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BHP Billiton positions to buy, not build

BHP Billiton positions to buy, not build

Report summary

We analyse BHP Billiton's reported half year loss of US$5.7 billion (to the end of 2015) driven by close to US$8 billion in impairments. EBITDA was close to US$6 billion led by iron ore at US$2.8 billion. The company announced a reduction in dividend payments and capital spend to ensure its balance sheet is strong, in order to take advantage of potential M&A opportunities. High quality assets held by financially distressed mining companies are likely to come to the market, and at this low point in the cycle it makes more sense to buy assets, rather than build additional capacity. 

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Description

This Iron Ore Inform report highlights the key issues surrounding this topic, and draws out the implications for those involved.

For industry participants and advisors who want to look at the trends, risks and issues surrounding this topic, this report gives you an expert point of view to help inform your decision making.

Our analysts are based in the markets they analyse and work with high-quality proprietary data to provide consistent and reliable insight.

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