Register
Login:
Share:
Email Facebook Twitter




Quick Poll
QUICK POLL >
Would you use a professional standard news service? (Giving you breaking news sooner)




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

Bhp Billiton Share News (BLT)



Share News for Bhp Billiton (BLT)


Share Price: 1,446.00Bid: 1,446.00Ask: 1,446.50Change: 0.00 (0.00%)No Movement on Bhp Billiton
Spread: 0.50Spread as %: 0.03%Open: 1,472.50High: 1,489.00Low: 1,431.50Yesterday’s Close: 1,446.00




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

(bate.felix@thomsonreuters.com)(+221 33 864 5077)(Reuters Messaging: Reuters Messaging: bate.felix.reuters.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.


Related Shares: Bhp Billiton Plc (BLT) 





Australian shares weighed by miners, banks; NZ stocks steady

(Adds analysis, quotes, stocks on the move)By Cecile Lefort and Naomi TajitsuSYDNEY/WELLINGTON, April 17 (Reuters) - Australian shares fell 1 percent
[Fri 05:08]

Australia shares expected to open weaker on Wall St, iron ore lag

SYDNEY, April 17 (Reuters) - Australian shares are expected to open lower on Friday as investors sell stocks following another slide in the all-import
[Thu 23:54]

CORRECTED-UPDATE 1-Rio Tinto to slash costs further to endure bumpy ride in iron ore

(Corrects CEO's name in second-last paragraph)By Silvia AntonioliLONDON, April 16 (Reuters) - Rio Tinto, the world's second largest mining company, wa
[Thu 17:12]

UPDATE 1-Rio Tinto to slash costs further to endure bumpy ride in iron ore

(Updates with comments from CEO, chairman at AGM)By Silvia AntonioliLONDON, April 16 (Reuters) - Rio Tinto, the world's second largest mining company,
[Thu 16:07]

Lower oil price, weaker Aussie dollar cut Rio's iron ore costs

LONDON, April 16 (Reuters) - Rio Tinto's iron ore cost of production has fallen from an average of $19.50 a tonne in 2014 to around $17 so far this
[Thu 12:43]

BUZZ-Goldman lifts Glencore to "buy", cuts BHP to "neutral"

** Mining companies that are likely to struggle to cover dividends with free cash flow as iron prices remain muted see downgrades at Goldman, while br
[Thu 06:58]

UPDATE 1-Apart from Big 3, iron ore miners face 'existential' threat -Goldman

* Goldman cuts iron ore price forecasts for 2015-2018* Says half of small miners' output may shut as demand peaks* Moody's says potential of rating ch
[Thu 06:21]

Half of output from small iron ore miners may close as demand peaks - Goldman

By Manolo Serapio JrSINGAPORE, April 16 (Reuters) - Up to half of iron ore output by miners outside the mega producers in Australia and Brazil is at r
[Thu 03:26]



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.