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BHP Billiton to shelve plans of investing in Africa

BHP Billiton to shelve plans of investing in Africa
Written by Nchima Nchito Jr
Sunday, September 20, 2009 8:19:13 AM

THE world’s largest mining company, BHP Billiton, has revealed plans to shelve any plans of making investments in Africa. BHP Billiton was created through the Dual Listed Companies (DLC) merger of BHP Limited (now BHP Billiton Limited) and Billiton Plc (now BHP Billiton Plc), which was concluded on June 29, 2001.

BHP Billiton Limited and BHP Billiton Plc continue to exist as separate companies, but operate on a combined basis as BHP Billiton. According to mining weekly, BHP chief commercial officer Alberto Calderon said this was done to minimise exposure to business risks.

“We've said that we don't want to put risk on risk, which means we have focused on our own backyard. The decision of the company is to really focus its investments in the medium-to-long-term timeframe in the areas that we know, in Australia, in the Gulf of Mexico, and the places where we are already invested,” said Calderon.

“Having said that in the business-development space, if we should come across any tier-one possibility, we would probably get into West Africa and also into the DRC, Zambia and the Copperbelt area. If we can get hold of what we call ‘very green' opportunities in Africa, it's something we would do.”

Calderon said BHP Billiton would do nothing in Africa in the medium term.

Labels: BHP BILLITON PLC, INVESTMENT, MINING

posted by MrK @ 7:15 AM