BHP Billiton Plc                                                                
ISIN: GB0000566504                                                              
Share Code: BIL                                                                 
Sweet River Investments Limited (Sweet River), in which BHP Billiton holds a    
66.97% interest, today announced its intention to sell its 11.56% interest in   
Valepar SA to Companhia Siderurgica Nacional (CSN). Valepar is a major (approx. 
27%) shareholder in Brazil`s Companhia Vale do Rio Doce (CVRD), the largest iron
ore producer in the world. BHP Billiton`s interest in Sweet River corresponds to
approximately 2.1% of CVRD`s total capital.                                     
The sale by Sweet River is being made via the exercise of a `put` option on its 
Valepar shares to CSN that is exercisable up until May 2004. BHP Billiton`s     
share of the consideration is approximately US$ 343 million.                    
Commenting on the decision, chairman of BHP Billiton Metais SA, Wilson Nelio    
Brumer, said, `The interest in Sweet River was purchased at a time when Billiton
was looking at a potential entry into the top end of the iron ore business.  As 
a result of Billiton`s merger with BHP Limited in June 2001, the strategic value
of this investment has changed.  BHP Billiton believes that there is little to  
be gained from holding the option to the end of its life.`                      
Consideration from CSN is due within 69 days from exercise of the option.       
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Further information on BHP Billiton can be found on our Internet site:          
http://www.bhpbilliton.com                                                      
Australia                              United Kingdom                           
Andrew Nairn, Investor Relations       Mark Lidiard, Investor & Media           
Tel: +61 3 9609 3952                   Relations                                
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email: Andrew.W.Nairn@bhpbilliton.com  Mobile: +44 7769 934 942                 
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Tracey Whitehead, Media Relations      Ariane Gentil, Media Relations           
Tel: +61 3 9609 4202                   Tel: +44 20 7747 3977                    
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email:                                                                          
Tracey.Whitehead@bhpbilliton.com                                                
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Francis McAllister, Investor           Michael Campbell, Investor & Media       
Relations                              Relations                                
Tel: +1 713 961 8625                   Tel: +27 11 376 3360                     
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email:                                 email:                                   
Francis.R.McAllister@bhpbilliton.com   Michael.J.Campbell@bhpbilliton.com       
Date: 30/12/2002 07:59:01 AM Produced by the JSE SENS Department