BHP expects more iron ore deals: report. Published 2:58 AM, 27 Aug 2011 By a staff reporter, with AAP
BHP Billiton Ltd chief executive Marius Kloppers expects a wave of iron ore deals as small miners struggle to win funding for new developments, The Australian reports.
"If I look at some of the iron ore promotion that has been going on in Brazil and Australia, most of those projects are simply not fundable," The Australian quoted Mr Kloppers as saying.
"Funding opportunities have gone away and, as a result, ownership will change over time."
His comments came as BHP completed a purchase of its own, US-based petroleum producer Petrohawk Energy Corporation, on Friday.
BHP also reported Australia's highest-ever corporate financial result this week, beating analyst expectations with a full year net profit of $US23.6 billion ($A22.46 billion).
The miner's shares ended flat at $38.64 on Friday.
IOH Price at posting:
$1.19 Sentiment: Buy Disclosure: Held
