425 1 d425.htm FORM 425 FORM 425

Filed by: BHP Billiton Plc

and BHP Billiton Limited

Pursuant to Rule 425 under the Securities Act of 1933

Subject Company: Rio Tinto plc

Commission File No.: 001-10533

The following are slides comprising an investor presentation that was first given on April 23, 2008.

BHP Billiton China
Page 2
2008-4-18
Disclaimer
This document has been prepared by BHP Billiton Limited and BHP Billiton Plc (“BHP Billiton") and comprises the written materials/slides for a presentation
concerning BHP Billiton's offers for Rio Tinto Limited and Rio Tinto plc (“Rio Tinto”). By reviewing/attending this presentation you agree to be bound by the
following conditions.
The directors of BHP Billiton accept responsibility for the information contained in this presentation. Having taken all reasonable care to ensure that such is the
case, the information contained in this presentation is, to the best of the knowledge and belief of the directors of BHP Billiton, in accordance with the facts and
contains no omission likely to affect its import.
Subject to the above, neither BHP Billiton nor any of its directors, officers, employees or advisers nor any other person makes any representation or warranty,
express or implied,
as
to,
and
accordingly
no
reliance
should
be
placed
on,
the
fairness,
accuracy
or
completeness
of
the
information
contained
in
the
presentation or of the views given or implied.  To the extent permitted by law, neither BHP Billiton nor any of its directors, officers, employees or advisers nor
any other person shall have any liability whatsoever for any errors or omissions or any loss howsoever arising, directly or indirectly, from any use of this
information or its contents or otherwise arising in connection therewith.
This presentation is for information purposes only and does not constitute or form part of any offer or invitation to acquire, sell or otherwise dispose of, or
issue, or any solicitation of any offer to sell or otherwise dispose of, purchase or subscribe for, any securities, nor does it constitute investment advice, nor
shall it or any part of it nor the fact of its distribution form
the basis of, or be relied on in connection with, any contract or investment decision, nor does it
constitute
a
proposal
to
make
a
takeover
bid
or
the
solicitation
of
any
vote
or
approval
in
any
jurisdiction,
nor
shall
there
be
any
sale
of
securities
in
any
jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction (or
under an exemption from such requirements).  No offering of securities shall be made into the United States except pursuant to registration under the US
Securities Act of 1933, as amended, or an exemption therefrom.
Neither this presentation nor any copy of it may be taken or transmitted or distributed or redistributed (directly or indirectly) in Japan.  The distribution of this
document in other jurisdictions may be restricted by law and persons into whose possession this document comes should inform themselves about, and
observe, any such restrictions.
Information
about
Rio
Tinto
is
based
on
public
information
which
has
not
been
independently
verified.
This presentation is directed only at persons who (i) are persons falling within Article 49(2)(a) to (d) ("high net worth companies, unincorporated associations
etc.") of the Financial Services and Markets Act 2000 (Financial
Promotion) Order 2005 (as amended) (the "Order") or (ii) have professional experience in
matters relating to investments falling within Article 19(5) of the Order or (iii) are outside the United Kingdom (all such persons being referred to as "relevant
persons").  This presentation must not be acted on or relied on by persons who are not relevant persons.
Certain statements in this presentation are forward-looking statements.  The forward-looking statements include statements regarding contribution synergies,
future cost savings, the cost and timing of development projects, future production volumes, increases in production and infrastructure capacity, the
identification of additional mineral Reserves and Resources and project lives and, without limitation, other statements typically containing words such as
"intends", "expects", "anticipates", "targets", "plans", "estimates" and words of similar import. These forward-looking statements speak only as at the date of
this presentation.
These
statements
are
based
on
current
expectations
and
beliefs
and,
by
their
nature,
are
subject
to
a
number
of
known
and
unknown
risks
and uncertainties that could cause actual results, performance and achievements to differ materially from any expected future results, performance or
achievements expressed or implied by such forward-looking statements.  The forward-looking statements are based on numerous assumptions regarding BHP
Billiton's
present
and
future
business
strategies
and
the
environments
in
which
BHP
Billiton
and
Rio
Tinto
will
operate
in
the
future
and
such
assumptions
may
or may not prove to be correct.

BHP Billiton China
Page 3
2008-4-18
Disclaimer (continued)
There
are
a
number
of
factors
that
could
cause
actual
results
or
performance
to
differ
materially
from
those
expressed
or
implied
in
the
forward-looking
statements.
Factors
that
could
cause
actual
results
or
performance
to
differ
materially
from
those
described
in
the
forward-looking
statements
include,
but
are
not
limited
to,
BHP
Billiton's
ability
to
successfully
combine
the
businesses
of
BHP
Billiton
and
Rio
Tinto
and
to
realise
expected
synergies
from
that
combination,
the
presence
of
a
competitive
proposal
in
relation
to
Rio
Tinto,
satisfaction
of
any
conditions to
any
proposed
transaction,
including
the
receipt
of
required
regulatory
and
anti-trust
approvals,
Rio
Tinto’s
willingness
to
enter
into
any
proposed
transaction,
the
successful
completion of any
transaction,
as
well
as
additional
factors
such
as
changes
in
global,
political,
economic,
business,
competitive,
market
or
regulatory
forces,
future
exchange
and
interest
rates,
changes in tax
rates,
future
business
combinations
or
dispositions
and
the
outcome
of
litigation
and
government
actions.
Additional
risks
and
factors
that
could
cause
BHP
Billiton
results
to
differ
materially
from
those
described
in
the
forward-looking
statements
can
be
found
in
BHP
Billiton's
filings
with
the
US
Securities
and
Exchange
Commission
(the
"SEC"),
including
BHP
Billiton's
Annual
Report
on
Form
20-F
for
the
fiscal
year-ended
June
30,
2007,
and
Rio
Tinto’s
filings
with
the
SEC,
including
Rio
Tinto’s
Annual
Report
on
Form
20-F
for
the
fiscal
year-ended
December 31,
2007,
which
are
available
at
the
SEC's
website
(http://www.sec.gov).
Other
unknown
or
unpredictable
factors
could
cause
actual
results
to
differ
materially
from
those
in
the
forward-looking
statements.
The
information
and
opinions
expressed
in
this
presentation
are
subject
to
change
without
notice
and
BHP
Billiton
expressly
disclaims
any
obligation
(except
as
required
by law or
the
rules
of
the
UK
Listing
Authority
and
the
London
Stock
Exchange,
the
UK
Takeover
Panel,
or
the
listing
rules
of
ASX
Limited)
or
undertaking
to
disseminate
any
updates
or
revisions
to any
forward-looking
statements
contained
herein
to
reflect
any
change
in
BHP
Billiton’s
expectations
with
regard
thereto
or
any
change
in
events,
conditions
or
circumstances
on
which
any
such
statement is based.
None
of
the
statements
concerning
expected
cost
savings,
revenue
benefits
(and
resulting
incremental
EBITDA)
and
EPS
accretion
in
this
presentation
should
be
interpreted
to
mean
that
the
future
earnings
per
share
of
the
enlarged
BHP
Billiton
group
for
current
and
future
financial
years
will
necessarily
match
or
exceed
the
historical
or
published
earnings
per
share
of
BHP
Billiton,
and
the
actual
estimated
cost
savings
and
revenue
benefits
(and
resulting
EBITDA
enhancement)
may
be
materially
greater
or
less
than
estimated.
Information Relating to the US Offer for Rio Tinto plc
BHP
Billiton
plans
to
register
the
offer
and
sale
of
securities
it
would
issue
to
Rio
Tinto
plc
US
shareholders
and
Rio
Tinto
plc
ADS
holders
by
filing
with
the
SEC
a
Registration
Statement
(the
“Registration
Statement”),
which
will
contain
a
prospectus
(the
“Prospectus”),
as
well
as
other
relevant
materials.
No
such
materials
have
yet
been
filed.
This
communication
is
not
a
substitute
for
any
Registration
Statement
or
Prospectus
that
BHP
Billiton
may
file
with
the
SEC.
U.S.
INVESTORS
AND
U.S.
HOLDERS
OF
RIO
TINTO
PLC
SECURITIES
AND
ALL
HOLDERS
OF
RIO
TINTO
PLC
ADSs
ARE
URGED
TO
READ
ANY
REGISTRATION
STATEMENT,
PROSPECTUS
AND
ANY
OTHER
DOCUMENTS
MADE
AVAILABLE
TO
THEM
AND/OR
FILED
WITH
THE
SEC
REGARDING
THE
POTENTIAL
TRANSACTION,
AS
WELL
AS
ANY
AMENDMENTS
AND
SUPPLEMENTS
TO
THOSE
DOCUMENTS,
WHEN
THEY
BECOME
AVAILABLE
BECAUSE
THEY
WILL
CONTAIN
IMPORTANT
INFORMATION.
Investors
and
security
holders
will
be
able
to
obtain
a
free
copy
of
the
Registration
Statement
and
the
Prospectus
as
well
as
other
relevant
documents
filed
with
the
SEC
at
the
SEC's
website
(http://www.sec.gov),
once
such
documents
are
filed
with
the
SEC.
Copies
of
such
documents
may
also
be
obtained
from
BHP
Billiton
without
charge,
once
they
are
filed
with
the
SEC.
Information
for
US
Holders
of
Rio
Tinto
Limited
Shares
BHP
Billiton
Limited
is
not
required
to,
and
does
not
plan
to,
prepare
and
file
with
the
SEC
a
registration
statement
in
respect
of
the
Rio
Tinto
Limited
Offer.
Accordingly,
Rio
Tinto
Limited
shareholders
should
carefully
consider
the
following:
The
Rio
Tinto
Limited
Offer
will
be
an
exchange
offer
made
for
the
securities
of
a
foreign
company.
Such
offer
is
subject
to
disclosure
requirements
of
a
foreign
country
that
are
different
from
those
of
the
United
States.
Financial
statements
included
in
the
document
will
be
prepared
in
accordance
with
foreign
accounting
standards
that
may
not
be
comparable
to
the
financial
statements
of
United
States
companies.
Information
Relating
to
the
US
Offer
for
Rio
Tinto
plc
and
the
Rio
Tinto
Limited
Offer
for
Rio
Tinto
shareholders
located
in
the
US
It
may
be
difficult
for
you
to
enforce
your
rights
and
any
claim
you
may
have
arising
under
the
U.S.
federal
securities
laws,
since
the
issuers
are
located
in
a
foreign
country,
and
some
or
all
of
their
officers
and
directors
may
be
residents
of
foreign
countries.
You
may
not
be
able
to
sue
a
foreign
company
or
its
officers
or
directors
in
a
foreign
court
for
violations
of
the
U.S.
securities
laws.
It
may
be
difficult
to
compel
a
foreign
company
and
its
affiliates
to
subject
themselves
to
a
U.S.
court's
judgment.
You
should
be
aware
that
BHP
Billiton
may
purchase
securities
of
either
Rio
Tinto
plc
or
Rio
Tinto
Limited
otherwise
than
under
the
exchange
offer,
such
as
in
open
market
or
privately
negotiated
purchases.
References
in
this
presentation
to
“$”
are
to
United
States
dollars
unless
otherwise
specified.

BHP Billiton China
Page 4
2008-4-18
The largest mining company by market capitalisation
US$B
Market Capitalisation as at 31 January 2008
0
20
40
60
80
100
120
140
160
180
200
220
*Rio Tinto Market Cap = Market Cap of Rio Tinto Plc + 62.6% of Market Cap of Rio Tinto Ltd (due to Rio Tinto
Plc’s
approximate
37.4%
holding
of
Rio
Tinto
Ltd,
as
per
www.riotinto.com/investors/590_data_book.asp)
**Market value may be unreliable due to a high percentage of non
free-float shares.
Sources: Investments and Value Management, Datastream, Bloomberg

BHP Billiton China
Page 5
2008-4-18
Structure driven by customer needs
Petroleum
Energy Coal
Metallurgical Coal
Manganese
Iron Ore
Stainless Steel Materials
Base Metals
Aluminium
Diamonds & Spec Prod
Note: Location of dots indicative only

BHP Billiton China
Page 6
2008-4-18
Core strategy is unchanged
Focus on value creation
•
People
•
Run current assets at
full potential
•
Accelerate development
projects
•
Create future options
People
‘Licence to Operate’
World Class Assets
The BHP Billiton Way
(Value Added Processes)
Financial Strength
and Discipline
Project Pipeline
Growth
Options
People
‘Licence to Operate’
World Class Assets
The BHP Billiton Way
(Value Added Processes)
Financial Strength
and Discipline
Project Pipeline
Growth
Options

BHP Billiton China

BHP Billiton China
Page 8
2008-4-18
China is a continental economy supported by six growth
drivers
Housing
Manufacturing
Rising Incomes
Urbanization
Rural Development
Reform

BHP Billiton China
Page 9
2008-4-18
But economic activity still concentrated in the east
West
Mid
East
2007
5
36
59
GDP
(%)
13,157
14,328
33,986
GDP
per
capita
(RMB)
62
716
535
Pop.
(mn)
Data:  Economist Intelligence Unit. 
Note: Whilst every effort has been taken to verify the accuracy of this information, neither the Economist
Intelligence Unit Ltd nor any of it’s affiliates can accept any responsibility or liability for reliance by any
person on this information.

BHP Billiton China
Page 10
2008-4-18
The economy is diversified and increasingly stable
0%
10%
20%
30%
40%
1980
1985
1990
1995
2000
2005
Nominal GDP
GDP Index
Data:  CEIC

BHP Billiton China
Page 11
2008-4-18
China’s growth is driven by domestic demand. Net
Exports have risen cyclically in recent years but are
expected to decline in 2008
Data:  CEIC
Composition of GDP
Contribution to GDP Growth
-5
0
5
10
15
20
25
Consumption
Investment
Inventories
Net Exports
-20
0
20
40
60
80
100
120
Consumption
Investment
Net Exports

BHP Billiton China
Page 12
2008-4-18
Investment
expected to be sustainable due to high private
sector savings
Data: CEIC
China Fixed Asset Investment:  Source of Funds
0
10,000,000
20,000,000
30,000,000
40,000,000
50,000,000
60,000,000
70,000,000
80,000,000
90,000,000
2004
2005
2006
2007
Other
Self-Raised
Foreign Direct Investment
Foreign Capital
Domestic Loans
State Budget

BHP Billiton China
Page 13
2008-4-18
Higher inflation is expected to have a moderate effect on
growth in ‘08
Data: CEIC
Consumer Price Index
100
105
110
115
120
125
Jan-06
Jan-07
Jan-08
CPI
CPI Core (Ex. Food & Energy)
CPI Food
Purchasing Price Index
95
105
115
125
135
145
Jan-06
Jan-07
Jan-08
PPI:  Fuels & Power
PPI:  Ferrous Metals
PPI:  Non Ferrous Metals

BHP Billiton China
Page 14
2008-4-18
China's export growth to North America is declining.
Asia is China’s largest export market by far.
24%
21%
2%
4%
3%
9%
47%
Europe
Asia
North America
Oceania
Latin America
Africa
Export Growth
-10
0
10
20
30
40
50
60
Jan-06
Sep-06
May-07
Jan-08
Asia
Europe
North America
Data:  CEIC
Export Share,
2007

BHP Billiton China
Page 15
2008-4-18
Low value-added processing and assembled products
dominate China’s exports
Composition Of Exports
0%
25%
50%
75%
100%
Jan-04
Jan-05
Jan-06
Jan-07
Jan-08
Ordinary Trade
Processing & Assembly
Processing with Imported Components
Other
-50
0
50
100
150
200
Feb-00
Feb-02
Feb-04
Feb-06
Feb-08
Asia
Europe
North America
Rest of World
Source:  CEIC
Export Growth to Major Regions
2000-01
Tech
Collapse

BHP Billiton China
Page 16
2008-4-18
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
5,500
FY02
H1 03
H2 03
H1 04
H2 04
H1 05
H2 05
H1 06
H2 06
H1 07
H2 07
H1 08
Petroleum
Aluminium
Base Metals
Iron Ore
Met Coal
Manganese
Energy Coal
SSM
Other
China
•
Diversification remains for sales into China
•
Currently 20% of total company revenues
US$m
431
785
1,075
1,357
371
1,588
Europe
Japan
Other Asia
Nth
America
China
ROW
Australia
2,407
2,946
3,611
3,999
5,293
5,013

BHP Billiton China
Page 17
2008-4-18
China’s copper, nickel, aluminium and iron ore demand
and its percentage share of world demand
Data: Brook Hunt Aluminium Metal Service, February 2008
Data: IISI –
Steel Statistical Yearbook (Dec. 2007); China Customs data
(www.customs.gov.cn);
CRU
-
"The
Iron
Ore
Market
Service"
Interim
Report, December 2007; The Tex Report (February 2008); Iron ore data
are seaborne traded, based on import statistics
Copper
Nickel
‘000 tonnes
Data: CRU Copper Quarterly, January 2008
‘000 tonnes
Data: CRU Nickel Quarterly, January 2008
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
95
96
97
98
99
00
01
02
03
04
05
06
07
0%
5%
10%
15%
20%
25%
30%
35%
Chinese aluminium
consumption
% share of global aluminium
consumption (right hand scale)
‘000 tonnes
million tonnes
Aluminium
Iron Ore
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
95
96
97
98
99
00
01
02
03
04
05
06
07
0%
5%
10%
15%
20%
25%
30%
Chinese refined copper
consumption
% share of world refined copper
consumption (right hand scale)
0
50
100
150
200
250
300
350
95
96
97
98
99
00
01
02
03
04
05
06
07
0%
5%
10%
15%
20%
25%
30%
Chinese primary nickel
consumption
% share of world primary nickel
consumption (right hand scale)
0
50
100
150
200
250
300
350
400
450
95
96
97
98
99
00
01
02
03
04
05
06
07
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
Chinese iron ore imports
% share of global seaborne iron ore
(right hand scale)

BHP Billiton China
Page 18
2008-4-18
China accounts for a major share of world commodity demand
Share of World Commodity Demand - 2007
0%
25%
50%
75%
100%
Other
Europe
Japan
USA
India
China
Notes: Iron ore is demand for seaborne imports.  Steel data are for crude steel production. Coal includes all
coal types. Source:  CRU Quarterly Reports (January 2008), Brook
Hunt Aluminium Metal Service (February
2008), BP Statistical Review of World Energy June 2007, IISI –
Steel Statistical Yearbook (December 2007);
BP Statistical Review of World Energy June 2007

BHP Billiton interim results

BHP Billiton China
Page 20
2008-4-18
Highlights –
Half year ended December 2007
•
Strong operating and financial results
•
Cost control focus
is yielding excellent results
•
Project delivery
–
first production from seven new projects
•
Healthy volume growth from new production expected in FY 2008
•
A further four projects approved
•
Interim dividend increased 45% to 29 US cents per share
•
Longer term fundamentals remain strong

BHP Billiton China
Page 21
2008-4-18
Underlying EBIT by Customer Sector Group
2006
% Change
2007
Half year ended December (US$m)
Petroleum
1,972
1,612
+22
Aluminium
680
840
-19
Base Metals (including Uranium)
3,367
2,889
+17
Diamonds & Specialty Products
72
78
-8
Stainless Steel Materials
799  
1,427
-44
Iron Ore
1,673
1,404
+19
Manganese
431
105
+311
Metallurgical Coal
523
657
-20
Energy Coal
277
242
+15
Group & Unallocated Items
(1)
(171)
(120)
BHP Billiton (Total)
9,623
9,134
+5
(1)  Includes Technology

BHP Billiton China
Page 22
2008-4-18
Declining rate of cost increase
H1 FY2005 and H2 FY2005 are shown on the basis of UKGAAP.
Other
periods are calculated under IFRS. All periods excluded third party trading.
4.0%
2.2%
3.0%
1.7%
5.5%
8.4%
5.9%
4.5%
4.3%
5.8%
6.7%
5.6%
4.9%
3.9%
0%
1%
2%
3%
4%
5%
6%
7%
8%
9%
H1 FY2005
H2 FY2005
H1 FY2006
H2 FY2006
H1 FY2007
H2 FY2007
H1 FY2008
Total
Excl Non-Cash
Operating cost increase relative to preceding half year

BHP Billiton China
Page 23
2008-4-18
Outlook –
long term fundamentals strong, shorter term more fluid
0
1,000
2,000
3,000
4,000
5,000
India
China
40
42
44
46
48
50
52
54
56
58
Jan-07
Apr-07
Jul-07
Oct-07
Gross domestic product (US$bn)
ISM purchasing manufacturers index
Source: International Monetary Fund
Source: Thomson Financial

BHP Billiton China
Page 24
2008-4-18
Can Chinese consumption growth offset the shorter term slow
down in the US?
0
10
20
30
40
50
60
70
80
90
100
Iron Ore
Copper
Energy
China
India
USA
Europe
Share of Consumption
(2007, %)
China Share of Incremental Demand
(1997-2007, %)
0
10
20
30
40
50
60
70
80
90
100
Iron Ore
Copper
Energy
Sources of data:  CRU Quarterly Reports (January 2008); IISI –
Steel Statistical Yearbook (December 2007);
BP Statistical Review of World Energy June 2007

BHP Billiton China
Page 25
2008-4-18
A unique balance across high margin CSM, non ferrous
and energy commodities
0%
10%
20%
30%
40%
50%
60%
70%
80%
Diamonds
Aluminium
Nickel
Copper
Ag/Pb/Zn
Energy Coal
Petroleum
Met Coal
Manganese
Iron Ore
Note:  EBITDA margin excludes third party trading.
EBITDA excluded third party trading and Group and Unallocated.
EBITDA margin H1 FY 2008
EBITDA H1 FY 2008
(Total = US$11.4bn)
CSM
Energy
Non Ferrous
Other
49%
24%
26%
1%
Non Ferrous
CSM
Energy
Other

BHP Billiton China
Page 26
2008-4-18
Future growth from high quality opportunities
Future Options
2010
2008
As at 6 February 2008
Proposed
capital expenditure
<$500m
$501m-$2bn
$2bn+
Feasibility
Execution
Scarborough
SSM
Petroleum
D&SP
Energy Coal
Aluminium
Iron Ore
Base Metals
Met Coal
Manganese
CSG
2013
Guinea
Alumina
Samarco
4
Nimba
Worsley
E&G
Pyrenees
Samarco
Perseverance
Deeps
Navajo
Sth
Ekati
Canadian
Potash
Thebe
Browse
LNG
WA Iron Ore
Quantum 2
CW Africa
Exploration
Goonyella
Expansions
GEMCO
Exp
CMSA
Pyro
Expansion
Olympic Dam
Expansion 1
Puma
CMSA Heap
Leach 2
Olympic Dam
Expansion 2
Olympic Dam
Expansion 3
Neptune
Shenzi
WA Iron Ore
RGP 4
NWS
T5
Cliffs
Cerrejon
Opt Exp
Escondida
3rd Conc
Angola
& DRC
Caroona
WA Iron Ore
RGP 5
SA Mn
Ore Exp
Resolution
Corridor
Sands I
Angostura
Gas
NWS
Angel
WA Iron Ore
Quantum 1
Saraji
MKO
Talc
Gabon
Newcastle
Third Port
Alumar
Atlantis
North
Yabulu
Klipspruit
Kipper
GEMCO
Zamzama
Phase 2
Macedon
Maruwai
Stage 1
Turrum
Neptune
Nth
CMSA Heap
Leach 1
Knotty
Head
Eastern
Indonesian
Facility
Red Hill
UG
Kipper
Ph 2
NWS CP
Corridor
Sands II
Wards
Well
RBM
Daunia
Boffa/Santou
Refinery
Peak Downs
Exp
Shenzi
Nth
Maya
Nickel
DRC
Smelter
Mad Dog
SWR
KNS
Exp
Cannington
Life Ext
Hallmark
Blackwater
UG
NWS
WFG
Kennedy
Douglas-
Middelburg
NWS Nth
Rankin B
Mt Arthur
Coal UG
Bakhuis
Maruwai
Stage 2

BHP Billiton China
Page 27
2008-4-18
Development spend in high margin businesses
Note:
Represents pipeline projects in execution, feasibility does not include pre-feasibility projects.
EBITDA
margins
for
business
in
12
months
to
31
December
2007
not
for
individual
projects.
EBITDA margin excluded third party trading.
Source: BHP Billiton estimates.
0%
10%
20%
30%
40%
50%
60%
70%
80%
Petroleum
Iron Ore
Aluminium
Development pipeline capex
(Total US$16.1bn)
EBITDA margins
(12 months to December 2007)
Petroleum
Aluminium
Iron Ore
Other
24%
33%
28%
15%

BHP Billiton China
Page 28
2008-4-18
Strong cash flow -
delivering value to shareholders
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
FY2002
FY2003
FY2004
FY2005
FY2006
FY2007
FY2008
H1
H2
0
1500
3000
4500
6000
7500
9000
FY2002
FY2003
FY2004
FY2005
FY2006
FY2007
FY2008
Organic Growth¹
(US$m)
Return to Shareholders²
(US$m)
(1)
Capital and Exploration FY expenditures (exclude acquisitions).
(2)
Dividends paid and share buy-backs.
(3)
FY2005, FY2006, FY2007 and H1 FY2008 have been calculated on the
basis of the IFRS. 
Prior periods have been calculated on the basis of UKGAAP.
0
1500
3000
4500
6000
7500
9000
FY2002
FY2003
FY2004
FY2005
FY2006
FY2007
FY2008
Available Cash Flow
(US$m)

BHP Billiton China
Page 29
2008-4-18
Summary
•
Continued excellent operating and financial results
•
Unique portfolio balance provides stability
•
Project pipeline and global footprint to support future growth
•
Longer term outlook for global growth remains robust

BHP Billiton’s offer to acquire Rio Tinto

BHP Billiton China
Page 31
2008-4-18
Background to the offer
•
Early 2007:  BHP Billiton discussed a merger of equals. This concept was rejected
by Rio Tinto
•
1 November 2007:  BHP Billiton made a confidential proposal to combine the
companies.  Rio Tinto rejected the proposal and refused to enter
discussions
•
8 November 2007:  BHP Billiton confirmed it had approached Rio Tinto with a proposal
•
12 November 2007:  BHP Billiton announced the proposal following
market speculation. 
Since then:
–
Global roadshow has indicated a clear understanding of the industrial logic of the
combination
–
Rio Tinto has refused to engage to discuss the proposal
•
21 December 2007:  BHP Billiton required to “put up or shut up”
by 6 February 2008
•
1 February 2008:  Chinalco
acquires a c.12% stake in Rio Tinto plc
•
6 February 2008:  BHP Billiton announced offers for all of the outstanding shares of Rio
Tinto

BHP Billiton China
Page 32
2008-4-18
BHP Billiton offer for Rio Tinto
Rio Tinto plc Offer:
•
Rio Tinto plc shareholders will receive 3.4 BHP Billiton shares for every Rio Tinto plc share held
–
80% in BHP Billiton Plc shares
–
20% in BHP Billiton Ltd shares
•
Separate US offer (which forms part of the Rio Tinto plc Offer) to:
–
US resident shareholders of Rio Tinto plc shares
–
All holders of Rio Tinto plc ADRs
•
UK CGT rollover relief expected to be available for UK resident shareholders accepting the Rio
Tinto plc Offer if there are approximately 70% acceptances under
the Rio Tinto plc Offer
Rio Tinto Ltd Offer:
•
Rio Tinto Ltd shareholders will receive 3.4 BHP Billiton Ltd shares for every Rio Tinto Ltd share
held
•
If compulsory acquisition is reached in the Rio Tinto Ltd Offer,
then Australian CGT rollover relief
is expected to be available for Australian resident shareholders
accepting the Rio Tinto Ltd
Offer
(a)
With a “mix and match”
facility
Notes:
a)
To reach the compulsory
acquisition
thresholds
in
respect
of
Rio
Tinto
Ltd,
some
or
all
of
the
Rio
Tinto
plc
holding
in
Rio
Tinto
Ltd
will
need
to
be
accepted
into
the
Rio
Tinto
Ltd
Offer
by
Rio
Tinto
plc
or
ASIC
will
need
to
provide
relief
from
the
Australian
Corporations
Act.
ASIC
has
indicated
that
it
would
consider
an
application
for
this
relief,
if
it
becomes
apparent
that
the
Rio
Tinto
plc
holding
is
having
a
clear
defensive
effect.

BHP Billiton China
Page 33
2008-4-18
BHP Billiton offer for Rio Tinto
•
Offers are inter-conditional
•
Subject to pre-conditions relating to certain anti-trust clearances in the EU, the US,
Australia, Canada and South Africa and FIRB approval in Australia
•
Conditional on more than 50% acceptances in respect of publicly-held shares
•
Subject to BHP Billiton shareholder approval and other terms and
conditions set out in the
offer announcement
•
Maintenance of BHP Billiton’s progressive dividend policy
•
Proposed initial share buyback of up to US$30bn following completion if the offer is
successful
(a)
–
Buyback and any refinancing of Rio Tinto’s borrowings to be funded through a
combination
of
a
US$55bn
committed
bank
financing
facility,
cash
flow
from
operations,
asset disposal proceeds and, if required, debt financing
•
Target single A credit rating
•
DLC structure maintained
Notes:
a)
i.e.
if
BHP
Billiton
acquires
100%
of
the
shares
in
Rio
Tinto
Limited
and
Rio
Tinto
plc
on
the
3.4:1
offer
terms
announced
offer
terms.

BHP Billiton China
Page 34
2008-4-18
Unlocking value –
Why a combination with Rio Tinto?
•
Combined entity will have a unique portfolio of tier 1 assets
–
Enhanced ability to optimise
and high-grade portfolio
–
Greater diversity and reduced value at risk
–
Combination makes sense in both a rising and a falling market
•
Uniquely positioned to meet the growing demands of the
global
economy
–
largely
driven
by
China growth
•
Expected material quantifiable synergies and financial benefits unique to this combination
(a)
–
US$1.7bn nominal per annum from cost savings
–
US$2.0bn additional nominal per annum primarily from volume acceleration
–
Other combination benefits
•
Broader stakeholders will benefit
–
Customers –
more product, more quickly and more efficiently
–
Communities, employees and developing countries
Notes:
a)
Estimated
incremental
EBITDA
based
on
publicly
available
information.
To
be
read
in
conjunction
with
the
notes
in
Appendix
IV
of
BHP
Billiton’s
announcement
dated
6-Feb-
2008.
Full
run
rate
synergies
expected
by
year
7.

BHP Billiton China
Page 35
2008-4-18
Indicative timetable 
Event
Date
Satisfaction of regulatory approval pre-conditions
Second half of 2008
Posting of offer documents for Rio Tinto
plc Offer and
Rio Tinto Ltd Offer to shareholders
Day 0
(Within 28 days after the pre-conditions
are satisfied)
Last date for fulfilment of minimum acceptance condition in Rio Tinto
plc Offer
Day 60
Last date for fulfilment of all conditions to the Rio Tinto
plc Offer
and all conditions to the Rio Tinto
Ltd Offer (because offers
are inter-conditional)
Day 81
First date for delivery of consideration under the offers
Within 14 days after the offers become wholly
unconditional

Appendix

BHP Billiton China
Page 37
2008-4-18
Financial highlights
2006                     
2007
Half year ended December (US$m)
Revenue
25,539
22,113
+15
Underlying EBITDA
11,167
10,494
+6
Underlying EBIT
9,623
9,134
+5
Attributable profit (excluding exceptionals)
5,995
6,168
-3
Attributable profit
6,017
6,168
-2
Net operating cash flows
7,870
7,116
+11
EPS (excluding exceptionals) (US cents)
106.8
103.9
+3
Dividends per share (US cents)
29
20
+45
% Change

BHP Billiton China
Page 38
2008-4-18
Cash flow
Operating cash flow
and dividends
(1)
11,600
10,188
Net interest paid
(313)
(231)
Tax paid
(2)
(3,417)
(2,841)
Net operating cash flow
7,870
7,116
Capital expenditure
(3,753)
(3,466)
Exploration expenditure
(598)
(312)
Purchases of investments
(153)
(31)
Proceeds from sale of fixed assets & investments
134
298
Net cash flow before dividends and
funding
3,500
3,605
Dividends paid
(3)
(1,571)
(1,122)
Net cash flow before funding & buy-backs
1,929
2,483
2007
2006
Half year ended December (US$m)
(1)
Operating cash flow includes dividends received.
(2)
Includes royalty related taxes paid.
(3)
Includes dividends paid to minority interests.

BHP Billiton China
Page 39
2008-4-18
Return on capital and margins
(1)
H1 2008 is calculated on an annualised basis.
(2)
FY2005, FY2006, FY2007 and H1 2008 are shown on the basis of Underlying EBIT.
Prior periods are calculated under UKGAAP. All periods excluded third party trading.
35%
38%
30%
44%
48%
44%
29%
21%
13%
11%
40%
30%
24%
20%
0%
10%
20%
30%
40%
50%
60%
FY 2002
FY 2003
FY 2004
FY 2005
FY 2006
FY 2007
H1 2008
Return on Capital
EBIT Margin
(2)
(1)

BHP Billiton China
Page 40
2008-4-18
Underlying EBIT by Customer Sector Group
2006
% Change
2007
Half year ended December (US$m)
•
Record half year EBIT
•
Record half year production from global continuing
operations
•
Cash costs flat with comparative half
•
Three major new projects on line in first half: Stybarrow,
Atlantis and Genghis Khan
•
Exploration –
successful drilling of Thebe and acreage
captured in Gulf of Mexico and Falklands
Shenzi
Petroleum
1,972
1,612
+22.3

BHP Billiton China
Page 41
2008-4-18
Underlying EBIT by Customer Sector Group
2006
% Change
2007
•
Production at record levels
•
Softer prices for metals and cost impacted by weaker US$
•
South African power situation will impact metal production
Half year ended December (US$m)
•
Record copper concentrate production
•
Contribution of 96,000 tonnes from new projects
•
Olympic Dam pre-feasibility study progressing well
Mozal
Olympic Dam
•
Production and sales volumes improved second quarter
•
Ravensthorpe ramping up as expected
Nickel West
Aluminium
680
840
-19.0
Base Metals
3,367
2,889
+16.5
Stainless Steel Materials
799
1,427
-44.0

BHP Billiton China
Page 42
2008-4-18
Underlying EBIT by Customer Sector Group
2006
% Change
2007
Half year ended December (US$m)
•
Record Half Year EBIT
•
Record production and shipments
•
RGP3 commissioned and RGP4 on schedule
•
Record production and shipments
•
Groote Eylandt expansion approved lifting capacity to
4.2mtpa of ore and concentrate
•
Record shipments benefiting from expanded Hay Point Terminal
•
EBIT impacted by lower prices
•
Severe flooding in Queensland will impact production
TEMCO
BMA
Mount Newman
Metallurgical Coal
523
657
-20.4
Manganese
431
105
+310.5
Iron Ore
1,673
1,404
+19.2

BHP Billiton China
Page 43
2008-4-18
Underlying EBIT by Customer Sector Group
2006
% Change
2007
•
Higher export prices driven by strong demand
•
Record annual production at Hunter Valley and Cerrejon
•
Approval of Klipspruit (+1.8mtpa export coal) and
Newcastle
third port
Half year ended December (US$m)
BECSA
•
Koala Underground completed ahead of schedule and
budget
•
Increased exploration activity on diamond targets in
Angola and potash opportunity in Canada
Ekati
Energy Coal
277
242
+14.5
Diamonds & Specialty Products
72
78
-7.7

BHP Billiton China
Page 44
2008-4-18
0%
10%
20%
30%
40%
50%
60%
70%
Petroleum
Aluminium
Base Metals
Diamonds
& Specialty
Products
Stainless
Steel
Materials
Iron Ore
Manganese
Met Coal
Energy
Coal
2005
2006
2007
H1 2008
EBIT margin
(1)
by Customer Sector Group
(1)
All periods excluded third party trading.

BHP Billiton China
Page 45
2008-4-18
Underlying EBIT analysis
Half year ended Dec 2007 vs Dec 2006
3,000
4,000
5,000
6,000
7,000
8,000
9,000
10,000
11,000
12,000
Dec-06
Net Price
Volume
Exchange
Inflation
Cash Costs
Non Cash
Costs
Exploration
& Bus. Dev
Other
Dec-07
US$m
9,134
1,635
461
(506)
(206)
(199)
(61)
(222)
(413)
9,623
(1)
Including $154m of price-linked costs impact.
(2)
Including $324m due to increase in volume from new operations.
(1)
(2)

BHP Billiton China
Page 46
2008-4-18
-250
-150
-50
50
150
250
350
450
Impact of major volume changes
Half year ended Dec 2007 vs Dec 2006
US$m
Total
volume
(1)
variance
US$461
million
Copper
387
Met
Coal
83
Iron
Ore
81
Aluminium/
Alumina
44
D&SP
24
Energy
Coal
(9)
Petroleum
(25)
Nickel
(226)
Other
102
(1)
Volume variances calculated using previous year margin and including $324m due
to increase in volume from new operations.

BHP Billiton China
Page 47
2008-4-18
Impact of major commodity price
Half year ended Dec 2007 vs Dec 2006
-200
-100
0
100
200
300
400
500
Total price variance US$1,635 million
(1)
US$m
Petroleum
466
Base
Metals
350
Manganese
346
Iron Ore
333
Energy
Coal
308
SSM
97
Diamonds
(23)
Aluminium
(44)
Met Coal
(198)
(1) Including $154m of price-linked costs impact.

BHP Billiton China
Page 48
2008-4-18
Developing world metals demand to show significant growth
* 1 January 2008 real US dollars
Sources
of
data:
CRU
Quarterly
Reports
(January
2008);
Brook
Hunt
Aluminium
Metal
Service
(February
2008);
IISI
–
Steel
Statistical
Yearbook
(December
2007);
World
Bank
(World
Development
Indicators
Online
Database,
February 2008); BHP Billiton analysis
US$ expenditure
(per capita)
10
20
30
40
50
GDP per capita (US$’000)*
10
20
30
40
Aluminium
Copper
Iron Ore
Coking Coal
China: $2,000 per capita

BHP Billiton China
Page 49
2008-4-18
But, the dollar value of oil intensity per capita is 10 times
that of non ferrous metals
US$ Expenditure
(per capita)
100
200
300
400
500
GDP per capita (US$’000)*
10
20
30
40
Crude Oil
Aluminium/Copper
China: $2,000 per capita
* 1 January 2008 real US dollars
Sources
of
data:
CRU
Quarterly
Reports
(January
2008);
Brook
Hunt
Aluminium
Metal
Service
(February
2008);
IISI
–
Steel
Statistical
Yearbook
(December
2007);
World
Bank
(World
Development
Indicators
Online
Database,
February
2008);
BP Statistical Review of World Energy June 2007; BHP Billiton analysis

BHP Billiton China
Page 50
2008-4-18
But so is Metallurgical coal
•
Leading position in the seaborne market
•
100% BMA owned Hay Point limits impact of
infrastructure constraints
•
Significant growth options
Iron Ore is an important part of the mix
•
Geographic proximity to the growing Asian market
•
Record H1 production and shipments
•
Plans underway to expand WAIO to 300mtpa by 2015
And Manganese is a significant contributor
•
Largest supplier of seaborne manganese ore from high
quality resource base
•
Manganese ore and alloy assets operating at record
production levels in a strong demand environment
Broad exposure to carbon steel sector demand
20%
64%
Total Carbon Steel Sector H1 FY 2008
EBIT
(Total = US$2.6bn)
16%
Manganese
Met Coal
Iron Ore

BHP Billiton China
Page 51
2008-4-18
Source:
EIA International Energy Outlook 2007
WNA Global Nuclear Fuel Market 2007
Well positioned to meet energy demand regardless of fuel mix
90
100
110
120
130
140
150
160
170
180
2007
2010
2015
2020
2025
2030
Energy Demand
Renewables
Nuclear
Gas
Oil
Coal
2007 = 100
Projected world primary energy demand

BHP Billiton China
Page 52
2008-4-18
China’s intensity of aluminium use is rising…but it has much
further to climb
Aluminium - GDP per capita vs consumption per capita
0
5
10
15
20
25
30
0
5000
10000
15000
20000
25000
30000
35000
40000
45000
50000
GDP/Capita (Jan. 2008 Constant US Dollars)
China
Germany
India
Japan
Korea, Rep.
United States
Taiwan
Note:
Based
on
a
project
of
similar
growth
patterns
to
the
other
nations
shown
Source:
World
Bank
(World
Development
Indicators
Online
Database,
February
2008);
Government
Statistics
for
Taiwan
(www.stat.gov.tw);
Brook
Hunt
Aluminium
Metal
Service
(February
2008)

BHP Billiton China
Page 53
2008-4-18
China’s intensity of copper use is rising…but it has much
further to climb
Copper - GDP per capita vs consumption per capita
0
5
10
15
20
0
5000
10000
15000
20000
25000
30000
35000
40000
45000
50000
GDP/Capita (Jan. 2008 Constant US Dollars)
China
Germany
India
Japan
Korea, Rep.
United States
Taiwan
*Note:
Based
on
a
project
of
similar
growth
patterns
to
the
other
nations
shown
Source:
World
Bank
(World
Development
Indicators
Online
Database,
February
2008);
Government
Statistics
for
Taiwan
(www.stat.gov.tw);
CRU
Copper
Quarterly
(January
2008)

BHP Billiton China
Page 54
2008-4-18
China’s intensity of steel use is rising…but it has much
further to climb
Steel - GDP per capita vs consumption per capita
0
200
400
600
800
1000
1200
0
5000
10000
15000
20000
25000
30000
35000
40000
45000
50000
GDP/Capita (Jan. 2008 Constant US Dollars)
China
Germany
India
Japan
Korea, Rep.
United States
Taiwan
*Note:
Based
on
a
project
of
similar
growth
patterns
to
the
other
nations
shown
Source:
World
Bank
(World
Development
Indicators
Online
Database,
February
2008);
Government
Statistics
for
Taiwan
(www.stat.gov.tw);
IISI
–
Steel
Statistical
Yearbook
(Dec.
2007)

BHP Billiton China
Page 55
2008-4-21
China’s energy use has far to grow, providing strong
opportunities for suppliers of energy raw materials
Energy - GDP per capita vs energy use per capita
0
2
4
6
8
10
0
5000
10000
15000
20000
25000
30000
35000
40000
45000
50000
GDP/Capita (Jan. 2008 Constant US Dollars)
China
Germany
India
Japan
Korea, Rep.
United States
Taiwan
*Note:
Based
on
a
project
of
similar
growth
patterns
to
the
other
nations
shown
Source:
World
Bank
–
World
Development
Indicators
Online
Database
(February
2008),
Government
Statistics
for
Taiwan
(www.stat.gov.tw);
BP
Statistical
Review
of
World
Energy
June 2007

BHP Billiton China
Page 56
2008-4-18
Inventories remain at historically low levels;
Real LME metal prices are still high
Monthly Real LME Metal Prices and Stocks
0
20
40
60
80
100
120
140
160
180
200
0
2
4
6
8
10
12
14
16
18
20
LME Price Index (left scale)
Stocks (right scale)
Source:
Macquarie
Capital
Securities
Research,
February
2008.
*
London
Metal
Exchange
(LME)
prices
and stocks of Al, Cu, Zn, Pb, Ni
Stock/consumption ratios very low

BHP Billiton China
Page 57
2008-4-18
1920-1945
Great Depression
World War II
High military demand
Investment dries up
Prices collapse
and stagnate
1975-2007
Emerging Market growth
Maturing of Japan
1990: Collapse of USSR
“Re-birth”
of US economy
Productivity & IT revolution
“Commodification”
Cost benefits from technology
and economies of scale
China’s long boom
Renewed “call”
on
copper resources
Global Copper Prices in 1880-2007
1880-1914
Second Industrial
Revolution & US economic expansion
Electrification
Colonial/imperial raw materials
networks
Rising real prices
Sources
of
data:
CRU
Quarterly
Reports
(January
2008,
and
archives),
US
Geological
Survey
–
Metal
Prices
in
the
US
Through
1998
(http://minerals.usgs.gov/minerals),
US
Bureau
of
Economic
Analysis
(US
CPI
Database)
1970s
Oil Shocks
Inflation/recession
Demand slumps
Substitution
LME pricing
Costs and prices
fall from peaks
1950-1973
Post-war boom
Japan’s
“economic miracle”
High demand growth
Nationalisation
in
Chile,
Peru, Mexico
and Africa
Costs and prices rise
Producer pricing
0.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50
4.00
1880
1890
1900
1910
1920
1930
1940
1950
1960
1970
1980
1990
2000
10-Year
Moving
Average
Real Annual
Cu Price
Expansion of US
copper mining
Expansion in
African Copperbelt
Expansion in
Chile/Peru
Escondida &
Freeport
Flotation, open-pit
mining and
mechanisation
Flash smelting
Birth of Sx/Ew
WWI
WWII
Twin Oil
Shocks
Collapse
of USSR
Wall
Street
Crash
1920-2007
China’s
Boom
Vietnam
War
Korean
War

BHP Billiton China
Page 58
2008-4-18
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
10.0
FY 2002
FY 2003
FY 2004
FY 2005
FY 2006
FY 2007
FY 2008
Exploration
Sustaining
Capex
Growth
Expenditure
Capital & exploration expenditure
US$bn
9.9
7.4
6.4
4.3
3.1
3.0
3.2
Total
1.3
0.8
0.8
0.5
0.5
0.3
0.4
Exploration
(1)
1.5
1.4
1.4
1.2
0.8
0.7
0.9
Sustaining & Other
7.1
5.2
4.2
2.6
1.8
2.0
1.9
Growth
2008F
2007
2006
2005
2004
2003
2002
US$ Billion
(1)
2008 Forecast includes
US$600m for Petroleum
F

BHP Billiton China
Page 59
2008-4-18
Portfolio management –
US$6.1bn of disposals
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
Sale Proceeds
Base Metals
D&SP
Energy Coal
SSM
Petroleum
Steel
Other
139
Dec 2007
444
FY 2007
6,146
Total proceeds
845
FY 2002
2,472
FY 2003
(1)
277
FY 2004
1,035
FY 2005
934
FY 2006
US$m
Proceeds from
sale of assets
(1) Includes BHP Steel demerger and BHP Steel loans
(net of cash disposed and costs)
US$m

BHP Billiton China
Page 60
2008-4-18
Sanctioned development projects (US$9.6bn)
Sanctioned
Third coal berth capable
of handling an estimated
30 million tpa
End CY10
390
Energy
Coal
Newcastle Third Port (Australia) –
35.5%
Sanctioned
Incremental 1.8 million
tpa
export coal
Incremental 2.1 million
tpa
domestic
H2 CY09
450
Energy
Coal
Klipspruit
–
100%
Sanctioned
Additional 1 million tpa
manganese concentrate
H1 CY09
110
Mn
Ore
GEMCO (Australia) –
60 %
On time and
budget.
Increase system capacity
to 155 million tpa
H1 CY10
1,850
Iron Ore
Western Australia Iron Ore RGP
4  (Australia) –
86.2%
On time and
budget.
7.6 million tpa
H1 CY08
590
Iron Ore
Samarco
Third Pellet Plant
(Brazil) –
50%
On time and
budget.
2 million tpa
Q2 CY09
725
Alumina
Alumar
Refinery Expansion
(Brazil) –
36%
Production Capacity
(100%)
Progress
Initial
Production
Target Date
Share of
Approved
Capex
US$m
Commodity
Minerals Projects

BHP Billiton China
Page 61
2008-4-18
Sanctioned development projects (US$9.6bn) cont.
On revised
schedule and
budget
150 million cubic feet gas
per day
H1 CY08
46
Gas
Zamzama
Phase 2 (Pakistan) –
38.5%
On time and
budget.
LNG processing capacity
4.2 million tpa
Late CY08
350
LNG
North West Shelf  5th Train
(Australia) –
16.67%
On time and
budget.
50,000 barrels and 50
million cubic feet gas per
day
Q1 CY08
405
Oil/Gas
Neptune (US) –
35%
Production Capacity  
(100%)
Progress
Initial
Production
Target Date
Share of
Approved
Capex
US$m
Commodity
Petroleum Projects
On revised
schedule and
budget
45,000 tpa
nickel
Q1 CY08
556
Nickel
Yabulu
(Australia) –
100%
On time and
budget.
360,000 tpa
nickel ore
H1 CY08
139
Nickel
Cliffs (Australia) –
100%
Production Capacity
(100%)
Progress
Initial
Production
Target Date
Share of
Approved
Capex
US$m
Commodity
Minerals Projects
(cont’d)

BHP Billiton China
Page 62
2008-4-18
Sanctioned development projects (US$9.6bn) cont.
Sanctioned
10,000 bpd condensate
and processing capacity
of 80 million cubic feet
gas per day
CY11
500
Oil/Gas
Kipper (Australia) –
32.5%-50%
On time and
budget.
96,000 barrels of oil and
60 million cubic feet gas
per day
H1 CY10
1,200
Oil/Gas
Pyrenees
(Australia)
–
71.43%
On time and
budget.
Tie-back to Atlantis South
H2 CY09
100
Oil/Gas
Atlantis
North
(US)
–
44%
On time and
budget.
100,000 barrels and 50
million cubic feet of gas
per day
Mid CY09
1,940
Oil/gas
Shenzi
(US) –
44%
On time and
budget.
800 million cubic feet gas
per day and 50,000 bpd
condensate
End CY08
200
Oil/Gas
North West Shelf Angel
(Australia) –
16.67%
Production Capacity  
(100%)
Progress
Initial
Production
Target Date
Share of
Approved
Capex
US$m
Commodity
Petroleum Projects
(cont’d)

BHP Billiton China
Page 63
2008-4-18
Development projects in feasibility (US$6.5bn)
3.2 million tpa
H2 CY11
1,000
Alumina
Guinea Alumina Project (Guinea) –
33.3%
1 million tpa
clean coal
End CY08
50
Met Coal
Maruwai
Stage 1 (Indonesia) –
100%
6.9 million tpa
bauxite
H2 CY09
320
Bauxite
Bakhuis
(Suriname) –
45%
Optimisation of existing
reserve base
H1 CY08
1,000
Energy Coal
Douglas-Middelburg Optimisation
(South Africa) –
84%
5 million tpa
clean coal
H2 CY10
405
Met Coal
Maruwai
(Indonesia) –
100%
1.1 million tpa
End CY10
1,750
Alumina
Worsley
Efficiency and Growth
(Australia) –
86%
Project Capacity               
(100%)*
Forecast Initial
Production*
Estimated Share
of Capex*
US$m
Commodity
Minerals Projects
(US$4.7bn)
*
Indicative only

BHP Billiton China
Page 64
2008-4-18
Development projects in feasibility (US$6.5bn) cont.
5.7 million tpa
saleable coal
End CY10
480
Energy Coal
Navajo South Mine Extension
(USA) –
100%
Maintain Nickel West system
capacity
H2 CY13
500
Nickel
Perseverance Deeps (Australia) –
100%
7 million tpa
saleable coal
End CY10
475
Energy Coal
Mt Arthur Coal UG (Australia) –
100%
Project Capacity               
(100%)*
Forecast Initial
Production*
Estimated Share
of Capex*
US$m
Commodity
Minerals Projects
(US$4.7bn)
LNG processing capacity
2.5 million tpa
H2 CY12
600
LNG
NWS North Rankin B –
16.67%
Project Capacity               
(100%)*
Forecast Initial
Production*
Estimated Share
of Capex*
US$m
Commodity
Petroleum Projects
(US$600m)
*
Indicative only

BHP Billiton China
Page 65
2008-4-18
Development projects commissioned since July 2001
Q1 CY04
Q2 CY04
266
299
Products & Capacity Expansion (Australia) –
85%
Q1 CY04
Q1 CY04
33
50
Cerrejon
Zona
Norte
(Colombia) –
33.3%
Q4 CY03
Q4 CY03
464
464
Ohanet
(Algeria) –
45%
Q4 CY03
Q2 CY04
411
449
Hillside 3 (South Africa) –
100%
Q4 CY03
Q4 CY03
380
411
Mt Arthur North (Australia) –
100%
Q3 CY03
Q4 CY03
171
181
Area C (Australia)
–
85%
Q2 CY03
Q3 CY03
40
40
Zamzama
(Pakistan) –
38.5%
Q2 CY01
Q2 CY01
752
775
Antamina
(Peru)
–
33.75%
Q4 CY02
Q2 CY03
34
50
Bream Gas Pipeline (Australia) –
50%
Q3 CY02
Q3 CY02
543
600
Escondida Phase IV (Chile) –
57.5%
Q3 CY02
Q3 CY02
143
146
San Juan Underground (US) –
100%
Q2 CY02
Q2 CY02
120
138
Tintaya
Oxide (Peru) –
99.9%
Q3 CY01
Q3 CY01
114
128
Typhoon (US) –
50%
Mozal
2 (Mozambique)
–
47.1%
Project
Q2 CY03
Q4 CY03
311
405
Initial Production Date
Our Share of Capex
Actual
Budget
Actual
US$m
Budget
US$m

BHP Billiton China
Page 66
2008-4-18
Development projects commissioned since July 2001
Q2 CY06
Q1 CY06
188
165
Worsley
Development
Capital
Project
(Australia)
–
86%
Q4 CY05
Q3 CY05
33
29
Paranam
Refinery
Expansion
(Suriname)
–
45%
Oct 2005
Q4 CY05
251
230
Escondida Norte
(Chile) –
57.5%
Mid CY05
Mid CY05
100
90.
BMA
Phase
1
(Including
Broadmeadow)
(Australia)
–
50%
April 2005
Mid CY05
200
200.
Dendrobium
(Australia) –
100%
April 2005
Early CY05
139
146
Panda
Underground
(Canada)
–
80%
Jan 2005
End CY04
337
327
Angostura
(Trinidad)
–
45%
Q2 CY04
Q2 CY04
80
83
WA
Iron
Ore
Accelerated
Expansion
(Australia)
–
85%
Jan 2005
End CY04
370
368.
Mad
Dog
(US)
–
23.9%
Q4 CY04
Q4 CY04
132 .
132
GoM
Pipelines Infrastructure (US) –
22/25%
Q4 CY04
Q4 CY04
101
95
Western
Australia
Iron
Ore
RGP
(Australia)
–
85%
Q4 CY04
Q4 CY04
192
192
ROD (Algeria) –
36%
Mid CY04
Mid CY04
252
247
NWS Train 4 (Australia) –
16.7%
Minerva
(Australia)
–
90%
Project
Jan 2005
Q4 CY04
157
150.
Initial Production Date
Our Share of Capex
Actual
Budget
Actual
US$m
Budget
US$m

BHP Billiton China
Page 67
2008-4-18
Development projects commissioned since July 2001
Q4 CY07
Q4 CY07
144
(1)
140
Pinto
Valley
(USA)
–
100%
Q4 CY07
Q4 CY07
1,300
(1)
1,300
Western
Australia
Iron
Ore
RGP3
(Australia)
–
86.2%
Q4 CY07
Q1 CY08
2,079
(1)
2,200
Ravensthorpe
(Australia)
–
100%
End CY07
End CY07
176
200
Koala
Underground
(Canada)
–
80%
Q2 CY08
Q2 CY08
380
(1)
380
Stybarrow
(Australia)-
50%
H2 CY07
H2 CY07
1,630
(1)
1,630
Atlantis
South
(US)
–
44%
H2 CY07
H2 CY07
365
(1)
365
Genghis
Khan
(US)
–
44%
H1 CY07
Mid CY07
140
(1)
100
Blackwater
Coal
Preparation
(Australia)
–
50%
Q4 CY06
H2 CY06
88
(1)
88
BMA
Phase
2
(Australia)
–
50%
Q4 CY06
Q4 CY06
1,100
990
Spence (Chile) –
100%
Q2 CY06
H2 CY06
566
500
Escondida
Sulphide
Leach
(Chile)
–
57.5%
Q2 CY06
H2 CY06
501
489
Western
Australia
Iron
Ore
RGP2
(Australia)
–
85%
Project
Initial Production Date
Our Share of Capex
Actual
Budget
Actual
US$m
Budget
US$m
(1)
Actual cost subject to finalisation.

BHP Billiton China
Page 68
2008-4-18
Key net profit sensitivities
US$1/t on iron ore price
60
US$1/bbl on oil price
30
US$1/t on metallurgical coal price
25
USc1/lb on aluminium price
25
USc1/lb on copper price
25
US$1/t on energy coal price
25
USc1/lb on nickel price
2
AUD (USc1/A$) Operations
(2)
65
RAND (0.2 Rand/US$) Operations
(2)
35
(US$m)
Approximate impact
(1)
on FY 2008 net profit
after tax of changes of:
(1)  Assumes total volumes exposed to price.
(2)  Impact based on average exchange rate for the period.