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It was second time unlucky for the Australian miner, but a third attempt at a later date might be the charm
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Drilling for the new exploration well is scheduled to begin in October, part of BHP Billiton's obligations under the 35-year license contract it signed with the Mexican government.
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Anglo-Australian miner, BHP Billiton today reported a return to black with a USD 6.7 billion annual profit a year after the company's worst ever full-year result and said it wants to sell its US shale oil assets.
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The underlying profit of USD 3.2 billion and earnings before tax of USD 9.9 billion for the last six months of 2016 exceeded expectations.
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Metals and mining conglomerate
Vedanta will invest USD 10 billion in 3-4 years on expanding
business across verticals, company's Chairman Anil Agarwal
said.
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When the Fundao dam burst at the mine, owned 50-50 by BHP and Vale SA , enough mud to fill 12,000 Olympic swimming pools flattened an entire village, killed 19 people and left hundreds homeless.
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The world's biggest mining company said with cost cuts and a reduction in net debt it expects to generate more than USD 7 billion in free cash flow in the year to June 2017, at current prices for iron ore, copper, coal, oil and gas.
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Mining companies Vale SA and BHP Billiton were hit with a $43.5 billion civil lawsuit for the collapse of a dam at a mine last year that killed 19 people and caused damage
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The world's third-largest coal importer wants private companies to contribute about a third of an annual production target of 1.5 billion tonnes by 2020, but the hold up in opening the sector to non-government companies for the first time in over 40 years may mean India will fall well short of that mark.
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"2016 should end much better than it has started off for investors, ultimately providing okay investment returns, but expect a continued volatile ride," Shane Oliver, head of investment strategy at AMP Capital, said in a note Thursday.
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The decision came as miners globally struggle to cope with collapsing commodity prices and China's once insatiable appetite -- boosted by an unprecedented investment boom in the world's second-largest economy -- waning.
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The Shanghai composite tumbled 168 points, or 5.29 percent, to 3,017.99, while the Shenzhen composite plunged 130.61 points, or 6.6 percent, to close at 1,848
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Unlike the government's gauge that concentrates on large firms, Caixin's survey focuses on smaller and medium-sized companies.
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Stocks that are in Limelight: Bharat Heavy Electricals, Vedanta Resources, Glencore, Anglo American, KAZ Mineral, BHP Billiton, Rio Tinto, United Spirits, Larsen and Toubro, Visa Steel, Sterlite Technologies, Concord Drugs, Tide Water Oil, Maruti Suzuki India, Motherson Sumi Systems.
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On challenges, the report said increasing regulatory pressure, uncertainty on mine allotments after passing of the MMDR Amendment Act, 2015, along with increased competition and growing threat from imports of iron ore are some of the issues that may impact the company's performance.
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Benchmark API2 2016 coal futures last settled at USD 52.85 a tonne, a level not seen since November 2003
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China's stock markets bucked broad cautiousness in Asian equities with major indices up between 2 and 4 percent, while European trading got off to a subdued start as mining and energy stocks pulled the pan-European FTSEurofirst 300 equity index down 0.2 percent.
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ONGC Videsh Ltd, the overseas arm of state-owned explorer Oil and Natural Gas Corp (ONGC), has lost out on its bid for two oil blocks in Mexico's first licensing round in 88 years.
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IRONORE-CITIGROUP-FORECAST:Citigroup cuts long-term iron ore forecast to $55 as demand shrinks
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The Oil cartel is not due to meet until June this year but a report by the Financial Times - with comments by Diezani Alison-Madueke, the Nigerian oil minister - suggested that an emergency meeting was due in the near term.
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The world's biggest miner has been hard hit by falling prices for its two main commodities, iron ore and oil, with a 23 percent reduction in capital and exploration expenditure helping offset some of the damage.
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Walsh and Chief Financial Officer Chris Lynch did not make any promises about further buybacks a year from now, but said the company should have enough flexibility to consider one.
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Indian conglomerates such as the Adani Group and GVK are expected to bid for coal blocks, but foreign firms will be harder to attract after previously facing obstacles to investing.
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"The combination of a further increase in global iron ore supply this year and only subdued demand growth suggests iron ore prices will continue to drift lower," said Caroline Bain, an analyst at Capital Economics, in a note Monday.
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Reports say that mining baron Anil Agarwal is mulling merging Cairn and Hindustan Zinc into his flagship Vedanta Group firm Sesa Sterlite to create a global natural resources giant to rival Rio Tinto or BHP Billiton.
