Kloppers to leave BHP with $75 million handshake
Outgoing BHP Billiton chief executive officer Marius Kloppers will take cash, shares and performance rights worth up to $75.2 million at current prices, according to the Sydney Morning Herald.
Kloppers, 50, this week outlined plans to retire as chief in May after almost six years in the job.
He will remain an employee of the company until October.
After remaining CEO for most of 2012-13 and subject to various performance criteria, Kloppers will be eligible for a bonus under BHP's short-term incentive plan, paid in cash and shares, worth up to 3.2 times his base salary of $US2.215 million, or a maximum of $6.9 million.
He will not be eligible for any short-term bonus in 2013-14.
Under BHP's long-term incentive plan, Kloppers also has rights – effectively, zero exercise price options – to 917,324 BHP shares if the company outperforms a comparator group of major mining companies by 5.5% a year for five years.
Mt Penny coal mine looks doomed
Cascade Coal’s plan for a $1 billion mine at Mount Penny, which would make some of the nation's richest men even richer, appears doomed after Barry O'Farrell said corruption allegations would be considered when deciding the application, according to the Sydney Morning Herald.
The decision, following advice from the Independent Commission Against Corruption, almost certainly means the government will block any attempt by Cascade to turn its exploration licence into a mining licence.
A likely loser is the family of the Labor powerbroker Eddie Obeid, which still retains a hidden 9.3% stake in Cascade.
Cascade lodged a development application for the Bylong Valley mine in December 2010.
But the exploration licence, approved by former Labor minister Ian Macdonald, has become the subject of sensational allegations at the ICAC.
New Whitehaven boss hopes to fix Nathan Tinkler ties
Whitehaven Coal's new managing director, former Nathan Tinkler backer Paul Flynn, hopes his history with the miner's major shareholder will help ease tensions that last year resulted in a push to roll the miner's board, according to The Australian.
Flynn was yesterday announced as Tony Haggarty's replacement, who will step down from the role on March 25 after four-and-a-half years in the top job.
The respected industry veteran will continue to support the miner as a non-executive director.
