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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Bhp Group Limited | LSE:BHP | London | Ordinary Share | AU000000BHP4 | ORD NPV (DI) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
20.00 | 0.89% | 2,277.00 | 2,276.50 | 2,278.00 | 2,286.50 | 2,274.50 | 2,286.00 | 160,519 | 11:53:18 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Crude Petroleum & Natural Gs | 54.19B | 12.92B | 2.5513 | 17.39 | 224.66B |
TIDMBLT
RNS Number : 7345V
BHP Billiton PLC
17 January 2012
NEWS RELEASE Release Time IMMEDIATE Date 18 January 2012 Number 02/12
BHP BILLITON EXPLORATION AND DEVELOPMENT REPORT
FOR THE QUARTER ENDED 31 DECEMBER 2011
This report covers the Group's exploration and development activities for the December 2011 quarter. Unless otherwise stated, BHP Billiton's interest in the projects referred to in this report is 100 per cent and references to project schedules are based on calendar years.
Development
A focus on high return growth projects, diversified by commodity, geography and market was further reinforced during the December 2011 half year with the approval of projects in the Metallurgical Coal and Energy Coal businesses. BHP Billiton's commitment to its world class growth pipeline now exceeds US$26 billion.
During the December 2011 quarter, BHP Billiton announced the approval of the Caval Ridge mine development and the expansion of the Peak Downs operation which will add high quality export coking coal capacity and future development options for our leading Queensland Coal business. BHP Billiton also approved construction of the Western Australia Iron Ore (WAIO) Orebody 24 mine and the North West Shelf Greater Western Flank-A project.
Pre-commitment expenditure of US$1.2 billion for the first phase of the Olympic Dam Project (Australia) was activated following environmental approval by the Government of South Australia and the Commonwealth and the successful passage of the Indenture agreement through the South Australian Parliament. This funding will facilitate the procurement of long lead time items such as trucks and accommodation, infrastructure development and early site works.
Onshore US drilling and development expenditure in the Petroleum division totalled US$0.9 billion during the December 2011 quarter and US$1.4 billion during the December 2011 half year.
Share of approved Initial production Production capacity Project and ownership capex (US$m) target date (100%) Quarterly progress ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- Petroleum projects ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- On schedule and budget. The overall Macedon (Australia) 200 million cubic feet project is 45% 71.43% Gas 1,050 CY13 gas per day. complete. ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- 10,000 bpd condensate and processing On revised schedule Bass Strait Kipper capacity of 80 million and budget. The (Australia) 32.5% - cubic feet gas per overall project is 88% 50% Gas/Gas Liquids 900 CY12(a) day. complete. ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- 11,000 bpd condensate and processing On revised schedule Bass Strait Turrum capacity of 200 and budget. The (Australia) 50% million cubic feet gas overall project is 72% Gas/Gas Liquids 1,350 CY13 per day. complete. ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- On budget. Steady state production North West Shelf North remains on track for Rankin B Gas CY13. The overall Compression 2,500 million cubic project is 85% (Australia) 16.67% LNG 850 CY13 feet gas per day. complete. North West Shelf To maintain LNG plant Greater Western throughput from the Project approved by Flank-A (Australia) North West Shelf all JV partners in 16.67% LNG 400 CY16 operations. December 2011. ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- Minerals projects ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- On revised schedule and budget. The overall project is 94% complete. Marradong mine has been Worsley Efficiency & commissioned and is Growth (Australia) 86% 1.1 million tpa of ramping up to expected Alumina 2,995 Q1 CY12 additional alumina. capacity. ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- In commissioning phase with first production now expected in Q1 Increases ore CY12. The overall Antamina Expansion processing capacity to project (Peru) 33.75% Copper 435 Q1 CY12 130,000 tpd. is 79% complete. ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- The relocation of the in-pit crushing and conveyor infrastructure On schedule and provides access to budget. The overall Escondida Ore Access higher project is 77% (Chile) 57.5% Copper 319 Q2 CY12 grade ore. complete. ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- Project consists of a pushback of the existing Misery open On schedule and EKATI Misery Open Pit pit which was mined budget. The overall Project (Canada) 80% from 2001 to project is 16% Diamonds 323 CY15 2005. complete. ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- Increases mining and processing capacity to 35 million tpa with incremental On schedule and WAIO Jimblebar Mine debottlenecking budget. The overall Expansion (Australia) opportunities to 55 project is 21% 96% Iron Ore 3,300(b) Q1 CY14 million tpa. complete. ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- Increases total inner harbour capacity to WAIO Port Hedland 220 million tpa with On schedule and Inner Harbour debottlenecking budget. The overall Expansion (Australia) opportunities project is 42% 85% Iron Ore 1,900(b) H2 CY12 to 240 million tpa. complete. ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- WAIO Port Blending and Optimises resource and On schedule and Rail Yard Facilities enhances efficiency budget. The overall (Australia) 85% Iron across the WAIO supply project is 13% Ore 1,400(b) H2 CY14 chain. complete. ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- To maintain iron ore WAIO Orebody 24 production output from Approval announced. (Australia) 85% Iron the Newman Joint See News Release dated Ore 698 H2 CY12 Venture operations. 16 November 2011. ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- Increases iron ore pellet production On schedule and Samarco Fourth Pellet capacity by 8.3 budget. The overall Plant (Brazil) 50% million tpa to 30.5 project is 18% Iron Ore 1,750 H1 CY14 million tpa. complete. ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- Greenfield mine development with capacity to produce On schedule and 4.5 million tpa of budget. The overall Daunia (Australia) 50% export metallurgical project is 27% Metallurgical Coal 800 CY13 coal. complete. ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- Increases productive capacity by 0.4 On schedule and Broadmeadow Life million tpa and budget. The overall Extension (Australia) extends life of the project is 56% 50%Metallurgical Coal 450 CY13 mine by 21 years. complete. ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- Increases port capacity from 44 million tpa to 55 On schedule and Hay Point Stage Three million tpa and budget. The overall Expansion (Australia) reduces storm project is 36% 50% Metallurgical Coal 1,250(b) CY14 vulnerability. complete. ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- Greenfield mine development and expansion of the Peak Downs Mine with capacity to produce Caval Ridge 8.0 million tpa of Approval announced. (Australia) 50% export metallurgical See News Release dated Metallurgical Coal 2,100(b) CY14 coal. 1 November 2011. ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- On schedule and budget. The overall Increases run-of-mine project is 62% thermal coal complete. First RX1 Project production by production is now (Australia) 100% approximately 4 expected Energy Coal 400 H2 CY12 million tpa. in H2 CY12. ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- Increases saleable thermal coal production by 8 On schedule and Cerrejon P40 Project million tpa to budget. The overall (Colombia) 33.3% approximately 40 project is 11% Energy Coal 437 CY13 million tpa. complete. ---------------------- ---------------------- ---------------------- ---------------------- ---------------------- Newcastle Third Port Increases total coal On schedule and Project Stage 3 terminal capacity from budget. The overall (Australia) 35.5% 53 million tpa to 66 project is 12% Energy Coal 367 CY14 million tpa. complete. ---------------------- ---------------------- ---------------------- ---------------------- ----------------------
Substantial increase in the Spence Mineral Resource
BHP Billiton today announced a near 700 per cent increase in the Mineral Resource tonnage of the wholly owned Spence mine in northern Chile. This increase reflects the initial declaration of a significant hypogene (chalcopyrite) extension of the supergene (chalcocite and copper oxide) mineralisation that comprises the current Mineral Resource. The reporting of hypogene Mineral Resource follows a four year US$30 million brownfield exploration program.
This significant Mineral Resource increase, in addition to the previously announced 129 per cent(c) increase in the Mineral Resource surrounding Escondida and a 32 per cent(c) increase in the Antamina Mineral Resource, further demonstrates the continued success of BHP Billiton's extensive brownfield exploration program. Elsewhere in the portfolio, a total of 542 thousand metres was drilled across the Pilbara in the 2011 calendar year, contributing to a 20 per cent(d) increase in the WAIO Mineral Resource to 19.3 billion tonnes(d) as reported in the 2011 Annual Report. In the Saskatchewan potash basin, BHP Billiton's activities included the completion of a 3D seismic survey and deep drilling on an exploration target, and four seismic 2D programs. In our Metallurgical Coal business, a total of 267 thousand metres was drilled across the Bowen Basin during the 2011 calendar year, increasing our confidence in the Mineral Resource underpinning our development projects including Daunia and Caval Ridge.
Mineral Resource - Spence (100%)(e)
As at 31 December 2011
Measured Resource Indicated Resource Inferred Resource Total Resource ----------- ------------- --------- -------------- ------------------- -------------------- -------------------- BHP Millions Millions Millions Millions Billiton of dry of dry of dry of dry Commodity interest metric % metric % ppm metric % ppm metric % ppm Deposit(f) Ore type % tonnes TCu tonnes TCu Mo tonnes TCu Mo tonnes TCu Mo ----------- ------------- --------- -------- ---- -------- ---- --- --------- ---- --- --------- ---- --- Copper ----------- ------------- --------- -------- ---- -------- ---- --- --------- ---- --- --------- ---- --- Spence(g) Oxide 100 53 0.99 14 0.83 - 0.3 0.46 - 68 0.95 - ----------- ------------- --------- -------- ---- -------- ---- --- --------- ---- --- --------- ---- --- Low-grade oxide and sulphide 8 0.25 9 0.25 - 2.4 0.23 - 20 0.25 - ------------------------- --------- -------- ---- -------- ---- --- --------- ---- --- --------- ---- --- Supergene sulphide 156 0.96 62 0.64 - 4.0 0.54 - 221 0.86 - ------------------------- --------- -------- ---- -------- ---- --- --------- ---- --- --------- ---- --- Transitional sulphide 24 0.72 9 0.51 - 0.7 0.38 - 34 0.66 - ------------------------- --------- -------- ---- -------- ---- --- --------- ---- --- --------- ---- --- Hypogene sulphide - - 1,184 0.46 148 1,167 0.39 86 2,352 0.43 117 ------------------------- --------- -------- ---- -------- ---- --- --------- ---- --- --------- ---- ---
As at 30 June 2011
Total Resource --------------------- ----------------------------- --------------------- ----------------------------------- BHP Billiton interest % Commodity Deposit(f) Ore type % Millions of dry metric tonnes TCu --------------------- ----------------------------- --------------------- ----------------------------- ---- Copper --------------------- ----------------------------- --------------------- ----------------------------- ---- Spence(g) Oxide 100 64 1.01 --------------------- ----------------------------- --------------------- ----------------------------- ---- Low-grade oxide and sulphide 22 0.24 --------------------------------------------------- --------------------- ----------------------------- ---- Supergene sulphide 222 0.91 --------------------------------------------------- --------------------- ----------------------------- ---- Transitional sulphide 37 0.65 --------------------------------------------------- --------------------- ----------------------------- ---- Hypogene sulphide - - --------------------------------------------------- --------------------- ----------------------------- ----
Minerals exploration
Greenfield exploration continued on copper targets in South America, Mongolia and Zambia; nickel and copper targets in Australia. Exploration for iron ore, potash and uranium was undertaken in a number of regions including Australia, Africa and the Americas.
For the December 2011 half year, BHP Billiton spent US$532 million on minerals exploration, of which US$451 million was expensed.
Petroleum exploration
Exploration and appraisal wells drilled during the quarter or in the process of drilling as at 31 December 2011.
Well Location BHP Billiton equity Status --------------- ---------------------------------- -------------------------- ------------------------------------- Plugged and abandoned Hydrocarbons Deep Blue-1 Gulf of Mexico GC 723 31.875% (Noble operator) encountered --------------- ---------------------------------- -------------------------- ------------------------------------- Plugged and abandoned Hydrocarbons encountered See news release dated 7 Mad Dog North-1 Gulf of Mexico GC 738 23.9% (BP operator)(h) September 2011 --------------- ---------------------------------- -------------------------- ------------------------------------- Jujur-1 Sabah Malaysia Block N 60% (Operator) Temporarily suspended --------------- ---------------------------------- -------------------------- ------------------------------------- Julong Centre Brunei Block CA-01 22.5% (Total operator) Drilling ahead --------------- ---------------------------------- -------------------------- ------------------------------------- Seraph-1 North West Shelf Australia WA-3-L 16.67% (Woodside operator) Plugged and abandoned Dry hole --------------- ---------------------------------- -------------------------- ------------------------------------- Gunflint-3 Gulf of Mexico MC948 11.2% (Noble operator) Drilling ahead --------------- ---------------------------------- -------------------------- ------------------------------------- Plugged and abandoned Hydrocarbons Tidepole East North West Shelf Australia WA-28-P 16.67% (Woodside operator) encountered --------------- ---------------------------------- -------------------------- -------------------------------------
Petroleum exploration expenditure for the December 2011 half year was US$565 million, of which US$265 million was expensed. Our guidance for petroleum exploration expenditure for the 2012 financial year is US$1.4 billion, including the new Onshore US exploration.
(a) Facilities ready for first production pending resolution of mercury content.
(b) Excludes announced pre-commitment funding.
(c) This BHP Billiton Mineral Resource information was sourced from the BHP Billiton 2011 Annual Report. This document can be viewed at www.bhpbilliton.com. The Mineral Resource information is compiled by Richard Preece (FAusIMM) - Escondida and Jhon Espinoza (MAusIMM) - Antamina, who are full time employees of BHP Billiton and who have the required qualifications and experience to qualify as Competent Persons under the JORC Code and consent to the form and context in which it appears above. Mineral Resources are stated on a 100% basis. The detailed breakdown of Escondida Mineral Resources is 3.1bt @ 0.75% Cu Measured, 4.7bt @ 0.59% Cu Indicated, 11.7bt @ 0.49% Cu Inferred, and Antamina Mineral Resources is 187mt @ 0.85% Cu Measured, 1,019mt @ 0.91% Cu Indicated, 708mt @ 0.73% Cu Inferred.
(d) This BHP Billiton Mineral Resource information was sourced from the BHP Billiton 2011 Annual Report. This document can be viewed at www.bhpbilliton.com. The Mineral Resource information is compiled by Paul Whitehouse (MAusIMM) - Western Australian Iron Ore, who is a full time employee of BHP Billiton and who has the required qualifications and experience to qualify as a Competent Person under the JORC Code and consents to the form and context in which it appears above. Mineral Resources are stated on a 100% basis. The detailed breakdown of the Western Australian Iron Ore Mineral Resources is 2.2bt @ 59.3% Fe Measured, 3.9bt @ 60.1% Fe Indicated, 13.2bt @ 59.1% Fe Inferred.
(e) Competent Person - J. Cespedes (MAusIMM).
The statement of Mineral Resources is presented on a 100 per cent basis and is based on information compiled by the above named Competent Person and relates to Mineral Resources estimates as at 31 December 2011. Mr. Cespedes is a full time employee of BHP Billiton Limited, has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity he is undertaking to qualify as a Competent Person as defined in the JORC Code, and he is a member of the Australasian Institute of Mining & Metallurgy (AusIMM). The Competent Person consents to the inclusion in this report of the matters based on their information in the form and context in which it appears.
(f) %TCu - per cent total copper, ppm Mo - parts per million molybdenum.
(g) Spence - The inclusion of hypogene sulphide Mineral Resource is partly a result of exploration and infill drilling results, and partly a result of selection (pre-feasibility) stage studies that have demonstrated the potential of economic viability for open pit mining, milling, and flotation of the hypogene resource. Hypogene sulphides are newly reported chalcopyrite - molybdenite mineralisation that are the precursor to and immediately underlies the supergene and transitional sulphide ore types that are currently processed through heap leaching and SX-EW. The deposit has been evaluated with 108,000 meters of drill core in 264 holes located on grid spacing of 100x100 metres for Indicated tonnages and 200x200 meters for Inferred. Changes in the supergene resources compared to 30 June 2011 include additional drilling, revised pit design and depletion due to production during the first half of the 2012 financial year.
(h) BHP Billiton is operator of the well.
Further information on BHP Billiton can be found at: www.bhpbilliton.com
Media Relations Investor Relations Australia Australia Samantha Stevens James Agar Tel: +61 3 9609 2898 Mobile: +61 400 693 915 Tel: +61 3 9609 2222 Mobile: +61 467 807 064 email: Samantha.Stevens@bhpbilliton.com email: James.Agar@bhpbilliton.com Kelly Quirke Andrew Gunn Tel: +61 3 9609 2896 Mobile: +61 429 966 312 Tel: +61 3 9609 3575 Mobile: +61 439 558 454 email: Kelly.Quirke@bhpbilliton.com email: Andrew.Gunn@bhpbilliton.com Fiona Martin United Kingdom and South Africa Tel: +61 3 9609 2211 Mobile: +61 427 777 908 Brendan Harris email: Fiona.Martin2@bhpbilliton.com Tel: +44 20 7802 4131 Mobile: +44 7990 527 726 email: Brendan.Harris@bhpbilliton.com United Kingdom and Americas Ruban Yogarajah Tara Dines Tel: US +1 713 966 2907 or UK +44 20 7802 4033 Tel : +44 20 7802 7113 Mobile : +44 7825 342 232 Mobile: UK +44 7827 082 022 Email : Tara.Dines@bhpbilliton.com email: Ruban.Yogarajah@bhpbilliton.com Americas Scott Espenshade Tel: +1 713 599 6431 Mobile: +1 713 208 8565 email: Scott.Espenshade@bhpbilliton.com BHP Billiton Limited ABN 49 004 028 077 BHP Billiton Plc Registration number 3196209 Registered in Australia Registered in England and Wales Registered Office: 180 Lonsdale Street Registered Office: Neathouse Place Melbourne Victoria 3000 Australia London SW1V 1BH United Kingdom Tel +61 1300 55 4757 Fax +61 3 9609 3015 Tel +44 20 7802 4000 Fax +44 20 7802 4111 Members of the BHP Billiton Group which is headquartered in Australia
This information is provided by RNS
The company news service from the London Stock Exchange
END
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