BHP Billiton posts $6.2 billion 12-month loss
BHP Billiton posts .2 billion 12-month loss
<![CDATA[
Recyclers are not the only ones in the metals industry having a difficult time producing black ink on their ledgers this year, judging by the 2016 fiscal year financial results released by Australia-based mining and primary metals firm BHP Billiton.
The company, which also has a petroleum exploration and production division, posted a loss of more than $6.2 billion (€5.5 billion) for its 2016 fiscal year, which ran from 1 July 2015 to 30 June 2016.
BHP Billiton has attributed $2.2 billion (€1.95 billion) of that loss to measures taken in response to the failure of a dam that had retained mining tailings and water. The dam failure, which killed 17 people, occurred 5 November 2015, at the Samarco Mineração S.A iron ore operation in Brazil and “resulted in a release of mine tailings, flooding the community of Bento Rodrigues and impacting other communities downstream,” according to the company.
Beyond that incident, BHP Billiton is heavily involved in commodities that all dropped in value during the fiscal year in the form of iron ore, petroleum and coal.
“The last 12 months have been challenging for both BHP Billiton and the resources industry,” comments BHP Billiton CEO Andrew Mackenzie.
The company says it nonetheless achieved “underlying EBITDA (earnings before interest, tax, depreciation and amortization)” of $12.3 billion (€10.9 billion) and an “underlying EBITDA margin” of 41% for the 2016 financial year “despite weaker commodity prices [that] had a negative impact of $10.7 billion (€9.5 billion).”
Mackenzie says, “Our results demonstrate the resilience of our portfolio and the diverse ways in which we can create value for shareholders despite low commodity prices.”
Regarding the Samarco incident, Mackenzie comments, “All of us at BHP Billiton remain deeply saddened by the Samarco tragedy. The company is fully committed to the Framework Agreement and its programs to remediate and compensate for the impacts of the Samarco dam failure. Good progress is being made on community resettlement, community health and environment restoration.”
]]>
Source: Recycling Today
BHP Billiton posts .2 billion 12-month loss
<![CDATA[Recyclers are not the only ones in the metals industry having a difficult time producing black ink on their ledgers this year, judging by the 2016 fiscal year financial results released by Australia-based mining and primary metals firm BHP Billiton. The company, which also has a petroleum exploration and production division, posted a loss of more than $6.2 billion (€5.5 billion) for its 2016 fiscal year, which ran from 1 July 2015 to 30 June 2016. BHP Billiton has attributed $2.2 billion (€1.95 billion) of that loss to measures taken in response to the failure of a dam that had retained mining tailings and water. The dam failure, which killed 17 people, occurred 5 November 2015, at the Samarco Mineração S.A iron ore operation in Brazil and “resulted in a release of mine tailings, flooding the community of Bento Rodrigues and impacting other communities downstream,” according to the company. Beyond that incident, BHP Billiton is heavily involved in commodities that all dropped in value during the fiscal year in the form of iron ore, petroleum and coal. “The last 12 months have been challenging for both BHP Billiton and the resources industry,” comments BHP Billiton CEO…