Business

BHP invests in fertiliser to lay the ground for profits

ANDREW Mackenzie's first big bet as BHP Billiton's new chief executive is on the need for more food as the global population booms, with a $2.6bn investment in Canadian fertiliser.

The news was welcomed as the Scot unveiled a poor set of full-year figures yesterday, with net profit down nearly 30 per cent to $10.9bn (£6.9bn). Revenue also slipped 8.7 per cent to just shy of $66bn as BHP showed that even being the world's biggest miner does not provide immunity from global economic problems.

BHP is also under pressure from US authorities after admitting last week that it could face charges for breaching anti-corruption regulations. In part, these relate to corporate hospitality laid on at the 2008 Beijing Olympics.

However, Mr Mackenzie thawed a spending freeze at BHP by announcing that the group would invest in Jansen Potash, with the money being used to complete service shafts and install essential infrastructure.

Potash is a fertiliser that improves the quantity and quality of farming crops, a lucrative commodity that Mackenzie's predecessor, Marius Kloppers, believed was a huge opportunity. BHP said Jansen was "the world's best undeveloped resource and is capable of supporting a mine with annual capacity of 10 million tonnes for more than 50 years".
 

Topics:  andrew mackenzie, bhp billiton, fertiliser


Stay Connected

Update your news preferences and get the latest news delivered to your inbox.

Whitsunday’s Woolworths to remain open

TO REMAIN: Whitsunday's Woolworths will not be affected by the retail giant's announcement that they will close 17 major stores across Australia.

Whitsunday's Woolworths will not be affected by closure of 17 stores

Hollywood stars hit Hamo

STAR POWER: Leonardo DiCaprio (pictured) and Chris Hemsworth have reportedly been holidaying on Hamilton Island this week.

Leonardo DiCaprio and Chris Hemsworth have been spotted on Hamo

Christensen: ‘Get rid of the dole after six months'

George Christensen.

Federal Member for Dawson wants has his say on dole payments

Latest deals and offers

Whitsunday’s Woolworths to remain open

Woolworths stores in the Whitsundays will not be affected by the retail giant's announcement that it will close 17 major stores across the country

A whale of a weekend

Whale sightings were all the rage over the weekend

Whale sightings seemed to be a popular occurrence over the weekend

Sweet treats for an even sweeter cause

TASTY: Melissa Hutson, Carinda Ivens, Hannah Brown, Annette Harn, Melinda Butcher and Amanda Anderson from PRDnationwide are selling tasty cupcakes from today to raise money for the RSPCA. Photo Inge Hansen / Whitsunday Times.

PRDnationwide Whitsundays raises sweet funds for RSPCA

Could this be the best job in the world?

St Bees Island managing director Phil Webb.

THE only rule: don't stand too long under coconut trees.

Woolworths to sack 500 staff, close at least 17 stores

This is despite the supermarket earning $2.5 billion for the year.

RACQ says good riddance to Wicked rubbish

TOO MUCH: A Wicked Van spotted in Byron Main Beach car park.

RACQ welcome State Government action on offensive Wicked Campers

Kim Kardashian West bemused by selfie 'drama'

Kim didn't expect her naked selfie to cause the stir it did

Alicia Vikander hasn't been home since Oscars

Alicia Vikander "hasn't been home" for nearly nine months.

Tom Hiddleston not worried about relationship attention

Attention doesn't bother 'authentic' Hiddleston

Robbie Williams and Ayda Field to expand family?

Robbie Williams and Ayda Field want more children.

Licking incident bars Ariana from performing at White House

Ariana Grande has been blocked from performing at the White House

Taylor Swift's ex throws support behind Kanye West

Calvin Harris shares a sing-along with Kanye West

You can own this Queensland town for just $1

Yelarbon

Unprecedented auction of town's business centre with no reserve

Work starts on $15M Caloundra apartment building

Turning the first sod at the Aqua View Apartments site in Kings Beach are (from left) husband-and-wife developers Alex Yuan and Stella Sun with construction company Tomkins director Mike Tomkins and Councillor Tim Dwyer.

Developers excited about addition to Kings Beach skyline

72-year-old Coast developer set to start new project

GREEN LIGHT: The Cosmopolitan has been approved for development at Cotton Tree.

Meet the Canberran set to deliver another chapter for Coast suburb

Plans revealed for 1500-lot 'master-planned community'

Precinct will be bounded by Boundary St and Shoesmith Rd

Ecco Ripley sales run sparks prime release

MOVING IN: Sekisui House has announced the release of more residential blocks at Ecco Ripley.

Sekisui House is preparing to unveil more land at Ecco Ripley

Chance to own an island

Keswick Island is for sale.

Keswick Island to go on the market