BHP have reported a record first half result of $10.5 billion driven by iron ore and base metals prices. BHP also announced a decision to extend the existing buy back by $10 billion but without specific detail. This suggests that the buy back was a late decision by the Board, possibly in response to shareholder and media pressure. Arch rival RIO also announced a $5 billion buy back only last week, as did Oz Minerals.
Citadel Resources was de-listed on 17 January 2011 after a successful takeover bid by Equinox Minerals. Quest owned approximately 5% of Citadel and received 10.5 cents and one Equinox share for every 14.3 Citadel shares.