BHP commits $779m to Australian port development
BHP Billiton, the world's biggest mining company, has announced $917m in pre-commitment funding for the construction of an outer harbour facility for its Western Australia iron ore operations.
BHP Billiton, the world's biggest mining company, has announced $917m in pre-commitment funding for the construction of an outer harbour facility for its Western Australia iron ore operations.
The money, of which BHP will provide $779m, will go towards feasibility studies and for dredging to begin, subject to the necessary regulatory approvals.
The company is also undertaking engineering studies to match mine and rail expansions to the expanded port.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The first phase of the outer harbour would include the proposed construction of a four kilometre jetty, a four-berth wharf, 32 kilometres of dredged departure channel and landside infrastructure, including stockyards and a rail spur.
Start-up would be in the first half of 2016.
BHP's iron ore boss, Ian Ashby, said of the funding commitment: "This investment is an important first step in providing the infrastructure to allow us to fully develop our world class resource base in the Pilbara. The development of the outer harbour is pivotal for our longer term growth objectives and this initial funding is rapidly turning those plans into a reality."
Shares in BHP have fallen 8.6% over the past 12 months.
BS
Sign up for MoneyWeek's newsletters
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
-
Starling Bank to scrap 3.25% interest rate from popular current account within days
Starling is to remove the generous 3.25% it pays on current accounts from next week – what does this mean for customers and should you move?
By Katie Williams Published
-
Top 20 UK areas where house prices have ballooned in last 25 years
Some parts of the UK have seen house prices grow by 652% since the turn of the millennium
By Daniel Hilton Published