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BHP Billiton Minerals Exploration
Ian MaxwellVice President
Diggers & Dealers8 August 2006Page 2
Disclaimer
The views expressed here contain information derived from publicly available sources that have not been independently verified. Norepresentation or warranty is made as to the accuracy, completeness or reliability of the information. Any forward looking information in this presentation has been prepared on the basis of a number of assumptions which may prove to be incorrect. This presentation should not be relied upon as a recommendation or forecast by BHP Billiton.
Nothing in this release should be construed as either an offer to sell or a solicitation of an offer to buy or sell shares in any jurisdiction.
Diggers & Dealers8 August 2006Page 3
0
5
10
15
20
25
30
1980 1985 1990 1995 2000 2005$0
$1
$2
$3
$4
$5
$6Exploration ExpendituresTotalRest of IndustryTop 30 companiesNo of DiscoveriesTier 2Tier 1
Expenditures (US$ Billion in 2005 dollars)Number of Discoveries
Incomplete discovery
data
Trends in Industry Spending & Discoveries
Source: Metals Economics Group and internal BHP Billiton estimates
Diggers & Dealers8 August 2006Page 4
0
1
2
3
4
5
1950 1960 1970 1980 1990 2000
Cost per pound found (2005 US ¢/lb Cu-equivalent)
3-Year Rolling Average
Source: BHPBilliton September 2005
Unit discovery costs have increased (Base Metals example)
Diggers & Dealers8 August 2006Page 5
Location, Location, Location
Diggers & Dealers8 August 2006Page 6
Angl
o Am
erica
n
CVRD
Shen
hua
Alco
a
Noril
sk
Xstra
ta
Barri
ck
Newm
ont
Angl
oPlat
Falco
nbrid
ge
Alca
n
Phelp
s Dod
ge
Peab
ody E
nerg
y
Cam
eco
Angl
ogol
d
SPCC
Inco
Teck
Com
inco
Rio
Tint
o
BHP Billiton
0102030405060708090
100110120130
Mark
et C
ap. o
n 30
June
2006
(US$
Bn)
The largest company in the resources sector
Market value of minerals industry US$761bnValue of Top Four US$312bn Value of BHP Billiton US$123bn
Source: Datastream and Bloomberg (data as at 30 June 2006)1. Market Capitalisation on 30 June 20062 . Market Capitalisation on 28 June 2001
BHP Billiton Market Cap 2006 (1) 2001(2)
US$ bn $122.8 $29.5
Diggers & Dealers8 August 2006Page 7
The Global Exploration Network
Vancouver
Beijing
Moscow
Johannesburg
Conakry
Rio de JaneiroSantiago
Luanda
Ulaan Bataar
Lanzhou
Perth
LubumbashiRegional OfficeCountry Office
Diggers & Dealers8 August 2006Page 8
Angola Diamonds
Diggers & Dealers8 August 2006Page 9
Angola Diamonds
Diggers & Dealers8 August 2006Page 10
Guinea Bauxite
Diggers & Dealers8 August 2006Page 11
Cutting-Edge Technological CapabilityFalcon
New Heli-Falcon Geoferret
Diggers & Dealers8 August 2006Page 12
GeoFerret TEM Array System
Much-Higher Signal to Noise Ratio– Demonstrated NICKEL discoveries at up to 450 m
depth
Greater Operational Efficiency– Demonstrated production rates of 10 line-km per day
Diggers & Dealers8 August 2006Page 13
Integrating geology and geophysics to open up search space
Spinifex Park ~12k NiT
Frog’s PondCliffs ~100k NiT
Cerberus
5km
1km
EM Plates
Ni > 2%
N
Thrusted Felsic Wedge
Long Section - Spinifex Park to Cliffs (Looking West)
Zone of Potential
Diggers & Dealers8 August 2006Page 14
Partnerships are Core to BHP Billiton’s Exploration Strategy
• Petra Diamonds CEO Johan Dippenaar (quoted in the Financial Times, 14 July 2006) :
– “BHP Billiton has become Petra Diamonds' partner at Alto Cuilo, providing finance, leverage and expertise. The two companies share management control and BHP Billiton, according to Mr Dippenaar, is proving to be the ideal partner.”
Diggers & Dealers8 August 2006Page 15
Greenfields $107
Advanced projects $53
Brownfields $54
Total US$214 M
FY06 Exploration Spend
Diggers & Dealers8 August 2006Page 16
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