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BHP tipped to secure 12.5% coal price rise.
Australasian Business Intelligence, July, 2002
Jul 12, 2002 (The Courier-Mail
ABIX via COMTEX) -- It appears that BHP Billiton will secure an average 12.5 per cent increase in its coking coal contract sale price. While a spokesman for the company said on 12 July 2002 that the majority of coal settlements had yet to be concluded, there is speculation that the premium coal price will rise to $US48 a tonne. This is the price that European steel mills recently agreed to. BHP Billiton has been negotiating with steel mills in Japan, Europe and South America since the beginning of the year. According to Merrill Lynch, each $US5 per tonne rise in coking coal prices will add an extra $US69 million to BHP Billiton's earnings in 2002-03.
Publication Date: 13 July 2002
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