A US hedge fund plan for mining giant BHP Billiton to move its primary listing to London was shot down by the Australian government Thursday which warned of criminal charges if it went ahead. New York-based Elliott Advisors, a significant shareholder in the Anglo-Australian company, is pushing for BHP to restructure the business, arguing it … Read more
Mining giant Rio Tinto reported a plunge in its copper output on Thursday as a strike in Chile and Indonesian regulatory changes hit production. In a quarterly report, the world’s second-biggest miner said copper output slumped 37 percent in the first quarter compared with the same period last year to 84.2 thousand tonnes, adding it … Read more
Mining giant BHP Billiton Tuesday rejected an activist hedge fund proposal that it restructure the business and spin off its US petroleum arm, saying the costs and risks outweighed any benefits. New York-based Elliott Advisors, a significant shareholder in the Anglo-Australian company, argued in a letter to directors and the media that its plan could … Read more
By lunchtime, the FTSE 100 was 7.67 points or 0.1% lower at 7,341.70. (Noon): BHP Billiton was the top gainer on the FTSE 100 index after one of its shareholders pressured it to adopt a restructuring plan. The mining giant’s shares rose 4.6% in Monday morning trading after hedge fund manager Elliott Advisors said it … Read more
BHP Billiton is still uncertain when its Samarco joint venture will restart as complex negotiations with all stakeholders continue. “It has to make economic sense, and have a practical set of approvals in place, and we continue to work through these processes,” BHP Billiton Chief Executive Andrew Mackenzie told the company’s annual general meeting in … Read more