Topic
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.
South32, home to assets hived off from the resources giant, begins trading with value of almost US$9b, well shy of top end of forecasts
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.
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 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.
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.
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.
Andrew 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.
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.
