Kloppers’ future under microscope

Investor confidence in Marius Kloppers’ leadership of BHP Billiton is declining, adding to pressure on the board of Australia’s largest company to develop and articulate clear succession options, according to the Australian Financial Review.

The confidential and highly influential Corporate Confidence Index shows that investor ratings of Kloppers’ performance have been on a declining trend throughout his five year-tenure.

His once sky-high rating in the category of CEO effectiveness is now down to a bit below average, according to first-hand accounts of the CCI.

The BHP board, led by Jac Nasser is aware of the deteriorating results in the CCI, which is compiled based on interviews with top analysts and fund managers. The CCI is one measure companies say they take seriously.

A BHP spokeswoman declined to comment on the CCI yesterday, citing the confidential nature of the survey. But she said the company “certainly welcomed investor feedback and [took] their views on board”

Anglo buys Talbot coal stake

The estate of mining mogul Ken Talbot, who died in 2010, has netted $540 million from giant Anglo American for its major stake in a Mozambique coal project, according to The Australian.

Anglo American announced yesterday it had agreed to acquire the 58.9% stake in the Revuboe River coking coal deposit from Talbot's investment company.

"The acquisition of a majority interest in Revuboe is in line with our strategic commitment to grow our global metallurgical coal business to supply our customers from each of the key metallurgical coal supply regions of Australia, Canada and Mozambique," Anglo American chief Cynthia Carroll said.

"Revuboe is located in the most attractive area of Mozambique's Moatize coal basin and has a number of infrastructure development options."

The project, a joint venture partnership that includes Japan's Nippon Steel and South Korea's Posco, is sandwiched between Rio Tinto's tenements and Brazilian giant Vale's Moatize project.

We'll beat the China crises, says Stevens

The Australian economy could withstand a downturn in China or the break-up of the eurozone, Reserve Bank governor Glenn Stevens has declared, in a call for greater public confidence in our economic strength, according to The Australian.

In an upbeat assessment of the nation's prospects, Stevens said the RBA did not anticipate a collapse in house prices and saw a growing number of foreign companies investing in Australia because of its standout performance since the global financial crisis.