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BHP Billiton

Publié le 17 décembre 2015

Could BHP Billiton’s Situation Worsen Going Forward?

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Mots clés associés :   Copper |

Could BHP Billiton’s Situation Worsen Going Forward?

Is the Case for a Dividend Cut Crystallizing at BHP Billiton?

Commodity price environment

The current commodity price environment is one of the worst in history for mining companies. Commodity prices (COMT) are touching multiyear lows in 2015. The outlook for 2016 isn’t very bright.

As of December 11, 2015, benchmark 62% Fe China cost and freight (or CFR) prices were trading at $38 per ton, a fall of 45% year-to-date. Copper prices, coal prices, and oil and gas prices have also seen multiyear lows in 2015.

This has led major mining companies to lose significant value since the start of the year.

BHP’s share price near decade low

BHP Billiton (BHP) (BBL) and Vale (VALE) have been hit particularly hard in the last month and a half due to a tailings dam failure at the iron ore pellet operation jointly owned by them.

BHP has also been under more pressure than its peers due to its significant exposure to petroleum and the steep fall in oil and gas prices recently. Investors were concerned about the sustainability of dividends at BHP Billiton due to weak commodity prices, and the Samarco disaster has increased their concerns.

Since the start of the year, BHP has fallen by 40% compared to a 28% fall in Rio Tinto’s (RIO) value. BHP is hovering near its ten-year low value. The commodity price outlook is still not bright, particularly for iron ore and coal prices. In such a scenario, the risk of a dividend cut could mean more downside for BHP’s share price.

Vale has seen a correction of 60%, while Cliffs Natural Resources (CLF) has had the worst fall of all, with a negative return of 73% in the same time period.

Other miners such as Freeport-McMoRan (FCX), Alcoa (AA), and Glencore (GLNCY) have also fallen considerably in 2015.

In this series

In this series, we’ll discuss the outlook for each of BHP’s businesses. We’ll see how the company is placed financially and if its cash flow generation going forward will be enough to cover its dividends. We’ll also analyze the alternatives available to BHP for maintaining its dividends.

We’ll start with looking at the damage the dam failure at Samarco could do to BHP financially and reputation-wise.

Continue to Next Part

Browse this series on Market Realist:

Lire la suite de l'article sur finance.yahoo.com

BHP Billiton

PRODUCTEUR
CODE : BLT.L
ISIN : GB0000566504
CUSIP : 05545E209
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BHP Billiton est une société de production minière de nickel et de plomb basée au Royaume-Uni.

BHP Billiton est productrice de nickel, de plomb, d'aluminum, d'argent, de bauxite, de cuivre, de diamants, de fer, de gaz, de manganese, de molybdène, d'or, de pétrole, de phosphate, de silica, de titane, d'uranium et de zinc au Bresil, au Canada, au Chili, au Perou, au Suriname, en Australie, en Afrique Du Sud, en Argentine et en Colombie, en développement de projets d'aluminum, d'argent, de cuivre, de fer, de gaz, de nickel, d'or, de pétrole et de silica au Suriname, aux Philippines, en Australie et en Equateur, et détient divers projets d'exploration au Botswana, au Canada, au Chili, au Guatemala, au Mexique, au Mozambique, au Pakistan, au Perou, au Salvador, en Australie, en Afrique Du Sud, en Argentine, en Chine, en Equateur, en Guyana, en Inde, en Mongolie, en Republique Democratique Du Congo, en Roumanie, en Sierra Leone, en Turquie, en Uruguay et en Zambie.

Ses principaux projets en production sont CERRO COLORADO OXIDE, ESCONDIDA - OXIDE, PINTO VALLEY - LOW GRADE LEACH, SPENCE OXIDE, SPENCE, CANDELARIA CHILE 2, CERRO COLORADO SULPHIDE, ESCONDIDA SULPHIDE, ESCONDIDA SULPHIDE LEACH, SPENCE ROM, SPENCE SUPERGENE SULPHIDE, TRANSITIONAL SULPHIDE, PINTO VALLEY - SULPHIDE et PINTO VALLEY SULPHIDE STOCKPILE au Chili, OLYMPIC DAM - SULPHIDE, WORSLEY, CANNINGTON, PHOSPHATE HILL, GEMCO, MOUNT KEITH - OC, MT GOLDSWORTHY - NORTHERN, JIMBLEBAR - BKM, LEINSTER - OC, MT WHALEBACK, YARRIE MINE, YABULU, LEINSTER - SP, LEINSTER - SP OXIDISED, LEINSTER - UG, MOUNT KEITH - SP, YANDI MINE - CID, STYBARROW, OLYMPIC DAM - NON SULPHIDE AU ONLY, MT NEWMAN - BKM, MT NEWMAN - MM, MT GOLDSWORTHY AREA C - BKM, MT GOLDSWORTHY AREA C - MM, ANGOSTURA GAS et OREBODY 24 en Australie, ALUNORTE, SAMARCO, PINTO VALLEY MIAMI UNIT, TROMBETAS RIVER et MRN (BAUXITE MINING) au Bresil, SELBAIE, LES MINES (OPEN PIT) et BUFFER ZONE au Canada, MAMATWAN, RICHARDS BAY MINERALS OPERATION et WESSELS en Afrique Du Sud, CERRO MATOSO et CERREJON COAL en Colombie, ANTAMINA, ANTAMINA et ANTAMINA ZINC ORE au Perou, LELYDORP MINE (SURINAME) au Suriname et BAJO DE LA ALUMBRERA en Argentine, ses principaux projets en développement sont YAKABINDIE, HODGKINSON BASIN - TREGOORA, KIPPER, YANDI MINE - BKM, RAVENSTHORPE - SP et RAVENSTHORPE - LATERITE en Australie, ONVERDACHT au Suriname, PUJADA aux Philippines et MIRADOR en Equateur et ses principaux projets en exploration sont WALES ISLAND, ILLIAMNA - BRISTOL, CHURCHILL, MIRAGE BAY - BAFFIN ISLAND, FOXE BASIN BAFFIN ISLAND, RAILROAD, LAC GAYOT- VIRGINIA, CHIDIAK-BAFFIN ISLAND, QILALUGAQ, GABBRO LAKE, POLARIS MINE, SAN MANUEL MINE et STANLEIGH MINE au Canada, PILBARA, MUSGRAVE, SOLDIERS CAP, HAMMER HILL, CLIFFS - UG, HODGKINSON BASIN -ATRIC et JIMBLEBAR - MM en Australie, KASHIJI PLAIN en Zambie, CHONTA et LA GRANJA au Perou, RATHDOWNEY TREND / MOATE en Irlande, KALAHARI au Botswana, ALTO CUILO PROJECT en Angola, MIRADOR NORTE en Equateur, ACT (ADLAY CAGDIANAO TANDAWA NICKEL) aux Philippines, COERMOTIBO au Suriname, GAC PROJECT en Guinee et GAG ISLAND en Indonesie.

BHP Billiton est cotée au Royaume-Uni, aux Etats-Unis D'Amerique, en Australie et en Allemagne. Sa capitalisation boursière aujourd'hui est 5 095,4 milliards GBX (6 099,3 milliards US$, 5 343,0 milliards €).

La valeur de son action a atteint son plus bas niveau récent le 28 juin 2002 à 0,53 GBX, et son plus haut niveau récent le 17 janvier 2022 à 2 412,50 GBX.

BHP Billiton possède 2 112 072 000 actions en circulation.

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