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BHP GROUP

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BHP plans to mine Australia's iron ore Pilbara region for 100 years

03/19/2016 | 03:54am EST
A logo for mining company BHP Billiton adorns a sign outside the Perth Convention Centre where their annual general meeting was being held in Perth, Western Australia

SYDNEY (Reuters) - The world's largest miner BHP Billiton (>> BHP Billiton Limited) expects to continue mining iron ore in western Australia's Pilbara for more than 100 years and will release a plan for its long-term future in the region on Monday, according to a company statement.

SYDNEY (Reuters) - The world's largest miner BHP Billiton (>> BHP Billiton Limited) expects to continue mining iron ore in western Australia's Pilbara for more than 100 years and will release a plan for its long-term future in the region on Monday, according to a company statement.

BHP said it had lodged a strategic environmental assessment with the Australian and Western Australia state governments for long-term mining in the Pilbara region where it operates seven mines and will release the document on March 21.

"The SEA provides greater visibility of our potential environmental footprint over the next 50 to 100 years, improving our ability, as well as the government and others in the industry, to plan for future operations," Edgar Basto, the asset president of BHP Billiton Western Australia Iron Ore, said in the statement released on Saturday.

"We expect to continue to mine in the region for more than 100 years, which enables us to give back to the communities that have supported us for so long."

A global oversupply of iron ore and a slowing economy in top consumer China hit iron ore markets hard in late 2015 with slumping prices, leaving some small miners struggling. And despite a recent surge in prices, partly as a result of improving outlook for Chinese steel demand, some miners do not believe the recover is sustainable.

Moody's on Monday cut its rating on Fortescue Metals Group (>> Fortescue Metals Group Limited) to Ba2 with a negative outlook and on Wednesday BHP's chief executive Andrew Mackenzie told a business conference in Melbourne that the industry needed to "be prepared for lower for longer" in regards to iron ore prices.

(Reporting by Tom Westbrook; Editing by Michael Perry)


ę Reuters 2016
Stocks mentioned in the article
ChangeLast1st jan.
BHP GROUP 2.74% 46.92 Delayed Quote.13.06%
FORTESCUE METALS GROUP LIMITED -0.15% 19.45 Delayed Quote.1.25%
GOLD -0.13% 1795 Delayed Quote.-1.75%
SEA LIMITED 6.50% 136.62 Delayed Quote.-38.93%
SILVER -1.21% 22.465 Delayed Quote.-2.36%
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Sales 2022 60 884 M - -
Net income 2022 18 295 M - -
Net Debt 2022 7 379 M - -
P/E ratio 2022 8,53x
Yield 2022 8,87%
Capitalization 164 B 164 B -
EV / Sales 2022 2,82x
EV / Sales 2023 3,17x
Nbr of Employees 40 110
Free-Float 55,6%
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Number of Analysts 14
Last Close Price 32,81 $
Average target price 34,75 $
Spread / Average Target 5,91%
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Mike Henry CEO, Non-Independent Executive Director
David Mark Lamont Chief Financial Officer
John Kenneth Norman MacKenzie Chairman
Laura Tyler Chief Technical Officer
Malcolm William Broomhead Independent Non-Executive Director
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