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BHP Billiton Limited Message Board

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  • frmrskmgr frmrskmgr Apr 15, 2011 5:20 PM Flag

    ESCONDIDA key search words

    "look my previous postings."

    I did and as I said, give me something current and concrete other than old press reports and your statements. I am beginning to think you may have an interest in the outcome, and may not be very objective. Otherwise why all the bashing and lack of specifics?

    BHP has US$1.3 billion set up as reserves for litigation. Here is what they say with resepect to these reserves in their SEC 20F report:

    "Actual or potential litigation amounts relate to a number of actions against the [BHP] Group, none of which are individually significant and where the liability is not probable and
    therefore the Group has not provided for such amounts in these financial statements. Additionally, there are a number of legal claims or potential claims against the Group, the outcome of which cannot be foreseen at present, and for which no amounts have been included in the [amount in the] table above."

    No company is going to set up a reserve for unproven claims or frivolous allegations, or highlight them in the annual report. Last I heard [2009] your case was sent back down to a lower court for better explanation and clarification of your claim. As far as I can tell, there is no judgment against BHP and its partners.

    Elsewhere in the 20F, BHP says Minera Escondida have a perpetual license on the site from the Peruvian Government for as long as they pay the related fees.

    I remain skeptical.

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