BHP Billiton Approves $2.9 Billion Capex for South Flank Project
14/06/2018 09:12PM AEST By Oliver Griffin
BHP Billiton PLC (BLT.LN) said Thursday that it has approved $2.9 billion worth of capital expenditure for its South Flank iron-ore project in central Pilbara, Western Australia.
The dual-listed mining company said the project will fully replace production from the 80 million-ton-a-year Yandi mine, which is reaching the end of its economic life.
First ore from South Flank is targeted in 2021 and BHP Billiton said it expects the project will produce ore for more than 25 years.
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South Flank is in ILU's Area C and a royalty is payably by BHP to ILU:
Mining Area C royalty terms
• 1.232% of Australian denominated revenue from royalty area; and
• one-off payment of A$1 million per million tonne increase in annual capacity
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BHP's commitment has been well known for some time and is likely already reflected in ILU's share price. This is merely final confirmation.
The upward ILU SP trend continues.
Ash
ILU Price at posting:
$11.42 Sentiment: Hold Disclosure: Held
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