BHP Billiton Says Board Reviews Dividend Level On Regular Basis - Quick Facts

(RTTNews) - Mining giant BHP Billiton Ltd. (BHP.AX, BLT.L, BBL, BHP) Thursday said its Board reviews the level of dividend on a regular basis.

At the 2015 Annual General Meeting, the company noted that it is difficult to give a definitive view of where the global economy is heading in 2016 with the world going through an extraordinary period. The major economies are going through transition. Geopolitical issues like those most recently seen in Europe and the Middle East are causing volatility and affecting confidence.

"In the context of this challenging global economy, we have seen a significant drop in the share price of resource companies this year, including our own share price. Like you, we are disappointed in our current share price performance. However, the resources business is cyclical," the company said in its statement.

Despite the volatility, the company has a robust and resilient set of businesses. During the 2015 year, the company achieved record production in Iron Ore, Metallurgical Coal and Petroleum businesses.

In this financial year, the company expects Western Australia Iron Ore to drop unit costs to $15 a tonne and increase volumes by 7 percent. Queensland Coal will reduce unit cash costs to $61 a tonne, despite lower volumes as the Crinum mine is exhausted. In the Black Hawk and Permian onshore oil fields, improved recoveries and lower drilling costs will deliver stable production. And at Escondida, on a grade-adjusted basis, the company expects to reduce unit costs by a further 15 percent.

Regarding the tragedy in Brazil's Samarco, the company said the mine, as part of a preliminary commitment to the Brazilian prosecutors, has guaranteed the allocation of funds totaling $260 million to an emergency fund for community support and rebuilding. Samarco will manage this emergency fund in conjunction with the Public Ministry.