BHP Billiton Ltd. Chief Executive Officer Andrew Mackenzie said the Jansen potash project in Canada must meet “certain criteria” if it’s to proceed as the world’s biggest mining company cuts billions of dollars of capital spending.
Glencore Xstrata Plc wants to win over investors in the newly combined group with plans to study special dividends and share buybacks after completing a deal that creates the biggest zinc producer and steam-coal exporter.
Glencore Xstrata Plc, the world’s biggest zinc miner and exporter of coal for power stations, rose on its first day of trading as a combined company in London, with the share market valuing the group at $69 billion.
Glencore Xstrata Plc hired two former Xstrata Plc executives as division heads amid the departure of a number of senior managers as it completed the takeover of the coal exporter, a person familiar with the matter said.
Fortescue Metals Group Ltd. , Australia’s third-biggest producer of iron ore, will return to the bond market to raise funds for an $8.4 billion expansion to be finalized today, Merrill Lynch & Co Inc. said.
The record slump in natural-gas prices signals companies from BHP Billiton Ltd. to Ultra Petroleum Corp. are at risk of writing off billions of dollars of assets following a bubble in U.S. shale-gas acreage.
Mount Gibson Iron Ltd. , an Australian iron ore producer, had its rating cut by Merrill Lynch because the company’s major shareholder and customer Hong Kong-based APAC Resources Ltd. took control of the board.
BHP Billiton Ltd. and Rio Tinto Group , the world’s largest- and third-largest mining companies, may abort their proposed iron ore joint venture by the end of the year because of regulatory objections, Merrill Lynch said.
The possible introduction of a 40% resources tax may make Australia, the world’s biggest exporter of iron ore, alumina and coal, the most highly-taxed mining nation, cutting its competitiveness, Citigroup Inc. said.