BlackRock's Catherine Raw, who helps manage the $US14 billion World Mining Fund, said it trimmed holdings in BHP Billiton Ltd. following concerns the company's Olympic Dam project and shale gas assets may curb returns.
“Some of the decisions they are making are very good in terms of long term strategy but are you going to make money from it in the next three years, which is our investment horizon?” Raw, a fund manager at BlackRock, said today in Hong Kong. “I struggle to understand how they are going to do that.”
BHP, the biggest mining company, hasn't decided whether to expand South Australia's Olympic Dam uranium-copper-gold mine at a cost Deutsche Bank AG estimated in October at $US27.4 billion. It spent $US16.9 billion in 2011 on shale gas, buying Petrohawk Energy Corp. of the U.S. and assets from Chesapeake Energy Corp.
Read more: http://www.smh.com.au/business/world-business/blackrock-trims-bhp-stake-on-olympic-dam-concerns-20120329-1vzf6.html#ixzz1qStvQ5Wk
blackrock trims bhp stake
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