Register
Login:
Share:
Email Facebook Twitter

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

Bhp Billiton Share News (BLT)



Share News for Bhp Billiton (BLT)


Share Price: 1,836.00Bid: 1,835.00Ask: 1,836.00Change: 0.00 (0.00%)No Movement on Bhp Billiton
Spread: 1.00Spread as %: 0.05%Open: 1,844.00High: 1,849.00Low: 1,825.50Yesterday’s Close: 1,836.00




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) 





Mining giants may hoard cash as iron ore prices sag

* Iron ore prices at 5-year lows reduces flexibility* BHP, Rio best-placed to withstand weak prices* Anglo American, Atlas, Cliffs under pressure - S&
[Yesterday 22:00]

After standoff, Vale and China's Cosco both claim shipping victory

By Stephen Eisenhammer and Brenda GohRIO DE JANEIRO/SHANGHAI Sept 15 (Reuters) - In the end, the answer to Brazilian miner Vale's Chinese shipping pro
[Yesterday 01:06]

UPDATE 2-Workers to strike at Chile's Escondida copper mine next week -union

(Adds detail on mine, background)SANTIAGO, Sept 15 (Reuters) - The union at the world's largest copper mine, Chile's Escondida, has called a strike fo
[Yesterday 00:48]

Workers to strike at Chile's Escondida copper mine next week -union

SANTIAGO, Sept 15 (Reuters) - Workers at the world's largest copper mine, Chile's Escondida, will strike on Sept. 22 and 24, aiming to paralyze activi
[Mon 23:35]

UPDATE 1-Brazil's Vale signs iron ore shipping deal with China's Cosco

(Adds analyst comment, context, Rio de Janeiro to dateline)SHANGHAI/RIO DE JANEIRO, Sept 12 (Reuters) - Brazilian miner Vale SA reached a deal with Ch
[Fri 14:26]

US STOCKS-Anglogold Ashanti shares drop 16 pct; miners weigh on ADR index

By Caroline ValetkevitchNEW YORK, Sept 10 (Reuters) - U.S.-listed shares of South African gold miner AngloGold Ashanti Ltd were among the biggest perc
[10 Sep '14]

RPT-COLUMN-Collapsing steel prices another ominous sign for iron ore: Andy Home

(Repeats with no changes. The opinions expressed here are those of the author, a columnist for Reuters.)By Andy HomeLONDON, Sept 8 (Reuters) - Everyon
[9 Sep '14]

MOVES-Anglo American names ex-Cargill marketing boss as iron ore sales chief

By Silvia AntonioliLONDON, Sept 8 (Reuters) - Global miner Anglo American has appointed David Trotter, the former strategic marketing manager at trad
[8 Sep '14]



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.