BHP

The leading exporter of coking coal- BHP Billiton (BHP) have signed a deal with Japanese company JFE Holdings, which is the second largest mill of that country on Friday according to which the Australia based miner will supply it an unknown amount of ingredients for steel production for which JFE Holdings will be paying close to the asking price of BHP Billiton which was $US200 per tonne.

Spot prices for cocking coal have increased to $220 a tonne. Coking coal is a raw material for steel making. The jump in spot prices has opened up a US$13billion annual revenue gap as contract prices were set almost a year ago.

Mining giant BHP Billiton’s (BHP) campaign to come out of the annual coking coal pricing is picking up its pace as the coal indexes are being set up for the first time. In addition to this, Teck resources, the second largest exporter of the world is going to join the campaign against benchmark pricing. Data provider Platts is currently looking forward to reveal a daily cash price which is believed to be targeting a start-up during mid-March.

Chris Campbell, the ex- nickel executive has been appointed as the new iron ore president by mining giant BHP Billiton (BHP) as the merger of its West Australian iron ore projects with Rio Tinto gathers pace. The merger is expected to prompt top-level restructuring in the mining companies. Mr. Campbell, who was playing the lead role in the iron ore merger talks on behalf of BHP Billiton since last June will be replacing Ian Ashby.

It is now clear that the mining industry has really launched a campaign against a resources rent tax and it started long before the Government released the Henry Report. Macquarie and Merrill Lynch lately came up with their reports estimating the effect of the mooted 40 percent tax over the mining giant BHP Billiton (BHP). The report also shows a reduction in earnings for the miner by as much as 7.5 percent and 16 percent correspondingly.

One of the leading mining companies of the world BHP Billiton (BHP) is planning to invest $US267 million in an attempt to speed up the development of its Queensland coking coal mine along with a terminal expansion. According to BHP, the fund will be used for procurement of long-lead-time items, feasibility study and preliminary project activities for the Caval Ridge mine and the Hay Point Coal Terminal Stage three extension. BHP Billiton Mitsubishi Alliance jointly owns the projects.

Marius Kloppers, the chief executive of one of the largest mining companies of the world BHP Billiton (BHP) today have mentioned that the market condition have improved in the last month with demand from the steel sector of China- the world’s fastest growing economy has been pretty much strong.

Akio Mimura, the chairman of Nippon Steel have expressed his concerns regarding the future market condition which might see significant developments due to an iron ore merger deal which is expected to be signed among Rio Tinto (RIO) and BHP Billiton (BHP), two internationally renowned mining giants. Mr.

The two iron ore export giants- BHP Billiton (BHP) and Rio Tinto (RIO) has finally dropped their plan of jointly marketing up to 15 percent of iron ores from the Pilbara operation.