Email Facebook Twitter

Stock Market news at - RSS News Feeds

Bhp Billiton Share News (BLT)

Share News for Bhp Billiton (BLT)

Share Price: 1,907.50Bid: 1,902.50Ask: 1,904.00Change: 0.00 (0.00%)No Movement on Bhp Billiton
Spread: 1.50Spread as %: 0.08%Open: 1,903.50High: 1,914.50Low: 1,888.50Yesterday’s Close: 1,907.50

UPDATE 1-BHP not to build Congo plant, setback for hydro plan

Wed, 15th Feb 2012 14:31

By Jonny Hogg and Bate Felix

KINSHASA, Feb 15 (Reuters) - BHP Billi
ton's decision to abandon plans for an aluminium smelter in the Democratic Republic of Congo could create problems for the planned Inga 3 hydro power project, the energy minister said on Wednesday.

'The problem is real but there are alternative solutions,' Energy Minister Gilbert Tshiongo told Reuters, but added the government was confident of finding other backing for the project.

'There are other clients, there is the domestic demand, there is demand also from the exterior. Inga was not mainly for the exterior but for interior consumption,' Tshiongo said.

BHP spokesman Ruban Yogarajah told Reuters from London that the company had studied the construction of the smelter, which would have been powered by the planned hydro project.

'However the company has chosen to not continue the project, which was still at a very early stage, following a review of its economics,' Yogarajah said in an e-mail.

He noted BHP would not have been the only customer of the power project.

The Inga project is estimated to cost $8-$10 billion and produce some 3,500 to 7,000 megawatts on the Congo river. The plan has been stalled for several years with the African Development Bank warning over the cost.

Only about 9 percent of the vast minerals-rich central African nation's 70 million inhabitants have access to electricity. That is one of the lowest rates in Africa and the government has vowed to double the figure by 2015.

A mining boom in the southern province of Katanga has put serious strain on the country's power resources, with the country's energy deficit set to rise.

The Inga 3 project is one of the largest proposed power projects in Africa and seen as crucial to providing sufficient power by 2020 and spurring Congo's economic growth.

Congo's multitude of rivers offer enormous hydropower potential but a lack of infrastructure and difficult business climate have made it difficult to find investors.

The government last year said Inga 3 was planned to come on line in 2018 as part of a drive to reverse the country's energy deficit and increase production fivefold to 5,132 megawatts by 2020 from 996 last year.

(Writing by Bate Felix; editing by Jason Neely) Keywords: BHP CONGO/INGA

( 33 864 5077)(Reuters Messaging: Reuters Messaging:

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.

Related Shares: Bhp Billiton Plc (BLT) 

Chile copper production seen reaching 6.3 mln tonnes in 2015 - SONAMI group

SANTIAGO, Aug 28 (Reuters) - World No. 1 copper producer Chile is seen boosting its output of the red metal to a record 6.3 million tonnes in 2015, de
[Yesterday 01:30]

UPDATE 2-Scottish businesses split as Cameron makes case to stay in United Kingdom

* Businesses divided over Scottish vote for independence* Divide in business community widens ahead of Sept 18 vote* British PM Cameron re-enters deba
[Thu 16:02]

BUZZ-Iron ore miners: Spot iron prices fall

** Shares of Cliff Natural Resources Inc shares down 5 pct at $15.21** Rio Tinto Ltd down 3.5 pct at $53.76** Vale SA down 3.2 pct at $13.24** BHP Bil
[Thu 15:05]

Cameron to tell split business community Scotland should stay in Britain

GLASGOW, Aug 28 (Reuters) - British Prime Minister David Cameron will make the case for the economic benefits of Scotland staying in the United Kingd
[Thu 08:39]

UPDATE 1-Australian state to sell around $2 bln in assets as mine boom ends

* Governor once hailed W.Australia as economic engine for nation* But state has suffered since mining boom collapsed* Wants to regain triple-A rating*
[Thu 07:15]

W.Australia state to sell assets as mine boom ends

SYDNEY, Aug 28 (Reuters) - Western Australia state on Thursday said it will seek to sell off a number assets, including part of the Port Hedland shipp
[Thu 05:35]

UPDATE 1-Glencore, Jinchuan frontrunners to buy BHP's Nickel West

(Adds comment from second source on Jinchuan's plans)By Silvia Antonioli and Polly YamLONDON/HONG KONG, Aug 27 (Reuters) - Commodities trader and mine
[Wed 11:25]

Glencore, Jinchuan front runners to buy BHP's Nickel West

By Silvia AntonioliLONDON, Aug 26 (Reuters) - Commodity trader and miner Glencore and Chinese nickel producer Jinchuan Group are the front runners to
[Tue 18:22]

Sign up for Live Prices
Home  |  Contact Us  |  About Us  |  Careers  |  Advertise with Us  |  Sitemap  |  Terms & Conditions  |  Cookies  |  Privacy

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.