By David Stringer (Bloomberg) -- BHP Billiton Ltd., the world’s biggest mining company, is studying the introduction of giant, automated cargo ships to carry everything from iron ore to coal as part of a strategic shift that may disrupt the $334 billion global shipping industry. “Safe and efficient autonomous vessels carrying BHP cargo, powered by BHP gas, is our … [Read more...]
BHP Says `Bloody Awful’ Trade Pledges Risk Deflating Trump Pump
By David Stringer and Danielle Bochove (Bloomberg) -- The head of the world’s biggest mining company intensified his warnings that U.S. trade protectionism under President Donald Trump would threaten global growth and the fight against poverty. While applauding efforts by the administration to boost U.S. growth and infrastructure spending, BHP Billiton Ltd. Chief … [Read more...]
Gulf of Mexico Lease Sale Reflects Today’s Depressed Offshore Market
The Department of the Interior’s latest oil and gas lease sale covering nearly 22 million acres in the western Gulf of Mexico drew little interest from offshore companies on Wednesday, reflecting weakened market conditions driven by the plunge in oil prices. The Department of the Interior’s Bureau of Ocean Energy Management (BOEM) Lease Sale 46 was held Wednesday … [Read more...]
BHP Billiton to Spend $240 Million on New Tugs and Tug Harbor at Port Hedland
BHP Billiton says it has approved US$240 million in funds to purchase new tugs and construct and upgrade related harbor facilities at Port Hedland, home to the world's largest iron ore loading port. The investment will be used to purchase six additional tugs and construct a new eight pen Tug Harbour at Hunt Point in the Port Hedland Port. It will also include … [Read more...]
BHP Billiton and Rio Tinto Seen Pursuing Faulted Strategy
By Jasmine Ng (Bloomberg) -- The biggest iron ore producers including BHP Billiton Ltd. and Rio Tinto Group are pursuing a flawed strategy by flooding an oversupplied market and they should slow down expansion plans, according to the premier of Western Australia. “The signal’s going out to the market that there’s going to be ever-increasing amounts of iron ore available … [Read more...]
‘The Answer to That Is No’ | BHP Stands by Iron-Ore Expansion
By Jasmine Ng (Bloomberg) -- BHP Billiton Ltd. defended its strategy of boosting iron-ore output at a time of falling prices and global oversupply, saying that cutting back to reverse the drop would penalize shareholders in the world’s largest mining company. Should the Melbourne-based company reduce output of the steelmaking raw material, supply would be filled by … [Read more...]
Iron Ore Drops Below $70 for First Time Since ’09 as Glut Widens
By Chanyaporn Chanjaroen Nov. 25 (Bloomberg) -- Iron ore traded below $70 for the first time in five years as rising low-cost supplies by the world’s top miners widen a global glut amid slowing demand from China, the biggest user. Ore with 62 percent content delivered to Qingdao fell 1.2 percent to $69.58 a dry metric ton today, the lowest since June 2009, data from Metal … [Read more...]