Antinuclear

BHP chief Marius Kloppers tries to make out that Olympic Dam is not a uranium mine

Further delays to force BHP’s hand, BY:MATT CHAMBERS, The Australian November 18, 2011, BHP Billiton chief executive Marius Kloppers has warned that further regulatory delays on the $20 billion-plus Olympic Dam copper, gold and uranium expansion could mean the company looks at other options for its huge cashflows.

Speaking after the company’s annual general meeting in Melbourne yesterday, Mr Kloppers tempered chairman Jac Nasser’s enthusiasm for the project by saying things needed to move quickly.

“In our base-case plan, we’ve got a preferred date for Olympic Dam . . and it’s probably fair to say we’re a little later than we’d like to be,” Mr Kloppers said. “If something gets delayed, then inevitably, probably what the
management will do, it will present the board with other options. I think that’s important.”

The comments were made after Mr Nasser said $US1.2bn of pre-commitment spending already approved by the board indicated how keen the boardwas to go ahead with Olympic Dam….

Mr Kloppers strengthened previous indications BHP was not looking at producing more uranium from Olympic Dam until well into the expansion’s production life. “The first two phases of Olympic Dam are really copper only and gold only type of things,” he said. “In due course we need to think about whether we extract more uranium, but I
see that as a separate decision, separate kit, separate capital decision, separate returns.”http://www.theaustralian.com.au/business/companies/further-delays-to-force-bhps-hand/story-fn91v9q3-1226198302416

November 18, 2011 - Posted by Christina Macpherson | AUSTRALIA - NATIONAL, spinbuster, uranium