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Overview
We are BHP Billiton, a leading global resources company. Our purpose is to create long-term value through the discovery, development and conversion of natural resources, and the provision of innovative customer and market-focused solutions. BHP Billiton is among the worlds top producers of major commodities, including aluminium, energy coal and metallurgical coal, copper, manganese, iron ore, uranium, nickel, silver and titanium minerals, and we have substantial interests in oil, gas, liqueed natural gas and diamonds. Formed from a merger between BHP and Billiton, we value our heritage and the strong foundations on which our company is built. BHP was one of Australias oldest and largest companies, and began as a silver, lead and zinc mine in Broken Hill in New South Wales. Billiton was a global leader in the metals and mining sector, and began when the company acquired the concession to a tin-rich island in the Indonesian archipelago near Sumatra. The island was called Billiton (now Belitung), from where the company took its name. Headquartered in Melbourne, Australia, BHP Billiton Limited has a primary listing on the Australian Securities Exchange and BHP Billiton Plc has a premium listing on the London Stock Exchange, with a secondary listing on the Johannesburg Stock Exchange. In addition, BHP Billiton has two American Depositary Receipt listings on the New York Stock Exchange.
We are distinguished from other resource companies by the quality of our assets; our deep inventory of growth projects; our customer-focused marketing; our diversification across countries, commodities and markets; and our Petroleum business.
Minerals Exploration
The BHP Billiton Minerals Exploration Group is responsible for undertaking all greeneld mineral exploration activities, including identifying and acquiring greeneld early and advanced stage exploration projects. We are focused on discovering or acquiring new world-class mineral deposits that will support the economic and social development of our host communities and provide long-term value to our shareholders. Our Petroleum business operates its own dedicated exploration function, as the specialised techniques used, particularly in offshore exploration, are distinct to those used in mineral exploration. Because Minerals Exploration teams explore for opportunities around the world, we are one of the truly global teams within BHP Billiton. Our generative geoscientists and project acquisitions team continually look for opportunities to expand our exploration portfolio, while our regional early stage and program operations teams are responsible for evaluating and progressing opportunities through to delineation. All of our exploration activities are supported by expertise in safety and risk management, community and environmental management, project management, information management, supply, commercial, legal, nance and human resources.
Minerals Exploration plays an important role in replenishing BHP Billitons resource base and creating opportunities for future growth.
A company of choice
Working with integrity Wherever we operate, we do so with integrity making the right decisions and doing things the right way. The BHP Billiton Charter and the BHP Billiton Code of Business Conduct set the standard for our commitment to working with integrity and provide guidance for everyone who works for, or on behalf of, BHP Billiton. The Code outlines how we conduct our business activities, and places priority on upholding high ethical standards and establishing trust with our stakeholders. Working safely Paramount to the way we operate is growing our business safely, in an environmentally sound manner and in a way that demonstrates our unqualied commitment to working with integrity. We believe that through strong, accountable leadership and a focus on identifying hazards and implementing appropriate controls, we can be a business that does not have serious injuries, illnesses and fatalities. Working with governments and communities, partners and suppliers We aim to be a valued member of our host communities, and it is important for us to demonstrate to our stakeholders our track record of successfully delivering large-scale quality projects, while also making a long-term sustainable contribution to the social and economic development of the communities in which we operate. We strive to create mutually benecial relationships with partners, contractors and suppliers. We recognise the value of our activities to local economies and, wherever possible, we employ local labour, contractors and suppliers. Working towards a better environment Respect for the environment is central to our commitment towards sustainability. We aim to explore for, develop and mine our products responsibly. We work with industry, government, non-government organisations and consumer and community groups to minimise the environmental, health and safety impacts of the production, use and disposal of our products. Working as part of a global team With a global workforce working across 100 operations in 25 countries, we offer outstanding career opportunities in one of the worlds most exciting industries. Our working environment goes beyond borders and languages. We value diversity of gender, skill, thought, nationalities, experience and style. We provide our people with career development through on-the-job experience and professional development programs, and we offer the opportunity to work across a range of roles, geographies and cultures.
Exploration is based on an understanding of the fundamentals of geological processes and the earths history. Studies of how the earth is evolving allow us to predict which metallogenic provinces or basins have the best potential to host tier one resources.
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Beginning exploration
Exploration is based on an understanding of the fundamentals of geological processes and the earths history. Studies of how the earth is evolving allow us to predict which metallogenic provinces or basins have the best potential to host tier one resources. As the easier and most obvious discoveries have already been made, attention is now turning to the deeper or hidden deposits that are both more difcult and expensive to nd and develop. An area of interest is rst identied by looking at prospective geology, known mineral occurrences, the maturity of previous exploration and likely residual potential. Generally speaking, the best place to start exploring is close to known mineral deposits in what is known as browneld exploration. Browneld exploration involves looking deeper or laterally for extensions or repetitions of mineralisation at, or close to, existing mine operations. Greeneld exploration takes place outside the area of known deposits and requires more creativity, persistence and some luck to nd a signicant discovery. In choosing where to explore, natures distribution of resources needs to be weighed against our technical ability to make a discovery. We also need to evaluate the relevant country risk, which involves considering the laws, regulations and practices governing the minerals industry in that country.
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Exploration starts with collating known geological information, including national geological survey data and accessing company reports containing prior proprietary knowledge.
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Discovery
Discovery is the crucial moment of exploration when the rst unequivocal high-grade, and potentially economic, mineralisation is encountered. Some discoveries are obvious from the rst outcrop or drill hole, while others are only made after dozens or even hundreds of drill holes and often after the project has passed through many owners, each nding subtle and elusive signals without discovering the prize. Often, the signicance of a discovery is not immediately understood, and it may be some time, after follow up drilling, before the true potential of a resource is recognised and appreciated. Only a small number of discoveries ever lead to large-scale mines that make a material difference to the producer, customers, host government and community. The industry average across all commodities is that one world-class discovery is made globally every two years. Once the source of the anomaly has been broadly identied, geologists can interpret the likely size, shape and form of a subsurface target. Drill holes are then made to test for signicant mineral concentrations. Some types of deposit, such as coal, bauxite, manganese and potash, were formed in sedimentary environments and tend to be planar and semi continuous. They are spatially larger and more predictable than vertical pipe or sheet-like orebodies of diamonds and some types of copper and nickel. For example, a diamond mine may have a footprint or surface area of only several hundred square metres, a signicant copper or nickel mine may cover 12 square kilometres, whereas a bauxite or coal mine may extend over 1015 square kilometres. Drilling, and recovery of solid rock core from the drill holes, provides the information required to construct a three-dimensional visualisation, or model, of the potentially economic zones of the deposit. The type and density of drilling and sampling required to accurately construct a three-dimensional model, and predict the value of a resource, varies considerably. A diamond deposit may be economically viable with ultra-low grade concentrations of less than one carat per tonne (0.00002 per cent), whereas some types of iron ore deposit may require more than 60 per cent iron content to be viable. Complex distributions of discrete high-value minerals are much more difcult to assess and value than regular deposits, and the costs of evaluation rise signicantly. A diamond project may cost US$50100 million to carry out a full exploration program because of the need to rst nd the rare diamond-bearing pipes and then take a large enough sample to assess the small but potentially high-value diamond content. Whereas, the cost to carry out a full exploration program on a bulk commodity, such as coal, may only cost US$1520 million because this deposit type is spatially larger and more predictable.
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A large mine may require a decade or more to progress from discovery to production, allowing time to fully delineate the resource, conduct environmental baseline and impact studies, complete feasibility studies and detailed engineering design, secure permitting, construct the mine, establish transport routes, and ramp up production.
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Glossary
Exploration and mining related terms Alumina Aluminium oxide (Al2O3). Alumina is produced from bauxite as a rst step in the rening process. Alumina is then converted (reduced) in an electrolysis cell to produce aluminium metal. Anomaly A volume of rock, soil, sediments, water or other material with distinctly different geological, geophysical and/or geochemical characteristics suggesting the presence of mineralisation. Area of interest A dened geographic area over which certain obligations apply. Bauxite Hydrous aluminium oxides, the chief ore of aluminium. Browneld An exploration or development project located within an existing mineral province that can share infrastructure and management with an existing operation. Coking coal By virtue of its carbonisation properties, is used in the manufacture of coke, which is used in the steelmaking process. Coking coal may also be referred to as metallurgical coal. Delineation Field geological work designed to dene the volume, geometry, thickness and grade continuity and mineralogical and metallurgical characteristics of a target with sufcient condence to determine if conceptual development design and engineering studies are warranted. Energy coal Used as a fuel source in electrical power generation, cement manufacture and various industrial applications. Energy coal may also be referred to as steaming or thermal coal. Environmental Baseline Study A comprehensive study of ora, fauna, air, water and all relevant environmental factors carried out before any material mineral exploration or mineral development or mining is carried out. Footprint The area at surface that reects either the actual areal extent, or the upward vertical projection, of the mineral deposit or resources in question. Grade The relative quantity or the percentage of the desired metal or mineral content in an ore body. Greeneld The development or exploration located outside the area of inuence of existing mine operations/infrastructure. Metallurgical coal A broader term than coking coal, which includes all coals used in steelmaking, such as coal used for the pulverised coal injection process. Mineral Resource That part of a mineralised volume of rock that is currently expected to be capable of eventual economic extraction, but is not yet demonstrated to be so. Ore Reserves That lesser part of a mineral deposit or Mineral Resource that is estimated to be capable of legal and economic exploitation. Almost always a smaller subset of Mineral Resources. Tier one resource An exceptional mineral deposit or group of deposits that will ultimately host one or more large, long-life, low-cost mining operation. Often the largest in their class, they have embedded options (for example, future extensions, expansions and tie-ins) and have a lasting impact on the industry, investors, governments and societies.
BHP Billiton Limited Australia BHP Billiton Centre 180 Lonsdale Street Melbourne VIC 3000 Telephone +61 3 9609 3333 Facsimile +61 3 9609 3015 BHP Billiton Plc United Kingdom Neathouse Place London SW1V 1BH Telephone +44 20 7802 4000 Facsimile +44 20 7802 4111 BHP Billiton Minerals Exploration Marina Bay Financial Centre #50-01 Tower 2 10 Marina Boulevard Singapore 018983 Telephone +65 6421 6000 Facsimile +65 6421 7000 minerals.exploration@bhpbilliton.com www.bhpbilliton.com