BHP Billiton Ltd., the world’s biggest mining company, is studying the next step in simplifying its portfolio to focus on iron ore, copper, coal and petroleum after a two-year campaign of global asset sales.
Iron ore extended its decline into a bear market on concern that demand in China may slow as credit tightens in the largest buyer, exacerbating the impact of rising global supplies that are seen spurring a surplus.
Australia’s planned mining tax will raise less than half the amount forecast by the nation’s Treasury in the next two years and reduce profit estimates for BHP Billiton Ltd. and Rio Tinto Ltd., UBS AG said.
BHP Billiton Ltd., the world’s biggest mining company, said first-half profit rose a more-than- expected 31 percent as its iron ore earnings gained and costs declined amid improving global economic growth.
BHP Billiton Ltd.’s $20 billion foray into U.S. shale gas has been hit by a decade-low plunge in prices, raising the specter over the world’s biggest mining company of the Alcan Inc. deal that almost sank Rio Tinto Group.
BHP Billiton Ltd., the world’s biggest miner, is seeking partners for its Canadian potash project after approving spending of $2.6 billion, less than a month after the largest producer set off a possible price war.