Ini kan baru melihat ke-ekonomik-an dari sisi investor (supply) dimana BHP sendiri juga melihat cash-flow mereka dan membandingkan Olympic Dam dengan project mereka yang lain. Di sisi "demand", China masih belum menutup keran impor mereka toh?
FHS On Thu, Aug 23, 2012 at 1:33 PM, git sulistiono <git_m...@yahoo.com> wrote: > Keputusan BHP Billiton untuk mempetieskan rencana pengembangan > operasinya di Olympic Dam, South Australia telah memicu debat yg panas di > Australia sejak kemarin. Intinya: apakah era mining boom yg kali ini telah > berakhir? > > sumber: > > http://www.heraldsun.com.au/news/national/bhp-cancels-30-billion-olympic-dam-expansion-in-south-australian-outback/story-fncynkc6-1226455884519 > > salam > Prianggito > > ____________________________________________________________________________________________________________________ > *BHP Billiton's decision to shelve its proposed $30 billion Olympic Dam > expansion has triggered a federal war of words over the country's mining > boom. ******* > Resources Minister Martin Ferguson triggered the debate this morning > when he told ABC Radio: "You've got to understand, the resources boom is > over. We've done well."**** > But that view was not supported by Finance Minister Senator Penny Wong.** > ** > Senator Wong, when asked whether she agreed with Mr Ferguson, told ABC > TV: "No, I think the mining boom has got a long way to run."**** > Senator Wong used the interview to accuse Opposition Leader Tony Abbott > of running a dishonest fear campaign about the Olympic Dam decision.**** > Mr Abbott has said the government's mining and carbon taxes are partly > to blame for the company's decision.**** > BHP had been warning the two taxes were making Australia a less > competitive place to invest, he said.**** > Senator Wong said Mr Abbott was asking Australians to believe what he > said was true even though BHP had cited other reasons for its decision.*** > * > "This is one of the most dishonest, self-interested fear campaigns that > we have seen in Australian politics," Senator Wong told ABC TV.**** > Senator Wong's comments triggered a concerted response from the > Opposition, with Nationals Senate leader Barnaby Joyce saying it was > "ridiculous" to suggest the carbon and mining taxes played no part in the > decision to scrap the project.**** > "The question today is how could you possibly argue that a new tax that > will be paid by the company is not an issue in the decision they make?" > Senator Joyce told reporters in Canberra this morning.**** > "Do we think for one second that this (carbon and mining taxes) wasn't > an issue that was discussed around board tables at BHP and every other > resource company in the world?**** > "Expenses such as these become part and parcel of the decisions you > make."**** > Liberal senator Simon Birmingham said BHP's decision was the biggest > blow to business confidence in SA since the State Bank disaster of the > 1990s.**** > "This is a blow that potentially could have been avoided," he said, > adding that government policies certainly did not help.**** > They definitely had hurt the prospects of the project going ahead, > Senator Birmingham said.**** > "They will be paying enormous additional taxes, funds they could have > been investing in the Olympic Dam project."**** > *BHP shelves Olympic Dam expansion* > BHP Billiton has shelved $US50 billion ($A47.89 billion) of major > projects in a major cost-slashing program**** > Liberal MP Rowan Ramsey said he was disappointed a resources minister > would make such a comment, but conceded things were getting tough in the > sector.**** > "Let's get out there and speak with a bit of confidence and say that we > want to deliver some of these projects," Mr Ramsey told reporters.**** > Opposition resources spokesman Ian Macfarlane said Mr Ferguson's > comments highlighted the bad timing of new taxes being imposed on the > sector.**** > Assistant Treasurer David Bradbury said Mr Abbott had been "caught out > lying".**** > He said the opposition leader admitted he had not read the BHP statement > about the project's cancellation before calling a press conference to blame > the decision on the carbon and mining taxes.**** > "Even a very peripheral reading of the material ... would suggest that > these were factors that were not in play in the decision," Mr Bradbury said. > **** > He also accused Mr Abbott of suggesting BHP had misled investors and the > market "by not providing a full and frank disclosure of the reasons > surrounding their decision".**** > "What we have here is a leader of the opposition who will allow no fact, > no law, no personal company's reputation to ever get in the way of his > reckless and irresponsible scare campaign," Mr Bradbury said.**** > Mr Abbott today denied not reading the BHP statement, telling reporters > in Canberra he read it at 3.45pm (AEST) yesterday.**** > When quizzed about the apparent contradiction between this and what he'd > said on ABC TV's 7.30 program, the opposition leader said he was responding > to a different question from compere Leigh Sales. > Mr Macfarlane said he gave Mr Abbott a "very good briefing" on BPH's > announcement. > "The reality is that he (Mr Abbott) was already aware that the cost of > removing the overburden in Olympic Dam is more than $50 million as a result > of the carbon tax," Mr Macfarlane told reporters in Canberra. > "Yesterday's decision is further proof that this government is driving > investors away from the resource sector in Australia." > In the statement, BHP Billiton chief Marius Kloppers said the company > was not going ahead with the massive open cut pit because of current market > conditions including subdued commodity prices and higher capital costs. > Despite seven years' work - and with government approvals in place - the > global mining giant's board decided the economics of the project did not > stack up as planned. > Instead it will continue work on using different technologies and less > expensive ways to reach the copper, gold and uranium ore buried hundreds of > metres below ground in South Australia's Far North. > "We want to find the right solution to unlock this resource," said Mr > Kloppers. > However, BHP immediately began to lay off workers as it put the project > on the backburner and as its existing underground mine cuts back because of > lower commodity prices. > South Australian Premier Jay Weatherill said the decision was an "enormous > disappointment". > The indenture agreement between the South Australian Government and BHP > will lapse on December 15, so any future mine expansion plan will need to > be renegotiated, including the company's generous 45-year deal on royalties. > "The community will be expecting us to learn from our experience," Mr > Weatherill said. > The expansion had been factored into the State Budget but Mr Weatherill > said it was too early to quantify the loss to the SA economy. > He said it reinforced the need to strengthen other sectors, especially > advanced manufacturing where projects such as the next-generation > submarines will be game-changers. > Mr Weatherill denied that the move signalled SA had missed the mining > boom, saying others mines were still being developed and SA was on track to > export $10 billion in minerals by 2020 - excluding the Olympic Dam > expansion or new petroleum projects. > Mr Kloppers said the State Government, the Opposition and the Federal > Government had been "fantastic" partners and did all they could to assist > the project. > "The SA community has also been extraordinarily strong in its support," > he said. > "However, the capital expenditure equation at this moment in time has > changed. What has happened with Olympic Dam is that the economics of the > concept have changed - because of construction costs changing, the > Australian dollar changing, the copper price, the uranium outlook changing > and so on." > Mr Kloppers would not say how much costs had escalated for Olympic Dam > but by comparison, noted that costs in WA had risen sevenfold in the past > 10 years. > He said BHP was still investing - allocating $US23 billion to 20 > projects - but could only do so much. > BHP has also scaled back its West Australian iron ore plans. > Mr Kloppers said BHP's approach would not, on its own, take the heat out > of the national boom, but with other players also easing back, industry > costs would fall. > Asked whether the federal mineral resources rent tax and other taxes has > scuppered the project, Mr Kloppers said the changes were on a bigger scale. > "The decision is almost wholly associated with, in the first instance, > capital costs," he said. > "The MRRT only covers coal and iron ore not copper, not gold and not > uranium." > BHP Billiton's chief executive of non-ferrous metals Andrew Mackenzie > emphasised that the decision was based on global forces. > Mr Mackenzie, who heads the miner's worldwide operations in copper and > other base metals, said BHP was not abandoning Olympic Dam. > "It is still a fantastic ore body based on a number of commodities, > principally copper and also uranium and gold where we think demand will > remain strong and grow," he said. > "We will continue to study it. While we were working on this project > we've been trying to develop a number of new technologies which we think > will substantially improve the competitiveness of the project to win > funding (from the BHP board). > "They were always going to be used at a later stage but if we pull them > through earlier then we believe we can create a more compelling project. > "It will probably be a smaller project but one offering a more > attractive set of returns. We believe SA is a great place to invest and do > business." > The new techniques would change the processing method from crushing and > concentrating the ore to heaping piles of ore and then dissolving out the > minerals by leaching. > This would enable a smaller pit to be built initially, with ore > gradually added instead of building a large processing plant. > Also on the agenda would be remotely operated machinery although, at > first, manual operations would be needed, Mr Mackenzie said. > BHP president of uranium and head of SA operations Dean Dalla Valle said > work would continue. > "We are still committing significant funds and investment," he said. > "All the technology work will be done in SA - in Adelaide or on site." > *BHP BILLITON'S STATEMENT* > BHP Billiton announced today that it will investigate an alternative, > less capital-intensive design of the Olympic Dam open-pit expansion, > involving new technologies, to substantially improve the economics of the > project. > As a result it will not be ready to approve an expansion of Olympic Dam > before the Indenture agreement deadline of 15 December 2012. > The Company will discuss the implications of this decision for the > Indenture agreement with the South Australian Government in the coming > months. > BHP Billiton CEO, Marius Kloppers, said current market conditions, > including subdued commodity prices and higher capital costs, had led to the > decision: > "As we finalised all the details of the project in the context of > current market conditions, our strategy and capital management priorities, > it became clear that the right decision for the Company and its > shareholders was to continue studies to develop a less capital intensive > option to replace the underground mine at Olympic Dam. > "As with any capital commitment, all investment options are scrutinised > as they move through our approvals process and our highest returning > projects are prioritised. Value is always our primary consideration. We > believe todays decision reflects an appropriate, prudent and disciplined > course of action. > "However, the long term outlook for the copper market remains strong and > we will continue to work closely with all stakeholders as we refine our > longer term development plans for this unique, world class ore body. We > want to find the right solution to unlock this resource," he said. > BHP Billiton Chief Executive Non-Ferrous, Andrew Mackenzie, said the > South Australian Governments support for the project should be commended: > "The South Australian Government has been fully supportive of Olympic > Dam and has created an environment that is highly conducive to business > investment. We have been very much encouraged by their attitude to business > development and the Olympic Dam expansion project. > "Olympic Dam is a resource of enormous potential and we will continue to > work on technological and design alternatives that have the potential to > substantially improve the economics of the expansion, while also completing > some early stage site works." > As a result of this change, the Company will recognise impairment and > other charges of US$346 million before tax (US$242 million after tax) in > respect of the Olympic Dam Project in the 2012 financial year. > *-------------------------------------* > *SOUTH AUSTRALIAN PREMIER JAY WEATHERILL'S STATEMENT* > I have been advised by BHPB of the decision of their Board to defer the > Olympic Dam expansion project to allow the development of a new mine plan > based on new technologies which will involve capital efficiencies for > consideration by the Board. > BHPB have requested that discussions with the State Government > concerning the implications of this decision for the indenture agreement > take place as soon as possible. > There is no doubt this is a major disappointment for South Australia and > the nation.- especially for those workers and businesses who had set > themselves to work on the expansion project. > It is also a particular disappointment for the regional towns like Roxby > Downs, Port Augusta, Port Pirie and Whyalla who had started to experience > the benefits in activity that this expansion was bringing. > As BHPB have made clear today, this decision is based on global factors > quite outside our control - South Australia and the Commonwealth have done > everything in our power to provide the circumstances for the project to > proceed - a point acknowledged by BHPB. > What I want to say to South Australians is that these resources are > world class. They are still there. > They belong to us, and they will be developed. > What I have explained to BHPB is that beyond their regulatory approvals, > they also need community permission to develop this resource. Given that > this is the second time they have disappointed South Australians, there can > be no doubt that this community permission will come at a cost. > I have been told by BHPB that they wish to proceed with an expansion. > They have told me that they need to do this in the coming years because > the life of the underground mine is finite, and there are clear advantages > to them of retaining the environmental approvals that are already in place. > They have told me that they will continue the site preparation work at > Olympic Dam, and engineering works to ensure that they are ready to proceed > in a major way. > They have told me that they will undertake a series of pilot tests on > the new technologies that will assist them to bring this project on. > The discussions BHPB have requested with the South Australian Government > will take place over the coming weeks, and will need to be concluded before > the end of the year. > ** ** >
