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BIL
BIBLT
BIL - BHP Billiton Plc - BHP Billiton and Rio Tinto terminate the Iron Ore
production joint venture
BHP Billiton Plc
Share code: BIL
ISIN: GB0000566504
Number 27/10
Date 18 October 2010
BHP BILLITON AND RIO TINTO TERMINATE THE IRON ORE PRODUCTION JOINT VENTURE
On 5 June 2009, BHP Billiton and Rio Tinto signed core principles to establish a
production joint venture covering the entirety of both companies` Western
Australian Iron Ore assets. This resulted in the signing of definitive
agreements on 5 December 2009. The completion of these agreements was subject
to a number of conditions, including regulatory approvals.
Since the agreement was signed it has become increasingly apparent that
regulatory approvals of the joint venture are unlikely to be achieved.
Consequently, BHP Billiton and Rio Tinto have reluctantly agreed to dissolve the
proposed joint venture.
BHP Billiton Chief Executive Officer, Marius Kloppers, said, "The large
synergies from combining our West Australian iron ore assets with Rio Tinto`s
have caused us to persevere in seeking to obtain regulatory approvals. However,
it has become clear that this transaction is unlikely to obtain the necessary
approvals to allow the deal to close and as a result both parties have
reluctantly agreed to terminate the agreement".
Mr Kloppers said he appreciated the high level of cooperation and goodwill
displayed by Rio Tinto in pursuing the joint venture. The parties have mutually
agreed that no break fee is payable.
While BHP Billiton was progressing approvals for the joint venture, it has
continued to invest in its Western Australia Iron Ore business. With the
termination of the joint venture, this focus on efficiently growing and
operating our West Australian Iron Ore business through our existing Perth-based
Iron Ore management team will continue.
Further information on BHP Billiton can be found on our Internet site:
www.bhpbilliton.com
Australia United Kingdom & South Africa
Amanda Buckley, Media Relations Andre Liebenberg, Investor Relations
Tel: +61 3 9609 2209 Mobile: Tel: +44 20 7802 4131 Mobile: +44
+61 419 801 349 7920 236 974
email: email:
Amanda.Buckley@bhpbilliton.com Andre.Liebenberg@bhpbilliton.com
Kelly Quirke, Media Relations United Kingdom & Americas
Tel: +61 3 9609 2896 Mobile: Ruban Yogarajah, Media Relations
+61 429 966 312 Tel: US +1 713 966 2907 or UK +44 20
email: 7802 4033
Kelly.Quirke@bhpbilliton.com Mobile: UK +44 7827 082 022
email:
Fiona Martin, Media Relations Ruban.Yogarajah@bhpbilliton.com
Tel: +61 3 9609 2211 Mobile:
+61 427 777 908 Americas
email: Scott Espenshade, Investor Relations
Fiona.Martin2@bhpbilliton.com Tel: +1 713 599 6431 Mobile: +1 713 208 8565
email: Scott.Espenshade@bhpbilliton.com
Brendan Harris, Investor
Relations
Tel: +61 3 9609 4323 Mobile:
+61 437 134 814
email:
Brendan.Harris@bhpbilliton.com
Leng Lau, Investor Relations
Tel: +61 3 9609 4202 Mobile:
+61 403 533 796
email:
Leng.Y.Lau@bhpbilliton.com
BHP Billiton Limited ABN 49 004 BHP Billiton Plc Registration number
028 077 3196209
Registered in Australia Registered in England and Wales
Registered Office: 180 Lonsdale Registered Office: Neathouse Place
Street London SW1V 1BH United Kingdom
Melbourne Victoria 3000 Tel +44 20 7802 4000 Fax +44 20 7802
Australia 4111
Tel +61 1300 55 4757 Fax +61 3
9609 3015
Members of the BHP Billiton group which is headquartered in Australia
Date: 18/10/2010 07:26:27 Produced by the JSE SENS Department.
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