Bhp Group Ltd · ASX:BHP
Bhp — RIO Tinto — Merger or Acquisition (June 2008)
93 slides from Bhp's merger presentation, Jun 24, 2008
Slide 1: Steelmaking Materials Briefing
Steelmaking Materials Briefing London and Sydney 24 June 2008
Slide 2: Disclaimer
Disclaimer By reviewing/attending this presentation you agree to be bound by the following conditions. The directors of BHP Billiton Limited and BHP Billiton Plc (“BHP Billiton") accept responsibility for the information contained in this presentation. Having taken all reasonable care to ensure that
Slide 3: Disclaimer (continued)
Disclaimer (continued) Cautionary Note to US Investors – The SEC generally permits mining companies in their filings with the SEC to disclose only those mineral deposits that the company can economically and legally extract. Certain terms in this presentation, including “resource”, “mineralisation”
Slide 4: Disclaimer (continued)
Disclaimer (continued) Competent Persons for Mineral Resources and Ore Reserves are named in the BHP Billiton Limited Group Combined Financial Statements and BHP Billiton press release of June 2008, which can be viewed at www.bhpbilliton.com. The statement of Mineral Resources and Ore Reserves being
Slide 5: Today's agenda
Today’s agenda Introduction & Markets Marcus Randolph, Chief Executive Ferrous and Coal Iron Ore Ian Ashby, President Iron Ore Metallurgical Coal Dave Murray, President Coal Manganese Peter Beaven, President Manganese Concluding Remarks Marius Kloppers, Chief Executive Officer
Slide 6: Introduction and Markets
Introduction and Markets Marcus Randolph Chief Executive Ferrous and Coal 24 June 2008
Slide 7: Introduction & Markets
Introduction Steelmaking materials demand Market pricing Introduction & Markets
Slide 8: Iron ore, metallurgical coal and manganese are integral components in blast furnace production
Iron ore, metallurgical coal and manganese are integral components in blast furnace production COKE OVEN CONVERTER (BOF) REFINING STAND CONTINUOUS CASTING REHEAT FURNACE SINTERING ROLLING MILL ROLLING MILL TUNNEL FURNACE THIN SLAB CASTING REFINING STAND BLAST FURNACE ELECTRIC ARC FURNACE Notes: a) I
Slide 9: Blast furnace steel production is continuing to increase
Blast furnace steel production is continuing to increase • 66% of global crude steel is currently generated via blast furnaces • Blast furnace production and share is continuing to rise • Trend is to larger, higher productivity furnaces • China’s steel policy is supportive of this move and the shift
Slide 10: BHP Billiton's businesses are leaders in their own right
BHP Billiton’s businesses are leaders in their own right 296 103 145 21 111 24 25 14 25 17 33 • BHP Billiton is the only mining company with a top three marketing position in all three steel raw material groups • Australian based operations have a significant location advantage with close proximity
Slide 11: Three large, low cost, high quality and expandable businesses
Three large, low cost, high quality and expandable businesses Iron Ore Metallurgical Coal Manganese • Production is expected to triple between 2007 and 2015 – benefits of operational scale and simplicity • High quality resources, and low costs of production • Large resource base in close proximity t
Slide 12: One co-ordinated business unit
One co-ordinated business unit Iron Ore Metallurgical Coal Manganese Marketing Marcus Randolph Chief Executive Ferrous and Coal • 31 years resources experience • 9 years at BHP Billiton • Previously held roles: – Chief Organisation Development Officer – President Diamonds & Specialty Products – Chie
Slide 13: Marketing reflects customer requirements
Marketing reflects customer requirements • Purpose is to delight our customers and to receive market prices • Superior product offerings with full range of steel making materials • Security of long term contract volumes, capturing floating prices • Freight optimisation – prefer CIF to FOB • Measure
Slide 14: Safety performance demonstrates operational control
Safety performance demonstrates operational control Jul-04 Dec-04 May-05 Oct-05 Mar-06 Aug-06 Jan-07 Jun-07 Nov-07 Apr-08 Iron ore Metallurgical coal Manganese Total recordable incident frequency rate (TRIFR) (Per million hours, 12 month rolling average)
Slide 15: Introduction & Markets
Introduction Steelmaking materials demand Market pricing Introduction & Markets
Slide 16: Steel is an essential input as nations industrialise and urbanise
Steel is an essential input as nations industrialise and urbanise Finished steel consumption (kg/capita) Source: World Bank; Government Statistics for Taiwan; IISI 1,000 1,250 5,000 10,000 15,000 20,000 25,000 30,000 GDP/Capita (Jan-2008 Constant US Dollars) China India Japan Korea, Rep. Taiwan Germ
Slide 17: China's urban population is on track to reach one billion
China’s urban population is on track to reach one billion 143 157 149 232 160 315 86 102 34 120 5 50,000 40 billion 170 5 billion 221 China population by city size (Millions of people) Big town (<0.5m) Small (0.5m–1.5m) Midsized (1.5m–5m) Big (5m – 10m) Mega (10m+) Source: McKinsey Global Institute,
Slide 18: China is the world's largest steel producer
China is the world’s largest steel producer 66% 20% 5% 4% 5% Source: IISI and BHP Billiton estimates. Note crude steel production growth calculated based on the change in annual production between years ended 1996 and 2007. 1,000 1,250 1,500 Crude steel production (mt) China USA Japan Europe Other I
Slide 19: India metallurgical coal demand – the next wave
India metallurgical coal demand – the next wave 9.7 9.3 11.2 9.7 8.8 7.2 6.6 Indian domestic metallurgical coal consumption (mt) Data source: CRU “The Annual Outlook for Coking Coal 2007”, BHP Billiton. 10.7 12.9 14.9 15.9 19.6 20.2 22.9 Indian seaborne metallurgical coal consumption (mt)
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Slide 21: Introduction & Markets
Introduction Steelmaking materials demand Market pricing Introduction & Markets
Slide 22: The price received by Australian producers does not reflect its superior value
The price received by Australian producers does not reflect its superior value Jun-03 Nov-03 May-04 Nov-04 May-05 Oct-05 Apr-06 Oct-06 Apr-07 Sep-07 Mar-08 China Market Price (66% Fe Equiv) Newman Fines Carajas Fines Source: Press releases, TEX report, Baltic Exchange and BHP Billiton estimates. New
Slide 23: Transparent pricing for bulk commodities will maximise supply from the most efficient producers
Transparent pricing for bulk commodities will maximise supply from the most efficient producers OTC Forward Delivery Benchmark pricing OTC Financial Swap Financial swaps enable ‘price risk’ to be managed separately from ‘supply risk’ Counter-parties trade directly with each other Prices set by negot
Slide 24: Raw material prices have risen, but still low as a % of steel price
Raw material prices have risen, but still low as a % of steel price 382% 599% 486% Iron ore Metallurgical coal Manganese ore Commodity price movement (% change 2001-2008) Note: Historical nominal prices based on Japanese financial year benchmarks beginning April of relevant year. a) Iron ore based o
Slide 25: Iron Ore
Iron Ore Ian Ashby, President 24 June 2008
Slide 26: Iron Ore key messages
Iron Ore A world class iron ore business 2008 – A record year Continued rapid growth Key messages
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Slide 28: 12bt of high quality Resource and 35bt of mineralisation in two production regions
12bt of high quality Resource and 21 to 35bt of mineralisation concentrated in two production regions Central Pilbara Source: Resource base: BHP Billiton News Release, 24-Jun-2008; Equity basis: The Mineral Resource of 11.7bt in 100% terms translates to an attributable Mineral Resource of 10.3bt. Th
Slide 29: Low cost supply to customers
Low cost supply to customers Source: CRU, BHP Billiton analysis Iron Ore cost delivered to Asia ($/dmt) Cumulative production (Mt) WA Iron Ore weighted average cost delivered to Asia 2008 Delivered 2007 Delivered • Proximity to market drives a delivered cost advantage • Freight costs have become a m
Slide 30: Iron Ore key messages
Iron Ore A world class iron ore business 2008 – A record year Continued rapid growth Key messages
Slide 31: 46% increase in the Pilbara Resource base
46% increase in the Pilbara Resource base 2.3 2.4 3.0 7.0 8.0 11.7 FY2006 FY2007 FY2008 +15% increase +46% increase Pilbara Resources and Reserves (Bt, 100% basis) Ore Reserve Mineral Resource • Ore Reserve increased by 0.6 bt to 3 bt total (23% increase on FY07) • Mineral Resource increased by 3.7
Slide 32: 2008 – Growth projects delivered
2008 – Growth projects delivered • RGP3 completed under budget and on time a • System Operating at RGP3 design rate of 129 mtpa (100%) b - New stockyard at Finucane Island - C Berth and shiploader upgrade - Area C mine expansion, new processing plant and stockyard • Samarco expansion completed - New
Slide 33: 2008 – Continuing excellent operating performance
2008 – Continuing excellent operating performance • Continued rate of safety improvement • Record production in Q1 CY08 • Strong cost performance • Outperforming on volumes: - Record ore mined at Area C and Yandi - Railing to port - High performance from all ship loaders • Samarco rapid ramp-up: new
Slide 34: Volumes growing at an average annual rate of 9%
Volumes growing at an average annual rate of 9% FY02 FY08 Quarterly production, BHP Billiton Iron Ore (mt, WAIO and Samarco equity basis) • Strong historical growth • Beating production targets • Record quarterly production in Q1 CY08 • Delivering 100% of contracted tonnes
Slide 35: Iron Ore key messages
Iron Ore A world class iron ore business 2008 – A record year Continued rapid growth Key messages
Slide 36: Clear plan for growth in capacity to 2015 and beyond
Clear plan for growth to 300 mtpa and beyond 112 300 capacity in 2015 > 350 capacity 240 capacity in 2012 Western Australia Iron Ore capacity (mtpa, 100% basis) Pre-feasibility Quantum 1 RGP3* RGP4 RGP5 RGP6 Quantum 2 Status CY07 Actual Production Ramping up to full capacity Construction Feasibility
Slide 37: Resource evaluation programme to support growth
Resource evaluation programme to support growth • Focus on identifying new resource to support new mining hubs • FY08 resource evaluation programme has delivered a 46% increase in Mineral Resources • ~US$500m in expenditure planned • Resources have significant geological upside • The evaluation prog
Slide 38: Rapid Growth Project 4
Rapid Growth Project 4 – Capacity 155 mtpa Notes: • Budget: Capex forecast to completion tracking on budget in operating currency • mtpa in 100% terms translates to ~132 mtpa in attributable terms Above: Construction of Jimblebar, including new rail loadout , May Below: Construction of the Newman Hu
Slide 39: Rapid Growth Project 5 – Capacity 200+ mtpa
Rapid Growth Project 5 – Capacity 200+ mtpa Notes: • 200+mtpa in 100% terms translates to ~170+ mtpa in attributable terms • US$1.1B pre-approval funding is 100% terms. Above: RGP5 Drilling Barge at Port Hedland (Finucane Island in the background) Below: Yule River bridge, starting dual tracking con
Slide 40: Rapid Growth Project 6
Rapid Growth Project 6 – Capacity 240 mtpa Above: Nelson Point Port Plans Below: Port Hedland Inner Harbour Nelson Point • RGP6 targeting 240 mtpa capacity by 2012 (100%) • Pre-feasibility study on track for completion in H1 CY09 • Leveraging off RGP5 works for rapid start: - Dredging - Equipment an
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Slide 44: Iron Ore key messages
Iron Ore A world class iron ore business 2008 – A record year Continued rapid growth Key messages
Slide 45: Key messages
Key messages • A clear and deliverable strategy to achieve 300 mtpa of installed capacity by 2015 • Expanding the resource base to support our growth plans and operating strategy of large, long life, low cost hubs • Delivering our committed volumes • Growth projects delivered on time and on budget •
Slide 46: Metallurgical Coal
Metallurgical Coal Dave Murray, President Coal 24 June 2008
Slide 47: Metallurgical coal key messages
The premier metallurgical coal business Global metallurgical coal supply Strong resource position and growth options Key messages Metallurgical coal
Slide 48: Leading supplier in seaborne metallurgical coal market
Leading supplier in seaborne metallurgical coal market Source: McCloskey, country trade statistics, Barlow Jonker, AME and BHP Billiton estimates. Note: Production figures represent 100% of production regardless of ownership structure. BMA – BHP Billiton Mitsubishi Alliance (50% BHP Billiton), BMC –
Slide 49: BHP Billiton's world class operations
BHP Billiton’s world class operations 2.5 2.5 . Kilometres Port Kembla Coal Terminal Mining Licences Illawarra Coal Appin West Cliff Dendrobium Maruwai Project (100%) BMA (50%) & BMC (80%) Illawarra Coal (100%) S. Banto River Lahai Pari Maruwai Central Kalimantan Juloi Sumber Banto Ratah Kalteng Eas
Slide 50: Low cost coal operations drive competitive advantage
Low cost coal operations drive competitive advantage Copyright Barlow Jonker. Not to be used in any third party documentation Average Canadian cost position (all suppliers) BMA/BMC/BHP Billiton operations World export metallurgical coal FOB cash cost curve (CY2007, US$/t) Volume (mt)
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Slide 52: BMA/BMC – Large scale, low cost, high quality & expandable operations
BMA/BMC – Large scale, low cost, high quality & expandable operations • Large volumes of good quality coals • Large resource base • Large pipeline of low cost, brownfield expansion options • Hay Point, a wholly dedicated operating coal port on Australia’s east coast • Hay Point takes ~70% of BMA / B
Slide 53: BMA/BMC – Recovering well from flooding
BMA/BMC – Recovering well from flooding • Two extraordinary floods (1 in 100 year events) • Production loss of 3.7 – 4.6mt (BHP Billiton share) • Force Majeure from 24 January 2008, lifted on 5 June 2008 • Recovery of operations well advanced operating on average ~ 90% capacity
Slide 54: Illawarra Coal – Performing strongly
Illawarra Coal – Performing strongly Domestic 3.6 Export 2.7 Notes: a) High ash thermal. Illawarra Coal sales (mt, FY2007) • Strong operational performance – West Cliff Mine - yearly, monthly production records – Dendrobium - yearly, monthly production records • Reconfiguration of Appin Mine to be c
Slide 55: Metallurgical coal key messages
The premier metallurgical coal business Global metallurgical coal supply Strong resource position and growth options Key messages Metallurgical coal
Slide 56: Bowen Basin is the pre-eminent global supply basin
Bowen Basin is the pre-eminent global supply basin 195mt Seaborne metallurgical coal trade (2006) Exports Imports S America 16mt China (a) 2mt Australia 125mt North Asia 96mt Europe 58mt India 19mt Canada 24 mt USA 22m t South Africa 2mt Trade flow Russia 6mt Around 64% of the world’s seaborne metal
Slide 57: Global supply limited by infrastructure constraints
Global supply limited by infrastructure constraints Source: The Australian Photo: The Australian
Slide 58: BMA/BMC has a strong infrastructure position
BMA/BMC has a strong infrastructure position Our strategy: • Position in all rail/port corridors • Expansion of wholly owned Hay Point terminal • Hay Point expansion #3 currently in pre-feasibility • Contracted positions support growth plans Source: BHP Billiton Abbot Point Hay Point Coal Terminal D
Slide 59: Chinese structural shortage of supply emerging
Chinese structural shortage of supply emerging… Met coal market Total China = 493mt Global Seaborne = 195mt China metallurgical coal net imports (mt, seaborne and landed) Source: Barlow Jonker, CRU, Chinese customs data and BHP Billiton Total China met coal tonnage refers to consumption calculated f
Slide 60: Metallurgical coal key messages
The premier metallurgical coal business Global metallurgical coal supply Strong resource position and growth options Key messages Metallurgical coal
Slide 61: Our premier resource position facilitates low risk expansion
Our premier resource position facilitates low risk expansion Wards Well Goonyella Riverside Broadmeadow UG Peak Downs Blackwater Saraji Source: BHP Billiton Annual Report. JORC Resource Estimate. Bubble size represents approximate resource size on a 100% basis. a) 100% basis. On an equity basis, BMA
Slide 62: BMA/BMC is accelerating growth to capture demand
BMA/BMC is accelerating growth to capture demand Current operations BMA/BMC ‘creep’ Goonyella O/C Caval Ridge Daunia • Accelerating growth: – Speed to market – Volume growth • Focus on accelerated development – Dragline and equipment build slots secured – Standardisation of preparation plant design
Slide 63: Maruwai an exploration success with construction underway
Maruwai an exploration success with construction underway • A world class coal discovery • Major metallurgical and thermal coal basin • 100% BHP Billiton • Stage 1 development – ~US$100m development – 1mtpa – First coal expected CY2009 • Stage 2 development – Currently in feasibility – ~3-5mtpa S. B
Slide 64: Metallurgical coal key messages
The premier metallurgical coal business Global metallurgical coal supply Strong resource position and growth options Key messages Metallurgical coal
Slide 65: Key messages
Key messages • BHP Billiton is the leading supplier in seaborne metallurgical coal – Low cost, high margin operations – Superior product offerings – Efficient port facility at Hay Point – Contracted growth in port and rail – Freight advantage - close to key growth markets • Met coal market condition
Slide 66: Manganese
Manganese Peter Beaven, President 24 June 2008
Slide 67: Manganese key messages
Manganese Manganese industry structure The industry leading Manganese business Significant future growth and resources Key messages
Slide 68: Manganese demand chain is driven by steel production
Manganese demand chain is driven by steel production 1.3bt of crude steel production CY2007 ~14mt of Manganese alloy demand ~37mt of Manganese ore demand Source: IMnI, IISI • ~90% of manganese production is consumed in steel making • Removes oxygen and sulphur in the steel making process • Hardening
Slide 69: China is a major producer of manganese alloy
China is a major producer of manganese alloy… 48% 15% 10% 7% 6% 6% 8% Source: IMnI • Majority of alloy production located close to major steel producers (eg. China) • Balance produced in countries with high grade ore or low cost power (e.g. Australia, South Africa, Brazil) • Silico manganese – 57% o
Slide 70: ...but based on lower grade ores. High grade ore is located principally in Australia and South Africa
...but based on lower grade ores. High grade ore is located principally in Australia and South Africa 13.8 7.4 17.0 >43% Mn >30% & <=43% Mn <=30% Mn China Ghana Ukraine India Australia South Africa Gabon Brazil Other Source: IMnI a) Includes Australia, Burma, Indonesia, Phillipines, Taiwan, Vietnam
Slide 71: High grade ore has significant value in use benefits
High grade ore has significant value in use benefits High Grade Ore Low Grade Ore – China (a) Source: BHP Billiton estimates. a) Assumed ore inputs for example of 40% domestic ore (25% Mn), 20% imported ore (44% Mn) and 40% rich slag (33% Mn). • Low grade ore performance in alloy production is subst
Slide 72: Adjusting the supply curve for the value in use highlights the benefits of high grade ore
Adjusting the supply curve for the value in use highlights the benefits of high grade ore • Alloyers’ recognise relative ore value in use • Will pay for the differentials • Chinese ore grades are generally low (typically 22%) • Cost curve has to take value in use differentials into account • Seaborn
Slide 73: Chinese alloyers refocus on high grade manganese ore
Chinese alloyers refocus on high grade manganese ore demand has exceeded seaborne supply capacity Source: BHP Billiton estimates and IMni. CY2000 CY2001 CY2002 CY2003 CY2004 CY2005 CY2006 CY2007 CY2008E 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Domestic supply (LHS) Seaborne supply (LHS) % supplie
Slide 74: Ownership of low cost alloy smelters
Ownership of low cost alloy smelters Source: BHP Billiton estimates. High carbon ferro manganese cost curve (Index, FOB 2008) Samancor Metalloys TEMCO Units of Supply • Alloy is a global commodity with essentially homogenous products • Pricing is driven by marginal producer • Cost curve has steepene
Slide 75: Manganese key messages
Manganese industry structure The industry leading Manganese business Significant future growth and resources Key messages Manganese
Slide 76: Samancor Manganese business overview
Samancor Manganese business overview BHP Billiton (Operator) Anglo American Samancor Manganese • Largest producer of manganese ore globally – 22% global market share – 35% seaborne market share • Significant global alloy producer • High quality ore with a high value in use • Low cost ore and alloy o
Slide 77: Samancor Manganese ore
Samancor Manganese ore GEMCO Wessels (a) Mamatwan (a) GEMCO • 0.9mtpa capacity • Underground mine • High in situ ore grades - 42-49% • 2.8mtpa capacity • Open-cut low cost mine • Average grade ~37% • 0.9mtpa sinter plant upgrades ore to 46% Manganese Ore HOTAZEL Mamatwan & Wessels • 3.4mtpa capacity
Slide 78: Samancor Manganese alloy
Samancor Manganese alloy TEMCO Metalloys & Advalloy MMC (51%) HOTAZEL Mamatwan & Wessels Manganese Alloy Metalloys Advalloy MMC (51%) TEMCO GEMCO Manganese Ore • 370ktpa HCFeMn capacity • 82ktpa MCFeMn capacity • 120ktpa SiMn capacity • One of the largest alloy plants in the world • HCFeMn 128ktpa c
Slide 79: Samancor Manganese is an industry leader
Samancor Manganese is an industry leader 0% 5% 10% 15% 20% 25% 30% 35% 40% 1,000 1,200 1,400 1,600 Manganese ore production (a) (mmtu, CY2007) Notes: a) Source: CRU, Metal Expert, company reports, BHP estimates. b) Source: Metal Expert, company reports. c) Source: Company reports. Samancor Manganese
Slide 80: A strong existing market footprint, with excellent exposure to all major developing markets
A strong existing market footprint, with excellent exposure to all major developing markets 22% 16% 17% 89% 32% 11% 49% 74% 29% 9% 52% Global China India Middle East Samancor Manganese Other Seaborne Other Domestic Global manganese ore market share (mmtu, CY2007) • Leading supplier of seaborne manga
Slide 81: Manganese key messages
Manganese industry structure The industry leading Manganese business Significant future growth and resources Key messages Manganese
Slide 82: Samancor Manganese ore production ramp-up
Samancor Manganese ore production ramp-up Mamatwan Wessels GEMCO • GEMCO – Current expansion of 0.7mtpa, cost of ~US$110m (BHP Billiton share) – Future expansion currently in pre-feasibility • Wessels – ~US$37m capex expansion project (BHP Billiton share) – Additional 0.7mtpa by FY2012 • Mamatwan –
Slide 83: Increased resource position to support long term growth
170 164 68 150 22 159 Increased resource position to support long term growth • Long life mines • Wessels 137mt uplift as a result of: – Upper body delineation – Ntsimbintle BEE transaction (a) • Mamatwan 82mt uplift as a result of: – Enhanced mine planning – Ntsimbintle BEE transaction (a) June 200
Slide 84: A focused exploration plan
A focused exploration plan • Targeting large, low cost and expandable resource bases • Greenfields activities – Gabon – Concept study underway – Focus on expanding the resource base – Arnhem land (Northern Territory, Australia) – Good progress in NLC negotiations • Brownfields activities – GEMCO – H
Slide 85: Manganese key messages
Manganese industry structure The industry leading Manganese business Significant future growth and resources Key messages Manganese
Slide 86: Key messages
Key messages • Samancor Manganese (BHP Billiton 60%) is the largest producer – Long life assets – High quality and global product suite – Strong EBIT margin – Exposure to all significant developed and growth markets • Globalisation of ore industry – Fundamental shift to value in use pricing – Very s
Slide 87: Concluding Remarks
Concluding Remarks Marius Kloppers, Chief Executive Officer 24 June 2008
Slide 88: BHP Billiton's businesses are leaders in their own right
BHP Billiton’s businesses are leaders in their own right 296 103 145 21 111 24 25 14 25 17 33 • BHP Billiton is the only mining company with a top three marketing position in all three steel raw material groups • Australian based operations have a significant location advantage with close proximity
Slide 89: Industry leading position in Steelmaking materials
Industry leading position in Steelmaking materials • Tier 1 assets in Iron Ore, Metallurgical Coal and Manganese businesses - Large, low-cost assets with significant resource bases - Access to key infrastructure - A deep inventory of growth options consisting primarily of brownfield expansions • Our
Slide 90: A strong and diversified growth profile
A strong and diversified growth profile 41% 38% 21% 2,000 4,000 6,000 8,000 10,000 12,000 CY07 CY08 CY09 CY10 CY11 CY12 % of growth 2007-2012 (Estimated & unrisked) Note: Copper equivalent units calculated using BHP Billiton (BHPB) estimates for BHPB production. Production volumes exclude BHPB’s Spe
Slide 91: Offer for Rio Tinto – Compelling terms
Offer for Rio Tinto – Compelling terms 2.2 for 1 2.4 for 1 2.6 for 1 2.8 for 1 3.0 for 1 3.2 for 1 3.4 for 1 3.6 for 1 3.8 for 1 12-Jul-2007 07-Sep-2007 05-Nov-2007 01-Jan-2008 27-Feb-2008 24-Apr-2008 Pre approach fair value exchange ratio 12-Nov-2007 BHP Billiton Proposal 06-Feb-2008 BHP Billiton O
Slide 92: Consistent with our core strategy
Consistent with our core strategy • Tier 1 assets that are large, low-cost, expandable and consistently profitable • Upstream focus and export-oriented commodities • A deep inventory of growth options • Portfolio diversified by commodity, geography and customer • Overriding commitment to ethics, saf
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