Posted in | 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, originally from the UK, emigrated to Australia in 1995 and spent 5 years working in the mining industry as an exploration Geo-technician where he developed skills in GIS Mapping and CAD. Joel also spent a year working underground in a gold/copper mine. Upon moving to the North Coast of NSW, Australia Joel worked as a graphic designer for a leading consultancy firm before starting a successful business providing graphic and web design services to local businesses on the eastern seaboard of Australia. Joel is skilled in project management, web programming, design, animation, database and networking, software and editing. Joel has been with AZoNetwork since its inception in 2000.

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