Blue Chip Stocks – BHP Billiton (BHP) 15 June 2010
BHP Billiton (BHP) is the world’s largest diversified resources company and a major player in the commodities market. It is currently Australia’s heaviest weighted stock with a market capitalisation of $131 billion.
BHP Billiton (BHP) and Rio Tinto (RIO) have reportedly agreed to pay the WA government an extra $300 million in mining royalties.
Under the agreement, royalty on iron-ore exports would rise to 5.62%, instead of the current 3.75%.
The miners are seeking additional concessions in return for the royalty increase, although negotiations between the parties are still ongoing.
BHP Australian share price has been broadly ranging between $35.50 and $39.50 since early May. It closed down 0.5% to settle at $38.39.