BHP Billiton

Rio, BHP considering options to exit the diamond industry

Rio, BHP considering options to exit the diamond industry

London-based Rio Tinto and Melbourne-based BHP Billiton are considering options to exit the diamond industry as they see little prospects of growth in the field.

Rio and BHP, together grabbed around 16 per cent of worldwide diamond production by value in 2010, but the duo could not match the output of industry leaders, viz. De Beers and OAO Alrosa.

But, the two miners are enjoying a dominant position in the field of iron ore, where the duo along with Brazil’s Vale SA, owns a market share of around 63 per cent.

BHP Billiton report first profit fall in around 3 years

BHP Billiton report first profit fall in around 3 years

Lower global prices for iron, copper and coal forced the world's leading miner BHP Billiton to report its first profit fall in around three years.

BHP Billiton on Wednesday said it suffered a fall of 6 per cent in half-year profit. Nevertheless, it pocketed $US9.94 billion as profits in six months through December 2011, more than the $US90 billion commodities trader Glencore and miner Xstrata would together have generated in all of the last year.

Tax should be levied on mineral value

Tax should be levied on mineral value

The proposed tax on resource super profit should be levied on each of the minerals or on a large amount of minerals. This was revealed by the mineral giant BHP Billiton. It has also said that it had a meeting with the Resource Tax Consultation panel and had advised the Australian Government on this propose of super tax on the Australian resources sector.