Australian Site Tour

Olympic Dam

31 October 2008
 Disclaimer
Reliance on third party information The views expressed here contain in formation that have been derived from publicly availa ble sources that have not been
independently verified. No representatio n or warranty is made as to the accuracy, completeness or relia bility of the information. This presentatio n should not be relied
upon as a recommendatio n or forecast by BHP Billiton.
Forward looking statements
This presentation in cludes forward-lo okin g statements within the meaning of the U.S. Securities Litig atio n Reform Act of 1995 regardin g future events and the future
financia l performance of BHP Billiton. These forward-looking statements are not guarantees or predictions of future performance, and in volve known and unknown risks,
uncertaintie s and other factors, many of which are beyond our control, and which may cause actual results to differ materially from those expressed in the statements
contain ed in this presentatio n. For more detail on those risks, you should refer to the sections of our annual report on Form 20-F for the year ended 30 June 2008
entitled “ Risk factors” , “ Forward looking statements” and “ Operatin g and financial review and prospects” file d with the U.S. Securities and Exchange Commission.
No offer of securities
Nothing in this release should be construed as either an offer to sell or a solicitatio n of an offer to buy or sell BHP Billiton securitie s in any jurisdiction.
Resources and reserves
Cautionary Note to US Investors – The SEC generally permits mining companie s in their filings with the SEC to disclose only those mineral deposits that the company
can economically and le gally extract. Certain terms in this presentation, includin g “ resource” , “ in ferred resource” , “ indicated resource” and “ measured resource” , would
not generally be permitted in an SEC filing. The material denoted by such terms is not proven or probable Reserves as such terms are used in the SEC's Industry
Guide 7, and there can be no assurance that BHP Billiton will be able to convert such materia l to proven or probable Reserves or extract such materia l economically.
BHP Billiton urges investors to refer to its Annual Report on Form 20-F for the fiscal year ended June 30, 2008 for its most recent statement of mineral Reserves
calculated in accordance with Industry Guid e 7.
Competent Persons for Mineral Resources and Ore Reserves are named in the BHP Billiton Annual Report 2008, which can be viewed at www.bhpbilliton.com. Shane
O'Connell, who is a member of the AusIMM and a full time employee of BHP Billiton, has the required qualifications and experie nce and is the Competent Person for
the assessment of Mineral Resources at Olympic Dam, which has been reported in accordance with the Australa sian Code for Reportin g of Mineral Resources and Ore
Reserves, December 2004 (the JORC Code).
Shane O'Connell verifies that the 2008 Mineral Resource data included in this document is based on and fairly reflects the information in the supporting documentatio n
relatin g to Olympic Dam Mineral Resource. The Mineral Resource numbers prio r to 2008 have been sourced from the publicly available Annual Reports for WMC and
BHPBilliton.

Slide 2
 Agenda

Introduction & Olympic Dam Resource

Market

Current Business Performance

Olympic Dam Expansion

Strong Future for the Uranium Business

Slide 3
Introduction & Olympic Dam Resource
Graeme Hunt
President Uranium and Olympic Dam Development
 Introduction and Resource

Key Points

• Safety is our Key Priority

• The current business is

performing strongly

• Work is progressing on the

Olympic Dam Expansion Study

Slide 5
 One co-ordinated Uranium business unit
Marius Kloppers
Chief Ex ecutiv e Officer

Graeme Hunt
President Uranium and
Photo Olympic Dam Development
• 33 years with BHP Billiton
• Previously
- President Aluminium
- President Iron Ore

Olympic Dam Olympic Dam Expansion Corporate Affairs Technology Marketing & Development

Dean Dalla Ted Bassett Richard Andrew Shook John Crofts 1

Valle Project Director Yeeles Chief Chief Commercia l
President & Manager Technology & Officer
Chief Operating Corporate Informatio n
Officer Affairs Management
Officer
• 31 years with BHP Billiton • 2 years with BHP Billiton • 12 years with BHP Billiton • 16 years with BHP Billiton • 23 years with BHP Billiton
• Previously • 38 years mine project • 25 years ex perience with • Previously • Director, London Metal
– Asset Leader Olympic development ex perience, government, public relations – Global Technology Exchange
Dam Previously and journalism, Previously Manager P rocess • Previously
– Asset Leader – VP Capital Projects (Inco – Manager Government Engineering – Marketing Director, Base
Cannington Ltd) and Community Relations – Team Leader Metals
– Project Director Goro – Chief of Staff to South Pyrometallurgy
Nickel Project Australian Premier

Note: 1 – J Crofts reports jointly to Graeme Hunt, President Uranium and Olympic Dam Development and Tommy Schutte, President Marketing.

Slide 6
 Olympic Dam: A world class resource
Thousand tonnes U3O8 Million tonnes Copper Million oz Gold
2,500 120 300
~1,100

Largest uranium 4th largest copper 4th largest gold

resource in the world 100 resource in the world 250 resource in the world
2,000

80 200

1,500

60 150

1,000
40 100

500
20 50

0 0 0

Olympic Dam (Co pper)

Oyu Tolgoi (Copper)

El Teniente #
Andina #
Chuq uicamata #

Natalka
Oyu Tolg oi
Olympic Dam

McArthu r River

Lihir
Olympic Dam

Witwatersrand Camp
Muruntau
Grasberg (Copp er)

Pebble (copp er)

Reko Diq (Copp er)

Elkonsky Gorsk

Cigar Lake

Jab iluka
Myn kud uk

Escondida

Collahuasi
Imouraren

Viken

Grasb erg

L ubin

Sukhoi Log
Norilsk (Nickel)
Streltsovsko ye
Inkai

Sources: Company Annual Reports, press releases and International Atomic Energy Agency (as at September 2008).
Witwatersrand figure is BHP Billiton estimate and is approximate only.
Note: # Based on reported resource “ inventory” at 0.2% Cu cut-off grade.

Slide 7
 A multi-generational business
Olympic Dam Resource Mineral Resource
(Mt)

9,000

8,339 Mt Resource 8,000

7,000 Inferred

6,000

5,000
2.33 Mt Contained
U3O8 4,000
Indicated
3,000

2,000

Existing Operation 1,000

Measured
in our backyard
0
2005 2006 2007* 2008*
* Excludes Non Sulphide Au resource declared for the
first time in 2007

Sources: BHP Billiton annual report, BHP Billiton estimates, Company Annual Reports, press releases and International Atomic Energy
Agency (as at September 2008).

Slide 8
Copper Market
John Crofts
Chief Commercial Officer
 Copper Market
Key Points

• BRICs development underpinned by

energy & infrastructure build out
associated with urbanisation

• Advantageous industry economics.

Low price elasticity of demand in key
electrical uses

• Supply interruptions (now) and

constrained growth (future) a
differentiator

• Low stocks and no significant rate of

ingress thus far
Slide 10
 World copper demand: The paradigm shift
Global refined Cu demand 1950-2006
(Mt)
20 Reconstruction Stagnation China
1950—1970 1970—1996 1997 –
18
4.5% 2.1% 3.3%
16

14 Global recession
reduces global Rapid growth of
12 demand China causing supply
shortages
10 Industrialization of
Japan and Korea and
8 Demand growth
Vietnam War
driven by Asian Tigers
Post-war OECD
6 reconstruction
Oil shocks initiate
4 demand weakening
US Government
2 stockpiling

0
1950 1955 1960 1965 1970 1975 1980 1985 1990 1995 2000 2005
Source: World Bureau of Metal Statistics (WBMS)

Slide 11
 Copper – GDP per capita vs consumption per capita
Copper Consumption
(kg / capita)
China
Germany
20 India
Japan
Korea, Rep.
United States
15 Taiwan

10

0
0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 50,000
GDP/Capita (Jan. 2008 Constant US Dollars)

Source: World Bank, Government Statistics, CRU, Brook Hunt.

Note: The shape of the arrow shows the general trend among countries for copper consumption as GDP per capita increases
and is not to scale
Slide 12
 Future supply growth:
Disruption a feature of new supply growth?
Expected future production from highly probable and probable copper developments as at 2006 Q1
(kt)

8,000

7,000

6,000

2-3 year delays

5,000
Forecast production
4,000 as at 2006 Q1

3,000
Forecast production
2,000 as at 2008 Q2

1,000

0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Source: Brook Hunt.

Note: “ Forecast production as at 2008 Q2” represents the expected future production as at 2008 Q2 from those copper developments classified as highly probable and probable as at 2006 Q1.
It excludes new developments classified as highly probable or probable since 2006 Q1.

Slide 13
 Supply side constraints are limiting the industry’s response

Existing Supply Future Supply Growth

• Equipment stress • Infrastructure challenges
• Industrial action and wage disputes • Developments are increasingly
• Labour shortages tending to be:
• Equipment shortages – Smaller
• Significant cost pressures, including – Lower grade
fuel – Higher risk geographies
• Energy and power constraints • Equipment shortages – longer lead
• Declines in ore-grade levels times and project delivery dates
• Rising tariffs • Rising capital costs
• Resources nationalism

Slide 14
 Copper
Exchange Stocks LME Cash price
(t) ($/t Nominal)

800,000 Comex 9,000

SHFE
700,000 8,000
LME
LME Cash (RH) 7,000
600,000
6,000
500,000
5,000
400,000
4,000
300,000
3,000
200,000
2,000

100,000 1,000

0 0
Apr-04

Apr-05

Apr-06

Apr-07

Apr-08
Jan-04

Jul-04

Oct-04

Jan-05

Jul-05

Oct-05

Jan-06

Jul-06

Oct-06

Jan-07

Jul-07

Oct-07

Jan-08

Jul-08

Oct-08
Source: London Metal Exchange (LME), Shanghai Futures Exchange (SHFE) and Comex.

Slide 15
 China copper raw material requirements
Copper raw materials 2008 estimates by sources
(kt Cu contained)

5,000

4,500
Scrap Domestic
Scrap
4,000 Mine

3,500
21%
Net
3,000 29%
Imported
Cathode
2,500

2,000
Imported
29%
1,500 Concentrates
21%
1,000
Domestic Net Imported
500 Mine Concentrates
Imported
Cathode
0
2004 2008 estimate

Source: BHP Billiton, Customs trade data.

Note: Data assumes imported concentrate grade 27% and scrap 25% copper

Slide 16
 Indian copper consumption 1960-2020F
Copper consumption
(kt)

1,800
2008F – 2020F (7.7% growth pa)
Enabling policies
Generation capacity growth, rural electrification
1,500 The XI Five year plan (Apr’07-March’12)
Access to electricity to all village households
Energy Efficiency – India Accelerated Power
Distribution Reform Program
1,200

900

600
1970-1979 1990-1999
2.4% growth pa 9.4% growth pa

300 1980-1989
1960-1969 6% growth pa
-2.2% growth pa 2000-2009
9.9% growth pa
0
1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010F 2015F 2020F
Sources of data: Brook Hunt Quarterly Reports (September 2008); International Copper Association (ICA) Sustainable electrical energy.

Slide 17
 Results of Network Substitution Survey
Selected
applications of
which 2006 CU % share of 14 Mt % share of 14.5
demand = 14 Mt Level of substitution – Net view by threat Mt by threat
% share of 14 Mt Selected applications 2006 2007 2006 2007

21 Building wire Low and stable Low

14 Electrical/Electronic Strip Low to mediu m Low to mediu m

14 Industria l power cable Low to mediu m Low to mediu m

11 Commercial tube Low and in creasing Medium

59
10 Electric motors Low Low

7 Plumbing tube High and sustained High 76

6 Automotive wire Low and in creasing Medium

5 Utility power cable Medium Medium and increasing

4 Telecom cable Medium and increasing High

4 Power/distrib utio n transformers Medium and stable Medium

29
2 Roofing strip High but stable High and in creasing

1 Automotive HEX High and in creasing High and in creasing

14
1 LAN cable Medium Medium and increasing
13
1 Industria l HEX tube High and in creasing High 10

Source: CRU substitution data / International Copper Association (ICA).

Slide 18
Uranium Market
John Crofts
Chief Commercial Officer
 Uranium Market
Key Points

• Real impact of Climate Change still to

come & meaningful options are limited
• Security of supply key for BRICs
• Supply side response challenges
(near term & future)
• Nuclear cost competitiveness on the
rise – priced carbon & reduced capital
intensity (China) are further upside

Slide 20
 Primary energy consumption is strongly correlated to economic
development
Primary energy use
(tonnes of oil equiv/capita)

10
China
Germany
India
8
Japan
Korea, Rep.
United States
6 Taiwan

0
0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 50,000
GDP/Capita (Jan. 2008 Constant US Dollars)

Source: World Bank, Government Statistics for Taiwan, BP Statistical Review of World Energy (2007).
Note: The shape of the arrow shows the general trend among countries for primary energy consumption as GDP per capita increases
and is not to scale.

Slide 21
 China’s power output is annually growing by as much as the
total power output of a major European country
China’s Growing Power Output
(in billion kWh)
3,500
Power output added from previous year

3,000 426

2,500

2,000

1,500

1,000
UK’s total
power output
today
500

400
0
1999 2000 2001 2002 2003 2004 2005 2006 2007
Source: National Bureau of Statistics of China (Yearbook), China Electricity Council, and Digest of UK Energy Statistics (Dept. for Business
Enterprise & Regulatory Reform).

Slide 22
 China is only just starting to develop nuclear strategy
China’s nuclear programme:
– Current share of nuclear generation approximately 2%
– Latest announced target of 70 GWe, approximately 5% of 2020 generation
– Recent purchase of reactors (Areva) included technology transfer
– In 2007, China added 80 GWe of coal fired generation alone, consuming an
additional 200 to 250 million tonnes of thermal coal per annum

Current nuclear projects in China:

– First reactor on commercial operation in 1994 (Daya Bay)
– 11 reactors operational at 4 sites totalling approximately 9 GWe
– 16 reactors under construction at 2 brownfield and 6 greenfield sites
(combined 16 GWe)

Slide 23
 China is preparing for a major nuclear programme
Ling Ao: two new reactors being built adjacent to the two operating
reactors, representing a key strategy for China nuclear power
expansion, complementary to green-field (Date: 10 Dec. 2007)
Taishan project ready for
foundation work, 2 EPRs

Source: BHP Billiton China

Shanghai Electric: partnership with Westinghouse – AP1000 – specifically including technology transfer
Dongfang Electric: partnership with Areva – EPR – specifically including technology transfer
Harbin Electric: partnership with Doosan Babcock
China Nuclear Energy applied Tenex enrichment technology – capacity 500,000 SWU
Industry Cooperation:
Shenyang Blower Works: to be major supplier of AP1000 main pumps specifically including technology transfer
Sichuan Sanzhou: produces critical piping units for 1 GW level nuclear units

Slide 24
 Nuclear growth in China is not restricted to coastal areas
• Current nuclear
capacity and capacity
under construction is
concentrated along
the coast

• Increasing number of
planned and proposed
reactors in landlocked
provinces

Currently operating

Under construction

Planned / proposed

Source: http://www.insc.anl.gov/pwrmaps/map/china.php and internal BHP Billiton analysis

Slide 25
 China has demonstrated its ability for fast growth……
China’s share of world aluminium production China’s share of crude steel production has
has grown from 11% in 2000 to 33% in 2007 grown from 15% in 2000 to 36% in 2007
(Million tonnes) (Million tonnes)

25.0 40% 1400 40%

China Aluminium Production World ex-China
China Alumina Production
1200 China
China share aluminium
20.0 China share (RHS)
China share alumina
30%
1000
30%

15.0 800

20% 11

600
10.0
20%
400
10%
5.0
200

0.0 0% 0 10%
1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007
2000

2001

2002

2003

2004

2005

2006

2007

Sources: Brook Hunt Aluminium Metal Service. Source: International Iron and steel Institute

Slide 26
 ….and shown itself very capable of re-writing capital intensity
and delivery times
China Western Benchmark
Alumina refinery 10x 300mw power stations and
Shangdong 3500kt/yr alumina refinery – 40 Months +
province construction time 10 months

East Hope 800kt/yr alumina refinery – construction

40 Months +
Alumina time 10 months

400kt/yr alumina refinery – construction

Jinbei Alumina time 14 months 40 Months +

400kt/yr alumina refinery – construction

Kaiman alumina 40 Months +
time 10 months

40 Months, Greenfields US$1000-

60-66 Months US$3000-
Copper smelters 1300/t installed capacity Detailed
US$5000/t installed capacity
engineering through commissioning
Source: BHP Billiton Analysis.

Slide 27
 Short to medium term market outlook balanced, long term
primary supply growth required
WNA supply and demand forecast An external view
(kt u3o8) (GWe)
2,000
1,634
400 1,600
HEU
1,200 960
MOX & RepU
350 800
other secondary supply 372
400
Primary supply
300 0
WNA high
2008 installed Deloi tte Cl imate Del oitte Cli mate
250 WNA reference capacity Acti on Crisis
What if the world goes nuclear? *
200

150

100

50

0
2008F

2009F

2010F

2011F

2012F

2013F

2014F

2015F

2016F

2017F

2018F

2019F

2020F

2021F

2022F

2023F

2024F

2025F

2026F

2027F

2028F

2029F

2030F
* BHP Billiton analysis concludes 1,300 GWe is feasible by 2030 if the world seriously embraces nuclear power generation.
Source: International Atomic Energy Agency Power Reactor Information System (IAEA PRIS), World Nuclear Association (WNA) 2007 Supply
& demand; Deloitte & Australian Uranium Association (AUA) Outlook for the uranium industry, April 2008, BHP Billiton internal
Slide 28 analysis.
 Short to medium term market outlook balanced, long term
primary supply growth required
Supply developments and events likely to dominate short to medium term
market dynamics:
• Kazakhstan – upside surprise
• Cigar Lake – uncertainty on start-up
• Dominion – care and maintenance

Recent events in the nuclear industry with long term implications:

• India granted exemption by NSG
• Combined Construction and Operating applications submitted for 24 reactors
to NRC in USA (as at 30 Sep 2008)
• UK energy white paper reversal (Jan 08) & EdF acquisition of British Energy
(Sep 08)

Slide 29
 Legacy fixed sales position is winding off
• Current “legacy” portfolio continues to hold significant fixed price
sales at historic prices
• BHP Billiton does not have committed sales at fixed prices more
than forecast production in any one financial year
Uranium fixed sales commitments
(% of forecast production)

100
90
80
70
60
50
40
30
20
10
0
rest of FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021
FY 2009
Note: Production data includes only current life of mine production from Olympic Dam (underground).
Sales data includes only sales at fixed prices (including base escalated prices).
Data as at 1 October 2008.

Slide 30
 Olympic Dam Expansion - Uranium marketing
• BHP Billiton has agreed 10 term sheets with customers in Europe,
US and Asia
– Aggregate market interest is well in excess of the first phase expansion
tonnage
• BHP Billiton intends to put in place a portfolio of sales contracts
prior to making an expansion decision
– A portion of the volumes in these contracts will be conditional upon a
positive decision to expand Olympic Dam
– Pricing mechanism will be designed to capture the fair market price of
uranium at the time of delivery
– BHP Billiton is actively engaging with its customers to develop an
improved price discovery mechanism that will meet the requirements of
both consumers and producers

Slide 31
Current Business Performance
Paul Dunn
Vice President Finance
 Current Business Performance
Key Points

• Experienced team leading the

turnaround in performance
• Safety the driver for cultural
change
• Sustainable improvement in
performance

Slide 33
 An experienced team leading the turnaround in performance
Dean Dalla Valle
President and Chie f Operating Officer
• 31 years with BHP Billiton
• Previously
- Asset Leader Olympic Dam
- Asset Leader Cannington

Barr y Mitchell Paul Dunn

Vice President Mining Vice President Finance
• 2 years with BHP Billiton • 23 years with BHP Billiton
• 33 years minerals industry ex perience, previously • Previously
- Perilya Ltd, General Manager Broken Hill - Finance Manager Cannington
- Barrack Gold, GM Nth Eastern Goldfields - Manager Forecasting BHP Minerals

John England Paul Har vey

VP Processing VP Business Improvement and Planning
• 32 years with BHP Billiton • 16 years with BHP Billiton
• Previously • 23 years minerals industry ex perience, previously
- Senior Manager Metallurgical Engineering - Project Director Undreground P rojects, EKATI
- Operations General Manager BHP Titanium Beenup - U/G Mine Manager EKATI

Justin Bauer Paul Walter s

VP Smelter and Refinery VP Human Resources
• 6 years with BHP Billiton • 3 years with BHP Billiton
• 22 years minerals industry ex perience, previously • 10 years minerals industry ex perience, previously
- Production Manager WMC Fertilisers Phosphate Hill - Manager HR & Legal Services Vetco Aibel
- Operations Manager Boodarie I ron - National Employee Relations Manager, ABB Australia

Giles Hellyer Kym Winter -Dewhir st

VP Maintenance and Engineering VP Government and Community Relations
• 24 years with BHP Billiton • 3 years with BHP Billiton
• Previously • 22 years government and media ex perience, previously
- Production Manager TEMCO - Government Relations Advisor WMC
- Manager Engineering and Maintenance, Escondida - Chief of Staff to SA Environment Minister
John Hatty Gar y Suther land
VP Health Safety and Enviroment Client Representative – OD Expansion
• 30 years with BHP Billiton • 7 years with BHP Billiton
• Previously • 23 years minerals industry ex perience, previously
- Manager HSEC Assessment and Review - VP Processing Olympic Dam
- Manager Environmental Auditing - Operational Manager Pasminco

Slide 34
 Site Layout
1 kilometre

Quarry
Underground Mine

Tailings Storage
Facility

Process Plant
Phase 1
Evaporation Ponds
Open Pit

Slide
Slide35
35
 Olympic Dam Underground Mine Layout

Slide
Slide36
36
 Process Plant Layout
200 metres
Hydromet

Smelter & Acid Plant

Concentrator

Refinery &
Gold Room
Slide
Slide37
37
 2008 Copper Supply Cost Curve
C1 Cash Cost (Brook Hunt Normal Costing)
(US¢/lb Cu)

175

150

OLY MPIC DAM

125

100

75

50

25

-25

-50

-75

-100
0 2,000 4,000 6,000 8 ,000 10,000 12,000 14,000

Cumulative Cu Production (kt)

Source: Brook Hunt 2008 Production Cost League

Slide 38
 2008 Uranium Supply Cost Curve
Uranium Supply
(US$/lb)
50

45

40

35

30
OLYMPIC DAM

25

20

15

10

0
0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000

Tonnes U3O8
Source: NAC International, estimated 2008.

Slide 39
 What Drives Value at Olympic Dam?
Economic Value Drivers Supported by

Mine Capacity

Ore Throughput Mill Capacity

Smelter
Metal Capacity
Production
Copper Grade
Metal Grades
Value Uranium Grade

Copper
Metal Recovery
Recoveries Uranium
Recovery

Copper Price
Metal Prices Contract Price &
Volume
Uranium Price
Spot Price &
Volume

Operating
Costs
Capital
Slide 40
 High Priority Areas since Acquisition
Economic Value Drivers Supported by

Mine Capacity

Ore Throughput Mill Capacity

Mill Capacity

Smelter
Metal Capacity
Production
Copper Grade
Metal Grades
Value Uranium Grade

Copper
Metal Recovery
Recoveries Uranium
Uranium
Recovery

Copper Price
Metal Prices Contract Price &
Volume
Uranium Price
Spot Price &
Volume

Operating
Costs
Capital
Slide 41
 High Priority Areas since Acquisition
Supported by
Total Recordable Injury Frequency Rate
(per million hours, 12 month moving average)
40
• Safety – the driver of cultural
change
30

20

10

Apr-08
Apr-06

Aug-06

Oct-06
Dec-06

Apr-07

Oct-07
Dec-07
Feb-08

Jun-08
Jun-06

Feb-07

Jun-07
Aug-07

Aug-08
•• >> 50
50 BHP
BHP Billiton
Billiton people
people transferred
transferred into
into business
business
•• Clear
Clear accountability
accountability through
through BHPBHP Billiton
Billiton operating
operating model
model
-- Uranium
Uranium Business
Business Unit
Unit
•• Incentive
Incentive program
program linked
linked toto business
business outcomes
outcomes forfor all
all employees
employees
•• Co-operative
Co-operative industrial
industrial agreement
agreement inin place
place for
for next
next55 years
years

•• Implement
ImplementBHPBHP Billiton
Billiton Planning
Planning processes
processes
•• Improved
Improved understanding
understanding ofofResource
Resource
•• Existing
Existing business
business recovery
recovery andand growth
growth plans
plans
•• Expansion
Expansion study
study
•• Business
Business Improvement
Improvementcapability
capability developed
developed

Slide 42
 High Priority Areas since Acquisition
Economic Value Drivers
Annual Record Ore Hoisted and Material Milled in FY08 FY06 FY07 FY08
Quarterly Record Ore Hoisted in Q1 FY09
Ore Hoisted (kt) 8,219 8,566 9,674
• Improve mine flexibility
Material Milled 1 (kt) 9,635 2 8,889 9,910
- Restore & grow underground stocks
- Focus on bottleneck (development and production drilling)
• Improve mill capacity Notes: 1 – Includes re-t reatment of electric furnace slag
- Advanced control systems 2 – FY06 production supported by surface ore stockpiles
- Reliability focus
Mine Stocks and Head Gr ade Or e Hoisting Annualised Rate
(mt) Copper Grade (%) (mtpa)
16 4.0 11
14 3.5
10
12 3.0
10 2.5
9
8 2.0
6 1.5 8

4 1.0
7
2 0.5

Nov -06
Dec-02

Apr-04

Apr-06

Aug-07

Dec-07

Nov -05

Ma y-07
Apr-03

Aug-03

Dec-03

Aug-04

Apr-05

Dec-05

Aug-06

Dec-06

Apr-07

Apr-08

Jul-05
Sep-05

Jan-06

Ma y-06
Jul-06
Sep-06

Jan-07

Jul-07
Sep-07
Nov -07
Jan-08
Mar-08
Ma y-08
Jul-08
Sep-08
Dec-04

Aug-05

Mar-06

Mar-07
Develop ed and partia lly develo ped Drilled an d partially Dril led Hoisting Rate 6 Month moving average (Hoisting Rate)
Broken Stocks Cu%

Sources: BHP Billiton production reports, BHP Billiton internal reporting.

Slide 43
 High Priority Areas since Acquisition
Economic Value Drivers
Uranium Recovery Future
• Uranium recovery project • Leach circuit tank upgrade and capacity increase
• Improved process optimisation and control, supported by • Minor upgrades of Solvent Extraction circuit
improved resource understanding
FY06 FY07 FY08 Ur anium Recover y (ex or e) Head Gr ade
(%) (U3O8 kg/t)
Uranium oxide
3,936 3,486 4,144
concentrate production (t) 80 0.80

Uranium recovery
67.5 68.7 72.8 75 0.75
(ex ore) (% ) 70 0.70

65 0.65

60 0.60

55 0.55

50 0.50

45 0.45

40 0.40

Jul-05

Jul-07

Jul-08
Sep-05
Nov-05
Jan-06

Jul-06

Sep-07

Sep-08
May-06

Sep-06
Nov-06
Jan-07
Mar-07

Nov-07
Mar-06

May-07

Jan-08
Mar-08
May-08
Before Uranium Recovery Project

After Uranium Recovery Project

Headgra de

Sources: BHP Billiton production reports, BHP Billiton internal reporting.

Slide 44
 Recent copper price performance and cost structure
2008 Daily Copper Price & Exchange Rate Current Cost Structure
($)
10,000 1.50 Maintenance
1.40 Labour
8,000 1.30
14%
Royalties
1.20 24%
5%
6,000 1.10 Administration
5%
1.00
Electricity 3%
4,000 0.90

0.80
19%
30%
2,000 0.70
US$/to nne Consumables
0.60
US$/A$
0 0.50 Contractors
1-Jan-08

31-Jan-08

1-Mar-08

31-Mar-08

30-A pr-08

30-May-08

29-Ju n-08

29-Ju l-08

28-Au g-08

27-Sep-08

27-Oct-08

• Exchange rate movement in correlation with commodity price

• Approximately 85% of operating cost is A$ denominated
Sources: London Metal Exchange (LME), Reserve Bank of Australia (RBA), BHP Billiton internal analysis.

Slide 45
 Moving Forward – Priority Areas

Zero Harm – A core value Volumes

• Good safety is good business • Pre-expansion volume growth to offset declining
• Water efficiency grades
• Energy efficiency – US$30.5m approved for early works
• Smelter outage FY2011
People – 60 days Sept 2010
• Transition organisation to align with expansion – Relining both major furnaces
• Talent Pipeline – M odifications to suit declining grades
• Employee value proposition – maintain low
Uranium Recovery
turnover (14.5%)
• Uranium leach circuit upgrade
• Geometallurgy – optimisation of process plant
Planning conditions to suit future ore types
• Build on planning discipline
• Integration of underground mine with open pit
• Regional exploration

Slide 46
Olympic Dam Expansion
Ted Bassett
Project Director

31 October 2008
 Olympic Dam Expansion

Key Points

• Configuration established
• Utilising a staged expansion
path
• Politically stable environment ODX Photo
• Environmental Impact
Statement to be issued to
government before the end of
2008
• Focus on simplicity &
preservation of future options

Slide 48
 A team with large project experience
Ted Bassett
Project Director
• 2 years with BHP Billiton
• 38 years mine project development ex perience, Previous Roles
- VP Capital Projects Inco Ltd
- Project Director Goro Nickel Project
Jon Gilligan Ken Sutliff
DPD Mine Development DPD Ore Processing
• 15 years with BHP Billiton • 2.5 years with BHP Billiton
• 8 yrs project & 16 yrs operations ex perience, Previous Roles • 37 yrs ex perience in operations & projects, Previous Roles
- Operations Manager, Escondida Norte - Project Manager Bechtel
- Assistant Manager, Mine Engineering Escondida - Project Manager Sout hern Peru Copper
Dave Thomas Marco Herrera
DPD Infrast ructure DPD Project Services
• 3 years with BHP Billiton • 2 years with BHP Billiton
• 24 yrs project & 20 yrs operations ex perience, Previous Roles • 16 yrs project & 12 yrs operations ex perience, Previous Roles
- Project Manager SX Plant - Project Manager Hydromet allurgy-BHPB ODX
- General Manager WMC - Project Director Sth. America Ops - Newmont

Rob Williams Jason Schell

DPD Operational Development DPD Stage 1
• 3 years with BHP Billiton • 16 years with BHP Billiton
• 20 years ex perience in the mining industry, Previous roles • Previous Roles
- Principal Mining Engineer – Coffey Mining - VP OD Maintenance & Engineering
- GM Gympie Gold - GM Engineering & Site Services
Graham Batten Brink Van Schalkwyk
Manager IT & Communications Manager Business Evaluation
• 2 years with BHP Billiton • 11 years with BHP Billiton
• 17 years ex perience in mining related IT, Previous Roles • Previous Roles
- Newmont - Regional IT Director - Project Manager, Int egration of OD
- WMC Manager Project Systems OD Ex pansion - Business Analysis Manager, Base Metals
Michael Anstey Alison Hartman
Manager Health & Safety Manager – Risk & Approvals
• 2 years with BHP Billiton • 4 years with BHP Billiton
• 20 years ex perience in operations, Previous Roles • 15 Years ex perience in HSEC & engineering, Previous Roles
- Newmont - Director Safety & Risk - VP HSEC Olympic Dam
- Minera Alumbrera Ltd - HSE Manager - Steelscape - Corporate EHS Manager

Slide 49 Notes: DPD – Deputy Project Director.

 Staging reduces risk and allows integration of technology
Stage 1 Optimise the existing operation. Alternatives are under evaluation for expansion of
the ore delivery and treatment capacities up to 12 Mtpa.

Stage 2 Develop 20 Mtpa open pit ore supply (2A), Cu concentrator and U3O8 leach plant
(2B). Cu concentrate sold to China smelter.

Stage 3 Expand the existing OD smelter to treat stage 4 & 5 high Cu:S Cu concentrate.
Delivery of Stages 3 & 4 coincide.

Stage 4 Expand to 40 Mtpa the open pit ore supply, Cu concentrator and U3O8 leach plant
capacities. Low Cu:S Cu concentrate sold to China smelter.

Stage 5 Expand to 60 Mtpa the open pit ore supply, Cu concentrator and U3O8 leach plant
capacities. Low Cu:S Cu concentrate sold to China smelter.

Slide 50
 The proposed staged development of Olympic Dam
CONCEPTUAL
Concentrating & Stages Proposed Capacity
Mining Smelting
Hydrometallurgy Cu U30 8 Au
(ktpa) (ktpa) (kozpa)

10Mtpa 0
0 Current 180 4 100
9Mtpa 0Mtpa 10Mtpa
(500ktpa con)
1 Optimise underground
1.1 200 4.5 120
Brown-
fields Develo p open pit production
build greenfield
2 concentrator and 350 9 400
+3Mtpa +2Mtpa +2Mtpa (100ktpa con)
hyrdometallurgy circuits sell
+20Mtpa (200ktpa con) excess concentrate
Expand on site smelter to 9 400
+20Mtpa 3
2 350
800ktpa
20Mtpa 52Mtpa 72Mtpa

Expand open pit add

Green- 4
2 greenfie ld concentrator and 540 14 600
hydrometallurgy circuits
fields +20Mtpa
+20Mtpa
Further expansio n of open
pit, build new concentrator
Notes: Unless specified all capacities 5 730 19 800
and hydrometallurgy circuit
are in tonnes of ore. +20Mtpa (800ktpa con) Sell excess concentrate
Actual timing of Underground
phase out is not yet +20Mtpa
determined + Further growth opportunities
Less than 20% of the uraniu m
will be ship ped in copper
concentrate the remain der will
+20Mtpa (800ktpa con)
be processed at Olympic Dam.

Slide 51
 Scale: A very large open pit

Estimated
Escondida Mine
Final Pit
Depth: 1,055 m

Depth: 885 m

Estimated
Olympic Dam
Depth: 1,220 m
Final Pit

1 km

Slide
Slide52
52
 Olympic Dam Resource

U3O8 >300ppm
Au >0.3g/t
Cu >0.5%

Cu >1.0%
Cu >2.0%

Pit @ 100 yrs

Slide 53
 Simplification:
Five-fold increase in ore volume, doubling of plant footprint

Existing Process Plant

12 Mtpa1

New Process Plant

60 Mtpa

Processing Facility after Stage 5

Notes: 1- Potential capacity after optimisation, current capacity 10Mtpa.

Slide 54
 Process Plant Project Staging

Stage 2
Stage 4
Stage 5

Slide 55
 Shipping copper concentrate and not cathode allows capital
intensive smelter to move to China

2 Commercial agreement
needed to import
concentrate into China.
Discussions positive, work
plan in place. Significant
Get concentrate out of capital savings (ballpark
Australia, in front of figures)
schedule:
Final process report
handed to ASNO
Transport concentrate
3
across the seas, in front
of schedule:
AM SA has written a
transport schedule that
the team is com fortable
Note: ASNO – Australian Safeguards and Non-Proliferation Office.
we can deliver
AMSA – Australian Maritime Safety Authority.

Slide 56
 Autonomous Mining Systems
Why?
• Potential step change in risk
exposure
• Reduced mining cost
Technology
• DARPA Urban Challenge
• Autonomy trials at a number of
different mine sites
• Technology is well advanced.
Integration remaining
BHP Billiton
• Development contract signed with
Caterpillar for trucks and drills
• Truck testing started at Caterpillar
facilities
• Extensive pilot program planned

Slide 57
 Environmental Impact Statement (EIS) Status
• Documentation completed for internal review
• Subject to above review
− First release to Governments end of 2008 (permission to print)
− Public display April/May 2009
− Submit response document Oct 2009
− Ministers’ decisions Feb 2010 (timing subject to political processes)
• Approving Ministers
− Federal – Environment Minister – Peter Garrett
− South Australia – Planning Minister – Paul Holloway
− Northern Territory – Infrastructure Minister - Delia Lawrie

Slide 58
 Project Schedule

• Stage 1 in production by 2013

• EIS approval to take between 12 and 18 months
• Development of open pit to take 5 years
• Ore Processing expansion developed in three stages

Slide 59
Strong Future for the Uranium Business
Graeme Hunt
President Uranium and Olympic Dam Development
 Yeelirrie: A large undeveloped resource
Good news
• Australia’s second largest undeveloped uranium
resource
Yeelirrie
• 130km North of BHP Billiton’s Mount Keith Mount Keith Nickel
infrastructure
Leinster Nickel
• 100% BHP Billiton owned
• Approximately 35kt U @ 0.15% (~ 70kt U @ 0.05%)
• Discovered in early 1970’s Kalgoorlie Nickel Smelter
• State agreement still in place Kambalda Nickel
Concentrator
Fremantle Port
Kwinana Nickel Refinery
Esperance Port
What’s Next? Ravensthorpe Nickel
• Upgrade resource to JORC compliance
• Update feasibility study to determine the preferred
development path

Slide 61
 Yeelirrie is flat and the deposit shallow

Slide 62
 Yeelirrie is well drilled and has great grades, further work
required to develop JORC compliant resource

W E

Outline of 50m grid (Class 1) S

1000m

Slide 63
 Key Messages
• We have a strong team managing our
uranium business
• Olympic Dam is a unique resource
– Will support a multi-generational
business
• Longer term demand outlook is strong
• Olympic Dam is a good business today
• Yeelirrie is another outstanding long
term opportunity
• We have experience in large projects
and integrating other businesses

Slide 64