liquefied natural gas project in Western Australia. PetroChina will acquire an 8.33 per cent stake in the East Browse joint venture and a 20 per cent share of West Browse, BHP said on Wednesday in a statement. The deal comes as Chinese oil and gas acquisitions reached a record this year, following Cnooc’s US$15.1 billion bid for Nexen. It gives PetroChina a... https://www.scmp.com/business/companies/article/1103488/bhp-sell-its-interest-browse-petrochina-us163b?utm_source=rss_feed https://www.scmp.com/business/companies/article/1103488/bhp-sell-its-interest-browse-petrochina-us163b?utm_source=rss_feed Wed, 12 Dec 2012 00:55:28 +0000 Global mining giant BHP Billiton said Thursday it expected Chinese growth to remain muted in coming years and saw little improvement in coal and iron ore prices. But the world’s largest miner said it was well positioned to reap the benefits of China’s longer-term economic growth, with copper, energy products and potash fertiliser all expected to boom as the Asian giant modernised. BHP chief executive Marius Kloppers said the mining firm expected China’s growth to remain in the range between... https://www.scmp.com/business/commodities/article/1093784/bhp-sees-modest-growth-china?utm_source=rss_feed https://www.scmp.com/business/commodities/article/1093784/bhp-sees-modest-growth-china?utm_source=rss_feed Thu, 29 Nov 2012 05:49:03 +0000 Iron ore swaps dropped on Tuesday after spot prices hit two-week lows with demand from top buyer China losing steam after weeks of restocking, prompting miners to unload more cargoes onto the spot market before prices fall further. Top miners Vale, Rio Tinto and BHP Billiton are together offering around 600,000 tonnes of iron ore at spot tenders closing today, traders said, far more than usual volumes. The December swap contract cleared by the Singapore Exchange edged down to US$115.50 per tonne... https://www.scmp.com/business/commodities/article/1086628/iron-ore-2-week-low-china-demand-slips-swaps-down?utm_source=rss_feed https://www.scmp.com/business/commodities/article/1086628/iron-ore-2-week-low-china-demand-slips-swaps-down?utm_source=rss_feed Tue, 20 Nov 2012 06:29:43 +0000 The world’s largest miner BHP Billiton on Wednesday said it was exiting the diamond industry, selling its Canadian assets to retailer Harry Winston Diamond Corp. for US$500 million. BHP had an 80 per cent stake in the EKATI diamond mine, which produces more than three million carats of rough diamonds a year. The company said it was offloading the assets as part of its strategy to only invest in large, long-life, expandable assets. “We are very proud of EKATI’s track record and the substantial... https://www.scmp.com/business/companies/article/1082152/bhp-sells-diamond-assets-us500-million?utm_source=rss_feed https://www.scmp.com/business/companies/article/1082152/bhp-sells-diamond-assets-us500-million?utm_source=rss_feed Wed, 14 Nov 2012 00:57:43 +0000 China Life warns of 55pc plunge in profit China Life, the world's largest insurer by market value, warned of a 55 per cent fall in profits in the first nine months - pointing to its first quarterly loss since 2008. The warning from the state-controlled company surprised analysts and could bode ill for other financial firms, suffering from falling stock and bond markets that have hurt investment income. Slowing growth has also made it harder for insurers to raise premiums. Reuters   K Wah-Sino... https://www.scmp.com/business/china-business/article/1063545/business-digest-october-18-2012?utm_source=rss_feed https://www.scmp.com/business/china-business/article/1063545/business-digest-october-18-2012?utm_source=rss_feed Wed, 17 Oct 2012 16:00:00 +0000 Suntech to cut solar panel production costs Jiangsu-based Suntech Power, the world's largest maker of solar panels, yesterday said it aimed to reduce the non-silicon production costs of its panel by 30 per cent to 55 US cents per watt by the end of the year from last year. Last month, the debt-ridden company said it was temporarily shutting down a quarter of its annual production capacity of a solar panel part called solar cell to 1.8 gigawatts. It also set at the time a target to slash annual... https://www.scmp.com/business/china-business/article/1057367/briefs-october-10-2012?utm_source=rss_feed https://www.scmp.com/business/china-business/article/1057367/briefs-october-10-2012?utm_source=rss_feed Tue, 09 Oct 2012 16:00:00 +0000 Global credit agency Standard & Poor’s said it saw little improvement in iron ore prices in the near-term and warned that smaller single-commodity miners could see their ratings slip. S&P said a slowdown in China, the world’s largest producer and consumer of steel, and sluggishness in Europe had seen iron ore prices dive from their peak of more than US$180 per tonne to below US$90 per tonne in the past two months. Prices had rebounded to between US$100-110 but S&P said it “doesn’t expect iron... https://www.scmp.com/business/commodities/article/1052274/rating-agency-sp-says-no-respite-iron-ore-miners?utm_source=rss_feed https://www.scmp.com/business/commodities/article/1052274/rating-agency-sp-says-no-respite-iron-ore-miners?utm_source=rss_feed Tue, 02 Oct 2012 06:14:19 +0000 Global demand for iron ore will not grow and could even drop in the second half of 2012 compared with the first six months, with supply also rising, a senior official at China’s Baoshan Iron and Steel Co said on Thursday. Global seaborne supply of iron ore would rise by more than 50 million tonnes in the second half from the first half, Zhang Dianbo, head of purchasing at Baosteel, China’s biggest listed steelmaker, told an industry conference. Demand for iron ore, a key steelmaking ingredient,... https://www.scmp.com/business/companies/article/1026218/baosteel-warns-potential-worldwide-second-half-slump-demand-iron?utm_source=rss_feed https://www.scmp.com/business/companies/article/1026218/baosteel-warns-potential-worldwide-second-half-slump-demand-iron?utm_source=rss_feed Thu, 30 Aug 2012 03:33:31 +0000 Australia’s central bank chief said on Friday there was no sign the mining boom is over and signalled that interest rates are likely to stay on hold unless there is a drastic change to its optimistic outlook for the economy. Reserve Bank of Australia (RBA) Governor Glenn Stevens said the resource-rich economy was growing at its potential and inflation was consistent with its 2-3 per cent target band, although he conceded the global environment was still weak. “I probably describe myself as... https://www.scmp.com/business/economy/article/1022525/australias-top-central-banker-reassures-mining-hints-interest-rates?utm_source=rss_feed https://www.scmp.com/business/economy/article/1022525/australias-top-central-banker-reassures-mining-hints-interest-rates?utm_source=rss_feed Fri, 24 Aug 2012 02:41:03 +0000 Australia’s Resources and Energy Minister Martin Ferguson said on Thursday the resources boom, which had cushioned Australia against the global financial crisis, was over after top global miner BHP Billiton halted expansion of a major project. “The resources boom is over,” Ferguson told Australian radio. “We’ve done well -- A$270 billion in investment, the envy of the world. It has got tougher in the last six to twelve months.” Ferguson’s comments came after BHP announced on Wednesday it would... https://www.scmp.com/business/economy/article/1021587/bhp-olympic-dam-decision-shows-boom-over-minister?utm_source=rss_feed https://www.scmp.com/business/economy/article/1021587/bhp-olympic-dam-decision-shows-boom-over-minister?utm_source=rss_feed Thu, 23 Aug 2012 01:17:26 +0000 Top global miner BHP Billiton shelved its planned US$20 billion Olympic Dam copper expansion on Wednesday as it reported a 35 per cent slide in second-half profit in the biggest sign of the pain inflicted by the slowdown in China’s economic growth. BHP reported its first annual profit fall in three years in the face of rising costs and falling commodity prices, wrapping up a torrid earnings season for the world’s biggest miners. They were all battered by weaker prices for iron ore, copper,... https://www.scmp.com/business/companies/article/1020914/bhp-billiton-profits-slump-more-one-third-olympic-dam-expansion?utm_source=rss_feed https://www.scmp.com/business/companies/article/1020914/bhp-billiton-profits-slump-more-one-third-olympic-dam-expansion?utm_source=rss_feed Wed, 22 Aug 2012 05:50:44 +0000 Tycoon Li Ka-shing's stature and influence in Hong Kong can be vividly captured in a long-running pun on his name, which sounds like the words 'Li Family's City'. That perception was further enhanced a week ago when President Hu Jintao shook hands with Li in a one-on-one meeting in front of television cameras while attending the elaborate ceremony marking Shenzhen's 30th anniversary as a special economic zone. The six-minute meeting caused more than murmurs in the local business community and... https://www.scmp.com/article/724677/hus-meeting-tycoon-positive-foreign-firms?utm_source=rss_feed https://www.scmp.com/article/724677/hus-meeting-tycoon-positive-foreign-firms?utm_source=rss_feed Sun, 12 Sep 2010 16:00:00 +0000 Bosses brought in from outside a company are generally regarded as having a poor record for making a good business great or turning a troubled one around. It is therefore interesting to see Beijing headhunting abroad, as well as at home, for senior positions in state-owned firms. Management gurus agree you should hire executives from inside your company if you can. They cite high-profile examples of failed outsiders like John Sculley at Apple or Carly Fiorina at Hewlett-Packard. They say... https://www.scmp.com/article/723962/beijings-outside-hires-must-relish-challenge?utm_source=rss_feed https://www.scmp.com/article/723962/beijings-outside-hires-must-relish-challenge?utm_source=rss_feed Sat, 04 Sep 2010 16:00:00 +0000 The Swiss subsidiary of Australian iron ore miner BHP Billiton was given the green light yesterday to take enforcement action in Hong Kong against shipping company Transfield ER Cape to recover about US$39 million owed in failed ship charters. Admiralty judge Mr Justice Anselmo Reyes also granted BHP Billiton Marketing the provisional go-ahead through a garnishee order to take whatever cash was in two HSBC bank accounts as part of the enforcement process. Mr Justice Reyes said he would give... https://www.scmp.com/article/719323/bhp-unit-moves-recoup-us39m?utm_source=rss_feed https://www.scmp.com/article/719323/bhp-unit-moves-recoup-us39m?utm_source=rss_feed Fri, 09 Jul 2010 16:00:00 +0000 For hubris and deluded self-importance, it's hard to go past Australia's politicians or their representatives. Especially when they come to Hong Kong, Shanghai or Beijing to talk up the benefits of one of the world's biggest quarries, I mean, continents. With all that iron ore, uranium and other metallic substances pumped straight into a decade-long commodities boom, LoDown could probably have guided Australia to the economic prosperity it currently enjoys. But alas, there is a man who would... https://www.scmp.com/article/701692/long-1980s-style-luncheon-former-australian-treasurer?utm_source=rss_feed https://www.scmp.com/article/701692/long-1980s-style-luncheon-former-australian-treasurer?utm_source=rss_feed Fri, 18 Dec 2009 16:00:00 +0000 The price of precious metals may be going through the roof on the commodities markets, but the 6,000 Olympic medals officially handed over to Beijing yesterday will remain forever priceless to the athletes who win them next month. Gold, silver, bronze, copper and jade have been scoured from mines around the world and then moulded and minted into the ultimate accolade to human sporting endeavour. The nation's athletes hope to grab much more than a handful of the 2,000 gold medals, each plated... https://www.scmp.com/article/643907/bhp-delivers-games-medals?utm_source=rss_feed https://www.scmp.com/article/643907/bhp-delivers-games-medals?utm_source=rss_feed Thu, 03 Jul 2008 16:00:00 +0000 10 Chinese firms told to pull out bids Resource-rich countries have become accustomed to Chinese companies snapping up stakes in oil and mining firms to feed the mainland's insatiable appetite for energy and other natural resources. But reports that the Australian government has forced at least 10 Chinese companies to withdraw applications to buy into domestic mining operations raises the spectre of rising protectionist walls. The Australian government has told mainland companies to back off... https://www.scmp.com/article/635267/mainland-forays-hit-protectionist-wall-australia?utm_source=rss_feed https://www.scmp.com/article/635267/mainland-forays-hit-protectionist-wall-australia?utm_source=rss_feed Fri, 25 Apr 2008 16:00:00 +0000 Shougang Concord International Enterprises, a unit of mainland steelmaker Shougang Corp, has scrapped the proposed purchase of 19.73 per cent of Australian iron ore miner Mount Gibson Iron after the deal was rejected by the Australian regulators. Australia's Takeover Panel, which governs mergers and acquisitions, said in a statement yesterday that the acquisition attempt by Shougang Concord showed that it was contriving with another of its parent's subsidiaries, Apac Resources, to gain control... https://www.scmp.com/article/632215/shougang-scraps-mount-gibson-bid?utm_source=rss_feed https://www.scmp.com/article/632215/shougang-scraps-mount-gibson-bid?utm_source=rss_feed Tue, 01 Apr 2008 16:00:00 +0000 Non-ferrous metals on the list of potential assets Aluminum Corp of China (Chinalco) plans to spend between 20 billion yuan (HK$22.1 billion) and 30 billion yuan on acquisitions this year as the mainland's largest metal company searches for resources to feed growing industrial demand at home. The company spent US$14 billion buying a stake in Rio Tinto earlier this year in an attempt to prevent a hostile bid for the world's third-biggest mining company by BHP Billiton. 'Resources are the basis of... https://www.scmp.com/article/631140/chinalco-prepares-spend-big-resources?utm_source=rss_feed https://www.scmp.com/article/631140/chinalco-prepares-spend-big-resources?utm_source=rss_feed Mon, 24 Mar 2008 16:00:00 +0000 Australia's competition body says it will not block the US$14 billion purchase of a stake in mining giant Rio Tinto by Aluminum Corp of China (Chinalco) and Alcoa, easing fears the deal could face regulatory hurdles. The Australian Competition and Consumer Commission began an informal review into the 12 per cent stake purchased in Rio by Chinalco and Alcoa on February 1. But yesterday the ACCC said: 'Given the nature and extent of the interest acquired, the acquisition is unlikely to lessen... https://www.scmp.com/article/627844/australian-competition-watchdog-gives-chinalcos-rio-deal-all-clear?utm_source=rss_feed https://www.scmp.com/article/627844/australian-competition-watchdog-gives-chinalcos-rio-deal-all-clear?utm_source=rss_feed Wed, 27 Feb 2008 16:00:00 +0000 Chinalco's ore inspiring Rio move is blessed by the stars Will Chinalco and Alcoa succeed in blocking BHP Billiton's attempt to acquire Rio Tinto? We consulted the horoscope for insight. We were bemused to see that the memorandum of understanding for the Sino-US alliance filed with the Australian Stock Exchange referred to Rio Tinto as 'Scorpio' and Chinalco as 'Cancer.' So how would the two stars get along? According to Astrology.com, they will be a perfect match for a long-lasting... https://www.scmp.com/article/626420/lai-see?utm_source=rss_feed https://www.scmp.com/article/626420/lai-see?utm_source=rss_feed Fri, 15 Feb 2008 16:00:00 +0000 Aluminum Corp of China's US$14.05 billion investment in iron ore giant Rio Tinto not only marks the mainland's largest overseas acquisition but transforms Chinalco into a diversified mining company. 'Rio is just not about iron ore,' Everbright mining analyst Wayne Fung said. 'Chinalco is transforming from a pure aluminium play into other metals like copper, tin, titanium and other kinds of production.' Chinalco in August last year completed an US$860 million takeover of Peru Copper, giving it... https://www.scmp.com/article/625201/us14b-rio-deal-loads-chinalco-portfolio?utm_source=rss_feed https://www.scmp.com/article/625201/us14b-rio-deal-loads-chinalco-portfolio?utm_source=rss_feed Fri, 01 Feb 2008 16:00:00 +0000 Mainland corporates bide their time as BHP Billiton has yet to come to a firm decision Beijing has sanctioned major state-owned corporates to look into three strategies for mounting counter-bids for iron ore miner Rio Tinto that could come from a domestic consortium, local players working in concert with foreign companies, or buying shares on the open market. '[Companies] have approval from the State Council to go ahead and get actively involved,' said one source. But no bid will materialise -... https://www.scmp.com/article/620638/bidders-consider-trio-rio-tinto-options?utm_source=rss_feed https://www.scmp.com/article/620638/bidders-consider-trio-rio-tinto-options?utm_source=rss_feed Sun, 23 Dec 2007 16:00:00 +0000 The possible merger of the world's two iron-ore giants has sparked serious concerns among mainland officials and the steel industry. But the magnitude of such a deal and likely resistance from the international community would have made mainland firms hesitant on whether to launch a counter-bid. State-owned media have repeatedly reported that Baosteel Group Corp, the country's top steelmaker, was planning to join a bidding war for Rio Tinto. This was swiftly met by Baosteel's denial, as well... https://www.scmp.com/article/618955/experts-favour-mainland-bid-rio-recommend-prudence?utm_source=rss_feed https://www.scmp.com/article/618955/experts-favour-mainland-bid-rio-recommend-prudence?utm_source=rss_feed Sun, 09 Dec 2007 16:00:00 +0000 Mainland steelmakers have been talking about taking over mining giant Rio Tinto. It is highly unlikely they will manage to put together a credible bid. And even if they do, the bid will fail. Reports were swirling yesterday that a consortium of mainland steel companies led by Baosteel are planning a takeover bid for British-Australian mining behemoth Rio Tinto to counter an earlier bid from Rio's arch-rival BHP Billiton. At first glance the mainland bid appears to make good sense. Mainland... https://www.scmp.com/article/618324/mainland-bid-rio-lacks-credibility?utm_source=rss_feed https://www.scmp.com/article/618324/mainland-bid-rio-lacks-credibility?utm_source=rss_feed Tue, 04 Dec 2007 16:00:00 +0000 Beijing group may offer US$200b to counter BHP The country's US$200 billion sovereign wealth fund plans to step into an iron ore bidding war with Australian miner BHP Billiton for London-based Rio Tinto, according to a China Business report. The weekly business magazine yesterday said China Investment Corp, launched on September 29 to boost investment returns on the country's massive pool of foreign reserves, could unite with domestic steelmakers to counter the US$150 billion bid by BHP for... https://www.scmp.com/article/617168/cic-plans-enter-battle-rio-tinto?utm_source=rss_feed https://www.scmp.com/article/617168/cic-plans-enter-battle-rio-tinto?utm_source=rss_feed Sun, 25 Nov 2007 16:00:00 +0000 495 days to go The Beijing Olympics will be bigger and better than anything that's gone before, so we are told, repeatedly. So, too, will the medals that were unveiled with much fanfare this week. Games organisers Bocog lobbied hard to have the medallions be fitting of the scale and global importance of next year's historic event. Officials at Olympic Tower requested the medals be larger than those of previous Olympics because they wanted to include jade, the symbolic gem. Gold and jade... https://www.scmp.com/article/587309/behind-glitter-dangerous-reality?utm_source=rss_feed https://www.scmp.com/article/587309/behind-glitter-dangerous-reality?utm_source=rss_feed Sat, 31 Mar 2007 16:00:00 +0000 Bumper profits from Australian mining giants BHP Billiton and Rio Tinto this month have proved last year was the best yet for the country's resources sector. But there are some conflicting views on whether the good news will continue to flow for investors this year. The Australian Bureau of Agricultural and Resource Economics says the country's mineral exports tallied more than A$25 billion ($143.22 billion) last year, and the figure reflected on BHP Billiton's Australian record interim... https://www.scmp.com/article/536741/minerals-boom-under-cloud-market-romance-begins-cool?utm_source=rss_feed https://www.scmp.com/article/536741/minerals-boom-under-cloud-market-romance-begins-cool?utm_source=rss_feed Thu, 16 Feb 2006 16:00:00 +0000 South African metals and mining group Billiton has signed an exclusive agreement with Yunnan Lanping Nonferrous Metals to develop a feasibility study for potentially the mainland's largest foreign-controlled zinc mine. Billiton yesterday said initial estimates showed that the mine was capable of producing 250,000 tonnes of zinc annually, with an initial capital cost of US$500 million. 'This agreement is a significant step forward for Billiton's activities in China, and for our base metals... https://www.scmp.com/article/302243/s-africa-miner-eyes-zinc-deposit?utm_source=rss_feed https://www.scmp.com/article/302243/s-africa-miner-eyes-zinc-deposit?utm_source=rss_feed Fri, 10 Dec 1999 16:00:00 +0000