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

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CVRD

Shen

hua

Alco

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Noril

sk

Xstra

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Barri

ck

Newm

ont

Angl

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nbrid

ge

Alca

n

Phelp

s Dod

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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