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.

Announcements galore for the Whitsundays

Cr Jan Clifford, Whitsunday Mayor Andrew Willcox, Premier Annastacia Palaszczuk and Tourism Minister Kate Jones at Heart Hotel in October 2016.

Friday was a big day of announcements for the Whitsundays.

Car crashes into stormwater drain

The car which crashed on Shute Harbour Road this afternoon.

Officers are on the scene of a crash on Shute Harbour Road

A colourful career

Karla Middleton, Figurehead Hair Salon

Karla Middleton adores her job at Figurehead Hair Salon

Local Partners

Golf buggy crash victim says there was 'blood everywhere'

"There was blood everywhere and (the) guys (were) screaming and it's just we are lucky to be alive.”

REVIEW: Under the Gun doco looks at right to bear arms

ARMED: A still from the 2016 documentary film Under the Gun by Stephanie Soechtig.

An in-depth look into America's gun culture.

Messing with your head

MIND BLOWN: What could be weirder than the realisation that we have another completely separate brain and nervous system than the one originating in our heads?

Fascinating connection between your gut and your brain

Sir Elton John coming to Mackay: What you need to know

Sir Elton will come to Mackay and Cairns in September.

Tickets to the concert go on sale on March 14

Jimmy Kimmel opens up about Oscars stuff-up

Academy Awards host Jimmy Kimmel gives his take on the epic Oscars envelope error: “It was the weirdest TV finale since ‘Lost’”

Groom threatens to walk out of Married At First Sight

Andrew is just about done with his “horrible” relationship with Cheryl.

ANOTHER explosive breakup is looming after a disastrous home visit.

'I wasn't naked': Blanca Blanco speaks out

Blanca Blanco arriving at the 89th Academy Awards. Picture: Ian West/PA WireSource:AAP

"It was a nude colour, it matches my skin, so I wasn’t naked.''

‘IT’S A LITTLE SAD’: Trump makes Oscars bungle all about him

US President Donald Trump claims Hollywood's elite were too busy mocking him to pay attention on Oscars night.

Donald Trump ‘explains’ Oscars stuff up.

Lama and Sarah’s ‘epic’ MKR fail

My Kitchen Rules contestants Lama and Sarah.

Tempers flare as Lebanese feast turns into an epic fail.

Oscars 2017: How did biggest award get stuffed up?

Presenter Warren Beatty shows the envelope with the actual winner for best picture as host Jimmy Kimmel, left, looks on at the Oscars on Sunday, Feb. 26, 2017, at the Dolby Theatre in Los Angeles. The winner was originally announced as La La Land, but was later corrected to Moonlight.

'Guys in headsets starting buzzing around. They took the envelope.'

Lisa Curry can't marry her fiance

Lisa Curry breaks down in the jungle.

Lisa Curry says she can’t get married to her fiance

Casino boss loses $4m on waterfront Sunshine Coast home

The owner of this stunning Noosa home accepted much less than he had initially wanted for the home.

When illness struck owner forced to try and cash out of property

Mining homes dive: $600k homes sell for $120k-$300k

18 Yeates Street, Moranbah sold for $135,000 in December, after being repossessed by a bank. The owners bought for $545,000 in August, 2011.

The economy still has two speeds, but with a painful twist

Mackay's property market climbing like a Rocket Man

Renewed confidence in Mackay means more homes are being snapped up by those eager to plant their roots in the region.

There's movement in the real estate sector and it's all positive.

'Why we drove 800km to buy a treehouse with a disco ball'

The new owners have planned a few updates, but will stick with much of the original design.

A couple travelled almost 800km for the home of their dreams.

The trick homeowners are using to buy more properties

Chantelle Subritzky leaves her home each week for Airbnb guests.

Queenslanders are going down this path to help pay their mortgages

Ready to SELL your property?

Post Your Ad Here!