Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
With the shareholder vote just over three weeks away, the planned spin-off of South32 from BHP Billiton has turned bearish and BHP Billiton has itself fallen victim to an unprecedented number of analyst sell recommendations owing to the plummeting iron-ore price, worsened by the reputational damage that the world’s biggest mining company is suffering at a Senate tax inquiry into its Singapore marketing hub, where it is raising hackles by refusing to answer basic questions. The South32 demerging process is moving into an increasingly bearish commodity price market, Investec Securities cautioned on Monday, as Australia’s Treasurer, Joe Hockey, revealed that he was contemplating budgeting on an iron-ore price of $35/t.
With the shareholder vote just over three weeks away, the planned spin-off of South32 from BHP Billiton has turned bearish and BHP Billiton has itself fallen victim to an unprecedented number of analyst sell recommendations owing to the plummeting iron-ore price, worsened by the reputational damage that the world’s biggest mining company is suffering at a Senate tax inquiry into its Singapore marketing hub, where it is raising hackles by refusing to answer basic questions. The South32 demerging process is moving into an increasingly bearish commodity price market, Investec Securities cautioned on Monday, as Australia’s Treasurer, Joe Hockey, revealed that he was contemplating budgeting on an iron-ore price of $35/t.
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