Stocks to watch on the Australian stock exchange early on Friday:

BHP – BHP BILLITON LTD – up 71 cents at $37.62

BHP Billiton has committed $US779 million ($A735.98 million) to a port project that could increase its Western Australian iron ore exports by 100 million tonnes each year.

Separately: Global mining giant BHP Billiton says it has agreed to sell its stake in South African mineral sands venture Richards Bay Minerals to partner Rio Tinto, signalling its exit from titanium.

LYC – LYNAS CORPORATION – up 25.5 cents at $1.59

Rare earths miner Lynas says it has a responsibility to the Malaysian community to operate a newly-approved plant in a safe manner.

PMP – PMP LTD – down four cents at 44 cents

Publisher and direct marketer PMP has cut its earnings guidance and implemented further restructuring due to poor trading conditions and weaker printing orders.

RIO – RIO TINTO LTD – up $1.98 at $70.72

Rio Tinto’s 40-year-old aluminium smelter at Tiwai Point, near Bluff, had its biggest production year ever in 2011.

WES – WESFARMERS LTD – up 19 cents at $29.90

Coles has recorded its best ever Christmas sales in 2011 as the supermarket chain continues to lure customers away from rival Woolworths.