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BHP Billiton (BHP): H2 profit before items -35% to $7.16B vs. consensus of $6.96B. Abandons $20B...

Wednesday, August 22, 2012, 2:58 AM ET
BHP Billiton (BHP): H2 profit before items -35% to $7.16B vs. consensus of $6.96B. Abandons $20B Olympic Dam copper expansion and will look at a "less capital intensive option." Won't approve any new projects until at least mid-2013. It's the biggest sign of how China's slowdown has stalled the global mining boom. (PR)

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This news story has 11 comments:

dividend_growth Comments (2748)

Australian Dollar and real estate are big shorts.

When high school dropouts get $200k annual salaries, it's just the same bubble as entry level investment bankers getting $500 a year.

22 Aug 2012, 03:28 AM Reply Like

Villi Grdovich Comments (462)

The decision will severely affect the state of South Australia, it throws doubt on the expected revenue expected from the Resource Rent Tax etc etc, but is about the only correct decision made by BHP for years.

22 Aug 2012, 06:15 AM Reply Like

youngman442002 Comments (4978)

Yes it is a tough decision to make....everyone wants it to happen...their salaries depend on it...so it really is tough to stop it...but I think it is a good one....the copper will be there in another 10 years if needed....

22 Aug 2012, 07:35 AM Reply Like

papayamon Comments (584)

boom and bust cycles. capitalism 101, you can't escape them :). what the Aussies need now is another coal tax to cripple the mining industry :).

22 Aug 2012, 08:50 AM Reply Like

Whitehawk Comments (2789)

The speculation prior to this included whether the Australian gov't was going to block BHP's move to slow or abandon the project. Not clear if this is a fait accompli...

22 Aug 2012, 11:47 AM Reply Like