Register
Login:
Share:
Email Facebook Twitter

Share Views: Could Sports Direct become the 'Selfridges of Sport'? Watch here

Share Views: Mike van Dulken on today's Company Results and Macro considerations


BHP Billiton Share News (BLT)

Stock Market news at lse.co.uk - RSS News Feeds

Share News for BHP Billiton (BLT)


Share Price: 1,305.50Bid: 1,305.00Ask: 1,305.50Change: 0.00 (0.00%)No Movement on Bhp Billiton
Spread: 0.50Spread as %: 0.04%Open: 1,300.00High: 1,322.50Low: 1,293.50Yesterday’s Close: 1,305.50




UPDATE 1-BHP to suspend Australia manganese operation

Thu, 23rd Feb 2012 01:58

SYDNEY, Feb 23 (Reuters) - BHP Billiton will suspend production at its TE
MCO manganese alloy smelter in Tasmania, Australia by early to mid-March and conduct a review of the business, citing stiff international competition and rising operating costs, the company said on Thursday.

'Recently, there has been further erosion of its international competitiveness due to the strong Australian dollar and steady increases in input costs, including in reductants and electricity,' the company said in a statement.

At the same time, manganese alloy markets in Europe and North America have been weak and global prices remain low, it said.

BHP is the world's largest producer of manganese, used to strengthen steel, mining 3.25 million tonnes of ore from operations in Australia and South Africa in the December 2011 half-year period.

The weak market situation for manganese was being exacerbated by a large stockpile of ore at Chinese ports and poor demand for steel long products, according to metals traders.

'While measures have been taken to make the operation as cost effective as possible, these have not been sufficient to counter shifts in the market, increased costs of production, or operating losses,' BHP said.

Over the next three months, BHP said it will review the long-term future of the operation.

Permanent employees of TEMCO will not be immediately affected by the suspension, though the number of outside contractors working at the facility will be cut, BHP said.

The operation began production in 1962 and remains the only manganese ferroalloy plant in Australia. It incorporates four furnaces and a sinter plant and produces high-carbon ferromanganese, silicomanganese and sinter. Production has run as high as a quarter-million tonnes per year.

BHP also mines manganese on the Australian mainland and in South Africa.

Roughly 80 percent of manganese ore production is sold directly to external customers. The remainder is fed to the TEMCO smelter and another facility in Meyerton, South Africa, according to BHP.

BHP earlier this month cited a 22 percent decline in ore prices and a 10 percent decline in alloy prices as a 'major drag on profitability' of its manganese division in the half-year period to December 31, 2011.

Recovery, particularly of the construction industries in Europe and North America, could lead to a firming of manganese ferroalloy prices starting in 2013, according to a report this month by London-based Roskill Information Services.



(Reporting by James Regan; Editing by Michael Urquhart) Keywords: AUSTRALIA BHP/

(jim.regan@thomsonreuters.com)(+612 9373-1814)(Reuters Messaging: jim.regan.thomsonreuters.com@reuters.net)

COPYRIGHT
Copyright Thomson Reuters 2012. All rights reserved.
The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.






UPDATE 1-Anglo American raises iron ore target for the year

(Adds detail, analyst)LONDON, July 20 (Reuters) - Miner Anglo American posted higher second quarter iron ore production on Thursday, leading it to rai
[20 Jul '17 08:38]

Chile approves expansion at BHP's Spence mine - paper

SANTIAGO, July 19 (Reuters) - Chilean authorities have approved a $2.5 billion expansion of BHP Billiton's Spence copper mine, a local newspaper repor
[19 Jul '17 20:16]

BHP hits full year iron ore guidance after strong Q4

July 19 (Reuters) - BHP Billiton's fiscal fourth quarter iron ore output rose 8 percent from a year ago, enabling the world number three producer to
[18 Jul '17 23:45]

CORRECTED-UPDATE 1-Workers at Zaldivar copper mine in Chile approve strike

(In last paragraph, corrects to say the two mines produced 340,000 tonnes of copper in 2017, not 160,000 tonnes)By Fabian CamberoSANTIAGO, July 10 (Re
[10 Jul '17 20:46]

UPDATE 1-Workers at Zaldivar copper mine in Chile approve strike

(Adds byline, details on voting, Antofagasta, union quote, context)By Fabian CamberoSANTIAGO, July 10 (Reuters) - Workers at the Zaldivar copper mine
[10 Jul '17 19:07]

Britain's FTSE firms as Carillion gets crushed

* FTSE 100 up 0.3 pct, mid-caps down 0.2 pct* Carillion warns on profits; CEO quits* Financials rise and miners recover* Schroders boosted by upgrade
[10 Jul '17 16:47]

Earnings support European shares but oil slump weighs

* STOXX 600 index up 0.2 pct* Adidas top gainer on earnings optimism* Well received updates lift CHR, Persimmon* But energy stocks weigh as oil drops
[5 Jul '17 18:15]

Persimmon and housebuilders set foundations for FTSE gains

* FTSE 100 up 0.1 pct* Housebuilders shine after Persimmon update* Retailer Tesco leads higher consumer staples* South Africa exposed stocks fall on p
[5 Jul '17 17:13]



Share Price, Share Chat, Stock Market news at lse.co.uk
FREE Member Services
- Setup a personalised Watchlist and Virtual Portfolio.
- Gain access to LIVE real-time Regulatory News (RNS).
- View more Trades, Directors' Deals, and Broker Ratings.
Share Price, Share Chat, Stock Market news at lse.co.uk






Datafeed and UK data supplied by NBTrader and Digital Look. While London South East do their best to maintain the high quality of the information displayed on this site,
we cannot be held responsible for any loss due to incorrect information found here. All information is provided free of charge, 'as-is', and you use it at your own risk.
The contents of all 'Chat' messages should not be construed as advice and represent the opinions of the authors, not those of London South East Limited, or its affiliates.
London South East does not authorise or approve this content, and reserves the right to remove items at its discretion.