International AnalystsNewman Visit

Welcome to Newman

21 June 2002Page 2

VISITOR SAFETY INDUCTION

This Safety Induction refers to all of the mine sites visited today and is part of ourHSEC Policy.

• Stay with your BHP Billiton escort at all times.• Safety helmets are provided and you will be advised when to wear them.• Safety glasses are provided. You will be advised when it is necessary to wear

them.• Safety glasses will fit over prescription glasses.• Use handrails when using stairs.• Keep clear of all machinery.• In the event of an evacuation or emergency, stay with your BHP Billiton escort.• BHP Billiton has a no-smoking policy inside buildings and vehicles.• You are most welcome to use cameras.

Enjoy your visit with us today

21 June 2002Page 3

PILBARA OPERATIONS

21 June 2002Page 4

LTIFR – Whaleback & Contract Mines

0.56

88

13

2.5 2 1.23

8

5 55

3

0

5

10

15

20

25

YEM97 YEM98 YEM99 YEJ00 YEJ01 YEJ02

Whaleback Contract Mines

NSCA SMP

Consult

SSRG

D&A

SAO

SAO

PPS

DetailedInvestigation ICAM

D&A

21 June 2002Page 5

The Weakest Link

LTI

MTI

First Aid

Near Miss

Unsafe Acts

The InevitableFailure of

Duty of CareUpper Management Commitment

Current Learning ExposureStatutory ObligationsSafety SystemsImproved Practices

BEHAVIOURTrainingValuesRecognition

Potential knowledge

30 X incident reports to injuries

CI

21 June 2002Page 6

Strategic Focus for 2002 - 2007

Key Points• Achieve / exceed goals through good planning• Think beyond short term / regional horizons• Gain strategic benefits• People management – become employer of choice• Organisation consistency• Secure support for business decisions• Pace of restructuring• Keep it simple

21 June 2002Page 7

BHP IRON ORE PILBARA JOINT VENTURES

Mt Newman Joint Venture• BHP Minerals Pty Ltd 85%• Mitsui Itochu Iron Pty Ltd 10%• CI Minerals Australia Pty Ltd 5%

Mt Goldsworthy Mining Associates• BHP Minerals Pty Ltd 85%• Mitsui Iron Iron Ore Corporation Pty Ltd 7%• CI Minerals Australia Pty Ltd 8%

Yandi Joint Venture• BHP Minerals Pty Ltd 85%• Mitsui Iron Iron Ore Corporation Pty Ltd 7%• CI Minerals Australia Pty Ltd 8%

Note : Jimblebar is 100% owned by BHP Minerals Pty LtdMining Area C is part of Mt Goldsworthy Joint Venture

POSMAC• BHP Minerals Pty Ltd 65% C Deposit Only• POSCO 20%• Mitsui Iron Iron Ore Corporation Pty Ltd 7%• CI Minerals Australia Pty Ltd 8%

21 June 2002Page 8

Mine Production Mt (Wet)

0

10

20

30

40

50

60

70

80

1966 1968 1970 1972 1974 1976 1978 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002

Whaleback+OB29 Bene OB23/25 Jimblebar Yandi Goldsworthy

21 June 2002Page 9

BHP IRON ORE SHIPMENTS/COMPETITORS

Brazil

South Africa

India

Canada

Australia

2000 Mkt Share %

Export Region

0.8Peru

1.0Philippines

1.4Chile

1.5Venezuela

2.4Mauritania

3.5Sweden

4.0Canada

4.7South Africa

7.9India

34.5Australia

35.2Brazil

21 June 2002Page 10

BHP IRON ORE SHIPMENTS - (Year Ending June 2001)

E.Europe1.3% W.Europe

7%

China15% Australia

10%

Taiwan8%

S. Korea16%

Japan43%

YEJ2001 MdmtJapan 29.3S. Korea 10.7Taiwan 5.2Australia 6.5China 10.1Europe _5.3Total: 67.2

21 June 2002Page 11

YEJ03 Budget based on Drivers – Mining

Yandi(47.7%)

PisoliteNear CapacityLow CostLump/ICP

Newman Blend (40.8%)

Brockman Ore

CapacityHigher CostWhaleback 2:1 ARD WPA/EBAOwner

ContractorContractor

TownFIFO

Yarrie(11.0%)

Goldsworthy 4 years left

Flat OutContract

Stripping Nimingarra

Area C Marra MambaBulk Sample

ADP/Operation

21 June 2002Page 12

YEJ03 Budget based on Drivers – Newman Blend

Low contaminants /

Low waste-ore ratio

OB29,30,35Blend Limits

Marra Mamba (5.9 %)W:O

Deep Long Hauls

ARD / Hot Ground

South 8

Quality

Higher Cost

D2 OreLump/fine ratioFriable Ore

Whaleback (35.5 %)

Contract Mine

Owner Mine

Low Al2O3Increase production to 7.6 TpaFines drying stockpiles

Bene Product (21.7 %)

OB 23/25(17.5 %)

High POffers blending

Flexibility

OB23 equivalent D2 Ore

Satellites (36.9 %) Jimblebar (19.4 %)

Low P

Increased Reserves

High Al2O3

Dust

21 June 2002Page 13

All Mines - $ / Tonne OFR

1998/99 1999/00 2000/01 Third Quarter 2001/2002

$ / T

onne

Whaleback Yarrie Jimblebar OB 23/25 Yandi Total Mines

21 June 2002Page 14

Orebody Development StatusWhaleback

• Mining to Planned Pushback Development Sequence

21 June 2002Page 15

Improvements to Mt Whaleback Life of Mine Strip Ratio

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Oct 98 LOM Plan (Sep 2001 Model)

21 June 2002Page 16

Improvements to Mt Whaleback Life of Mine Strip Ratio

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Oct 98 LOM Plan (Sep 2001 Model) Aug 99 LOM Plan (Sep 2001 Model)

21 June 2002Page 17

Improvements to Mt Whaleback Life of Mine Strip Ratio

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Oct 98 LOM Plan (Sep 2001 Model) Aug 99 LOM Plan (Sep 2001 Model) 2001 Maximising NPV

21 June 2002Page 18

Improvements to Mt Whaleback Life of Mine Strip Ratio

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Oct 98 LOM Plan (Sep 2001 Model) Aug 99 LOM Plan (Sep 2001 Model) 2001 Maximising NPV Feb-2002 LOM Plan (Sep-01 Model)

21 June 2002Page 19

Improvements to Mt Whaleback Life of Mine Strip Ratio

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Oct 98 LOM Plan (Sep 2001 Model) Aug 99 LOM Plan (Sep 2001 Model) 2001 Maximising NPVFeb-2002 LOM Plan (Sep-01 Model) Feb-2002 Product Ratio

21 June 2002Page 20

Beneficiation Plant Upgrade

• Feed System Modification – April 1999

• Drum Capacity Increased – 340 to 550 tph/drum, 3.2 to 3.5 SG – May 1999

• Cyclone Circuit Upgrade – June 1999

• Replaced Cones Plant with Spiral Plant – March 2000

• Modified Chutes for Wet Feed Handling – November 2000

• Waste System Upgrade – higher tonnage/reduce spillage - June 2001

• Tailings System Upgrade –October 2001

21 June 2002

Beneficiation Plant PerformanceProduct & Feed tonnes

0.0YEM98 YEM99 YEM00 YEJ01 YTD YEJ02 Potential

Mill

ion

Tonn

es

ProductFeed

21 June 2002

CURRENT MINING EQUIPMENTDrills

1 x IR DM-M3 (251mm)2 x IR DM-H4 (311 mm)

Shovels & Excavators

1 x P & H 28002 x O & K RH2001 x O & K RH170

Trucks

11 x CAT 789 190T13 x CAT 793 240T

Loaders

2 x CAT 9942 x CAT 992C2 x CAT 992G

O&K RH200

IR DM-M3 (251mm)

CAT 24OT