BHP quits Orinoco HBI investment

BHP has bitten the bullet and taken a US$410 million hit on its Venezuela hot briquetted iron facility, saying it will cease any further investment and raise provisions to support BHP's financial obligations in relation to the asset.

"The decision follows completion of a detailed review of the future economic value of the asset - initiated as a result of a poorer than expected commissioning performance - a deterioration in the