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

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Joel Scanlon

Joel relocated to Australia in 1995 from the United Kingdom and spent five years working in the mining industry as an exploration geotechnician. His role involved utilizing GIS mapping and CAD software. Upon transitioning to the North Coast of NSW, Australia, Joel embarked on a career as a graphic designer at a well-known consultancy firm. Subsequently, he established a successful web services business catering to companies across the eastern seaboard of Australia. It was during this time that he conceived and launched News-Medical.Net. Joel has been an integral part of AZoNetwork since its inception in 2000. Joel possesses a keen interest in exploring the boundaries of technology, comprehending its potential impact on society, and actively engaging with AI-driven solutions and advancements.


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