News Wrap

IN TODAY’S News Wrap: Kloppers defends mine closure, NSW miners demand funding from government, WA resources sector rocketing, Blackrock sells off BHP shares and Aston faces potential $190 million law suit.
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Marius Kloppers - BHP CEO

Staff Reporter

Kloppers defends closure

BHP Billiton chief executive Marius Kloppers has defended the decision by the major miner to shut a coal mine in the Bowen Basin saying it has a long-standing policy of not running facilities that lose money, the Australian Financial Review reported.

The report went on to say that Kloppers said the decision to close the BHP Billiton Mitsubishi Alliance’s Norwich Park mine was very difficult to make.

Miners demand funding for infrastructure

The NSW Minerals Council has told the NSW government that it must fork out at least $A26 million into the local mining industry to attract exploration or risk losing investment to other states or overseas, a report in the AFR said.

The NSW Minerals Council, which will be talking to the government today, will also call on the government to boost investment in infrastructure and services in mining regions.

Resources sector rocketing: report

A report by the Chamber of Minerals and Energy in Western Australia shows investment into the resources sector is greater than all other industries combined, the AFR reported.

Blackrock’s BHP share sell-off

BHP Billiton’s major shareholder Blackrock has sold around $800 million worth of the miner’s Australian-listed stock, according to The Australian.

Since September, Blackrock has dropped its stake in BHP shares from 5.7% to 4.99%, according to filings released to the US Securities and Exchange Commission this week.

Last month, BlackRock fund manager Catherine Raw raised concerns that BHP’s Olympic Dam and shale gas assets would limit returns.

“Some of the decisions they are making are very good in terms of long-term strategy but are you going to make money from it in the next three years, which is our investment horizon. I struggle to understand how they are going to do that,” Raw reportedly said at the time.

Aston faces $190M law suit

The Australian has reported that the former chief executive of Aston Resources has filed a claim in the NSW Supreme Court that could cost the coalminer almost $190 million.

According to the report, Hamish Collins alleges the company went back on its promise to give him a 5% stake in the company.

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