BHP: I will not give up my life for money
The founder of one of Australia’s biggest companies, BHP Billiton, has announced his retirement.
Mr Bhatti, a long-time activist who has been involved in environmental causes for decades, said he had decided to end his activism in Australia in order to focus on his company’s international operations.
“I have had enough,” Mr Bhati said in a statement on Tuesday.
“The industry is being taken over by a few mega-corporations that are just looking for the short term.”
BHP is Australia’s second-largest company by revenue and the second-biggest by value after Anglo American.
It owns some 50 per cent of the shares in Australian mining group Rio Tinto, which is the world’s biggest copper producer.
Mr Rio Tino is the third-bigger company by value.
In March, Rio Tin made a $4 billion bid for BHP’s Australian copper mine, which the company owns.
MrBhatti and his wife are raising their two children.
“For me, the company is a very special family, and I will be forever grateful to all of the Bhattis for their love and support,” MrBhati’s statement said.
BHP has had a turbulent time.
It has suffered major price falls over the past year, with prices falling to $1.4 billion from $1 billion in 2016.
Its shares slumped more than 6 per cent to $19.05 in late September.
In December, Bhatties chief executive officer David Rennie announced the company was in talks with Chinese mining group CNOOC to buy an 85 per cent stake in Rio Tina.
Mr Rennies comments prompted Mr Bhandiwati to resign as chairman.
Bhattias latest buyback is part of the company’s ongoing buyback program.
In February, the firm agreed to sell shares worth about $4.5 billion in shares, including BHP, to CNOoc for about $3.6 billion.
Bhatis latest buybacks include the purchase of an 85% stake in the copper mine Rio Tintin in 2020 and the sale of its stakes in the company that makes a range of mining products including cement and asphalt.
The company has been forced to deal with its worst mining disaster in history.
Bhandiyar’s statement says Mr Bhopi was appointed chairman of the board in September.
The former head of Rio Tini and one of its biggest shareholders, Mr Bhami, stepped down as chairman in July last year after an 18-month investigation into the company.
Bhopiyar, which also owns the Sydney Harbour Bridge, will also pay $250 million to the families of those killed and injured in the mine disaster.
MrRennie was appointed chief executive in February.
Mr Tincher is also set to step down from his position as chairman at the end of the year.
Bharti and Associates is an Australian-based investment firm that invests in technology companies.
BHB is one of the biggest investors in private equity firms, with $1 trillion invested by Australian investors.
BHS is a large public sector company that is involved in mining, manufacturing and finance.