Posted in | News | Iron Ore | Oil Shale | Potash

BHP Planning $80 Billion Spending Spree

BHP Billiton is in the mood to acquire. Chief Executive Officer (CEO) of the largest mining company in Australia, Marius Kloppers said this week that BHP Billiton will be looking to make more acquisitions as the mining industry consolidates.

He was speaking on the program ‘Inside Business’ on ABC when he said that in the long run, he thought the trend was always towards consolidation in industries, particularly the mining industry, where they consumed the resources every day that constituted the lifeblood.

He declined to mention any specific targets for its proposed acquisitions but said that there was absolutely no doubt that the company would be doing some such transactions soon. The comments were made in light of rival company Xstrata and Glencore International following through on a merger of equals proposal.

In the past BHP Billiton has tried to acquire Rio Tinto and failed. It had also tried to acquire Potash Crop last year and failed. However it now has plans to invest $80 billion over the next five years. Possible investments could include the shale business in the US, more iron ore in Australia especially beefing up in the Pilbara region, and developing the potash assets it owns in Canada.

Joel Scanlon

Written by

Joel Scanlon

Joel emigrated to Australia in 1995 and worked for five years in the mining industry as an exploration geotechnician, using GIS mapping and CAD software. Upon moving to the North Coast of NSW, Australia Joel worked as a graphic designer for a leading consultancy firm. After that, he ran a successful business providing web services to businesses along the eastern seaboard of Australia. During this time, he developed and launched News-Medical.Net. Joel has been working with AZoNetwork since the company was founded in 2000.

Citations

Please use one of the following formats to cite this article in your essay, paper or report:

  • APA

    BHP Billiton Plc. (2019, March 19). BHP Planning $80 Billion Spending Spree. AZoMining. Retrieved on July 05, 2022 from https://www.azomining.com/News.aspx?newsID=5944.

  • MLA

    BHP Billiton Plc. "BHP Planning $80 Billion Spending Spree". AZoMining. 05 July 2022. <https://www.azomining.com/News.aspx?newsID=5944>.

  • Chicago

    BHP Billiton Plc. "BHP Planning $80 Billion Spending Spree". AZoMining. https://www.azomining.com/News.aspx?newsID=5944. (accessed July 05, 2022).

  • Harvard

    BHP Billiton Plc. 2019. BHP Planning $80 Billion Spending Spree. AZoMining, viewed 05 July 2022, https://www.azomining.com/News.aspx?newsID=5944.

Tell Us What You Think

Do you have a review, update or anything you would like to add to this news story?

Leave your feedback
Your comment type
Submit