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BIL
BIBLT
BIL - BHP Billiton Mitsubishi alliance entered into an agreement to acquire
the new Saraji Coal Project
BHP Billiton Plc
Share code: BIL
ISIN: GB0000566504
BHP BILLITON MITSUBISHI ALLIANCE ENTERED INTO AN AGREEMENT TO ACQUIRE THE NEW
SARAJI COAL PROJECT
BHP Billiton today announced that BHP Billiton Mitsubishi Alliance (BMA) has
entered into an agreement to acquire 100 per cent of the New Saraji Project
from New Hope Corporation Limited for a cash consideration of approximately
US$2.4 billion (US$1.2 billion, BHP Billiton share).
New Saraji is an undeveloped metallurgical coal resource located adjacent to
BMA`s Saraji mine near Dysart in Queensland`s prolific Bowen Basin. New
Hope`s total Coal Resources estimate (New Hope Analysts Briefing 27 March
2008) for New Saraji is 690 million tonnes (156 million tonnes Indicated
Resources and 534 million tonnes Inferred Resources).
The purchase comprises Mining Lease Application (MLA) 70383 and Exploration
Prospecting Consent (EPC) 837, and port user contract entitling the purchaser
to 10 million tonnes per annum of capacity at the Abbott Point coal terminal
as it is expanded. Completion is subject to certain third party consents and
normal government approvals.
BHP Billiton Coal President Dave Murray said: "This acquisition is consistent
with our strategy to accelerate growth in long life, low cost natural
resources with a focus on delivering shareholder value. Based on drilling
results to date, New Saraji has extensive high quality metallurgical coal
resources. Subject to the results of further resource exploration and
evaluation program to be undertaken by BMA, New Saraji has the potential to
be developed into a large scale, high quality metallurgical coal operation.
New Saraji could also potentially deliver significant synergies due to its
proximity to BMA`s existing Saraji mine."
BMA is a 50:50 joint venture between BHP Billiton and Mitsubishi Corporation.
Further information on BHP Billiton can be found on our Internet site:
www.bhpbilliton.com
Australia United Kingdom & South Africa
Samantha Evans, Media Relations Andre Liebenberg, Investor Relations
Tel: +61 3 9609 2898 Tel: +44 20 7802 4131
Mobile: +61 400 693 915 Mobile: +44 7920 236 974
email:Samantha.Evans@bhpbilliton.com email:
Andre.Liebenberg@bhpbilliton.com
Leng Lau, Investor Relations Illtud Harri, Media Relations
Tel: +61 3 9609 4202 Tel: +44 20 7802 4195
Mobile: +61 403 533 706 Mobile: +44 7920 237 246
email: Leng.Y.Lau@bhpbilliton.com email: Illtud.Harri@bhpbilliton.com
United States
Scott Espenshade, Investor Relations
Tel: +1 713 599 6431
Mobile: +1 713 208 8565
email:Scott.Espenshade@bhpbilliton.com
Date: 17/07/2008 12:28:01 Produced by the JSE SENS Department.
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