BHP Billiton’s profits soar

The report period ended Feb. 15 was punctuated by the world’s biggest mining company’s banking the world’s biggest mining profit. For the second half of 2004, BHP Billiton posted record profits, before special items, of US$2.8 billion (US44.5 per share) — up 127% from the year-earlier period, with base metals, carbon-steel materials and petroleum being particularly profitable. Half-year revenues shot up 42% to US$15.5 billion as an environment of strong metal prices combined with BHP’s record production rates for six major commodities. Shareholders smiled as the common dividend shot up 69% over the year to US13.5, and shares rose US$1.34 to US$27.25 over the report period.

Junior Shoshone Silver Mining topped the percentage gainer list, rising 33% to US40 on modest volume. The company has relocated its head office to Kellogg, Idaho, in the heart of the Silver Valley, and is aiming to become a silver and gold producer by exploiting mineral assets in Idaho, Arizona, Mexico and Canada.

Riverton, Wyo.-based U.S. Energy and its majority-owned subsidiary Crested report that the U.S. District Court of Colorado has ruled that Phelps Dodge must return to USECC (a joint venture between U.S. Energy and Crested) various molybdenum-related mining claims at Mt. Emmons, situated 3 miles west of Crested Butte, Colo. Over the week, U.S. Energy rose US7 to US$3.25, Crested jumped US10 to US51 and Phelps Dodge rose US$2.21 to US$94.50.

In the wider markets, the Dow Jones Industrials rose 112.69 points to 10,837.32 and the S&P 500 climbed 7.82 points to 1,210.12.