BROKEN HEARTED PEOPLE
South Africa has all but fallen off the radar screen of BHP Billiton, the world’s biggest mining company, which last week reported an 8.7% slump in revenue to $65.9-billion for the year ended June. The words ‘South’ and ‘Africa’ did not cross the lips of new CEO Andrew Mackenzie and one got the impression that this region’s aluminium, thermal coal and manganese interests are barely making the cut in a company dominated by iron-ore, oil, copper and coking coal. At the time of the new-millennium merger of BHP of Australia and Gencor/Billiton of South Africa, the South African assets helped to lift the chin of a BHP, when the Economist of London said the letters stood for Broken Hearted People, given the poor shape of the company. But the powers that be are clearly in no mood to return the favour. Instead they are directing any tender, loving care they still have to wards potash risk in Canada, which is still a cost centre. South Africa, a long-standing profit centre, has gone ex growth and no longer features at all on the company’s pipeline of 21 projects.
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