UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
May 14, 2013
| BHP BILLITON LIMITED | BHP BILLITON PLC | |
| (ABN 49 004 028 077) | (REG. NO. 3196209) | |
| (Exact name of Registrant as specified in its charter) | (Exact name of Registrant as specified in its charter) |
| VICTORIA, AUSTRALIA | ENGLAND AND WALES | |
| (Jurisdiction of incorporation or organisation) | (Jurisdiction of incorporation or organisation) | |
| 180 LONSDALE STREET, MELBOURNE, VICTORIA 3000 AUSTRALIA |
NEATHOUSE PLACE, VICTORIA, LONDON, UNITED KINGDOM (Address of principal executive offices) | |
| (Address of principal executive offices) | ||
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F: x Form 20-F ¨ Form 40-F
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ¨
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ¨
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934: ¨ Yes x No
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): n/a
bhpbilliton
resourcing the future
14 May 2013
BHP Billiton Limited BHP Billiton Plc
180 Lonsdale Street Neathouse Place
Melbourne Victoria 3000 Australia London SW1V 1BH UK
GPO BOX 86 Tel +44 20 7802 4000
Melbourne Victoria 3001 Australia Fax + 44 20 7802 4111
Tel +61 1300 55 47 57 Fax +61 3 9609 4372 bhpbilliton.com
bhpbilliton.com
To: Australian Securities Exchange London Stock Exchange
cc: New York Stock Exchange JSE Limited
BHP BILLITON PRESENTATION TO THE 2013 BANK OF AMERICA MERRILL LYNCH GLOBAL METALS, MINING & STEEL CONFERENCE
BHP Billiton Chief Executive Officer, Andrew Mackenzie, will present at the Bank of America Merrill Lynch 2013 Global Metals, Mining and Steel Conference in Barcelona today.
When discussing his presentation, Mr Mackenzie said: “Our enduring strategy has worked well for the company and its shareholders. In fact, strict adherence to this strategy is what has differentiated us and I intend to give it an even sharper focus.”
“You will recognise my passion for our productivity agenda and this extends to our development projects. We must challenge ourselves to increase returns from new investment, in the same way that we need to squeeze returns from our installed infrastructure. In this regard, capital and exploration expenditure for the 2014 financial year will decline significantly, to approximately US$18 billion, and the rate of spend is expected to decline substantially thereafter. By reducing our annual spend and increasing internal competition for capital, we expect to maximise returns from incremental investment, while delivering a substantial increase in the Group’s free cash flow,” he added.
Mr Mackenzie concluded by saying: “This is a wonderful time to be at the helm of the world’s largest natural resources company. We believe our strategy, when combined with our great ore bodies, will deliver stronger margins throughout the economic cycle, a simpler and more capital efficient structure, a substantial increase in free cash flow and growth in shareholder value.”
Further information on BHP Billiton can be found at: www.bhpbilliton.com.
Jane McAloon
Group Company Secretary
BHP Billiton Limited ABN 49 004 028 077
Registered in Australia
Registered Office: 180 Lonsdale Street Melbourne Victoria 3000
BHP Billiton Plc Registration number 3196209
Registered in England and Wales
Registered Office: Neathouse Place, London SW1V 1BH United Kingdom
The BHP Billiton Group is headquartered in Australia
Spence Chile
Our strategy will deliver substantial growth in free cash flow
bhpbilliton
resourcing the future
Andrew Mackenzie
Chief Executive Officer
14 May 2013
Disclaimer
bhpbilliton
resourcing the future
Forward-looking statements
This presentation includes forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 regarding future events, conditions, circumstances and the future financial performance of BHP Billiton, including for capital expenditures, production volumes, project capacity, and schedules for expected production.
Often, but not always, forward-looking statements can be identified by the use of the words such as “plans”, “expects”, “expected”, “scheduled”, “estimates”, “intends”, “anticipates”, “believes” or variations of such words and phrases or state that certain actions, events, conditions, circumstances or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. These forward-looking statements are not guarantees or predictions of future performance, and involve known and unknown risks, uncertainties 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 contained in this presentation. 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 2012 entitled “Risk factors”, “Forward looking statements” and “Operating and financial review and prospects” filed with the U.S. Securities and Exchange Commission. All estimates and projections in this presentation are illustrative only. Our actual results may be materially affected by changes in economic or other circumstances which cannot be foreseen. Nothing in this presentation is, or should be relied on as, a promise or representation either as to future results or events or as to the reasonableness of any assumption or view expressly or impliedly contained herein.
Non-IFRS financial information
BHP Billiton results are reported under International Financial Reporting Standards (IFRS) including Underlying EBIT and Underlying EBITDA which are used to measure segment performance. This presentation also includes certain non-IFRS measures such as Attributable profit excluding exceptional items, Underlying EBITDA interest coverage, Underlying effective tax rate, Underlying EBIT margin, Underlying EBITDA margin and Underlying return on capital. These measures are used internally by management to assess the performance of our business, make decisions on the allocation of our resources and assess operational management. Non-IFRS measures have not been subject to audit or review.
UK GAAP financial information
Certain historical financial information for periods prior to FY2005 has been presented on the basis of UK GAAP, which is not comparable to IFRS or US GAAP. Readers are cautioned not to place undue reliance on UK GAAP information.
No offer of securities
Nothing in this presentation should be construed as either an offer to sell or a solicitation of an offer to buy or sell BHP Billiton securities in any jurisdiction.
Reliance on third party information
The views expressed in this presentation contain information that has been derived from publicly available sources that have not been independently verified. No representation or warranty is made as to the accuracy, completeness or reliability of the information. This presentation should not be relied upon as a recommendation or forecast by BHP Billiton.
Andrew Mackenzie, Chief Executive Officer, 14 May 2013
Slide 2
Disclaimer
bhpbilliton
resourcing the future
Mineral Resources
This presentation includes information on Exploration Targets and Mineral or Coal Resources (inclusive of Ore Reserves). Mineral Resources are compiled by: P Whitehouse (MAusIMM) - Western Australia Iron Ore (WAIO), R Macpherson (MAIG) - Queensland Coal, J McElroy (MAusIMM) - Saskatchewan Potash, and R Preece (FAusIMM) - Escondida mineral district. This is based on Mineral Resource information in the BHP Billiton Annual Reports from 2007 and 2012 for all assets. All reports can be found at www.bhpbilliton.com.
Exploration Targets are compiled by: D Stephens (MAIG) - WAIO, R Macpherson (MAIG) - Queensland Coal, J McElroy (MAusIMM) - Saskatchewan Potash, J des Rivieres (IGI) - Escondida mineral district; (as previously reported in BHP Billiton’s Macquarie Global Metals and Mining Conference Presentation, 11 December 2012).
All information is reported under the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, 2004’ (the JORC Code) by the above-mentioned persons who are employed by BHP Billiton and have the required qualifications and experience to qualify as Competent Persons for Mineral or Coal Resources or Exploration Results under the JORC Code.
The compilers verify that this report is based on and fairly reflects the Exploration Targets and Mineral Resources information in the supporting documentation and agree with the form and context of the information presented.
Mineral Resource classifications (100% basis) for each province, where relevant, are contained in Table 1.
Table 1
Province Financial year Measured Resource (Mt) Indicated Resource (Mt) Inferred Resource (Mt) Range of Exploration Targets (Bt) Low Mid High BHP Billiton interest %
Western Australia Iron Ore 2012 2,324 3,688 14,590 15 30 45 891
2007 1,695 2,154 4,180 891
Queensland Coal 2012 2,995 5,643 4,854 14 26 30 552
2007 1,665 3,820 4,274 562
Saskatchewan Potash 2012 – 3,320 @ 25.7% K2O 131 @ 26.9% K2O 2.7 5.4 8.1 100
Escondida district 2012 4,069 @ 0.72% Cu 4,986 @ 0.57% Cu 12,635 @ 0.47% Cu 16 @ 0.4-0.6% Cu 23 @ 0.4-0.6% Cu 43 @ 0.5 - 0.6% Cu 57.5
2007 1,513 @ 0.89% Cu 3,371 @ 0.71% Cu 3,767 @ 0.54% Cu 57.5
Copper equivalent calculations
Please refer to detailed tables in the Appendix, slides 20 to 23, for Mineral Resource classifications (100% basis) for each province included in the copper equivalent calculations on slides 7 and 9 of this presentation. Excludes divested assets (completed or announced).
1. Interest represents the weighted average of BHP Billiton’s ownership in the individual mines comprising the deposit.
2. Interest represents the weighted average of BHP Billiton’s 50% ownership in the BHP Billiton Mitsubishi Alliance (BMA) Coal Resource and 80% ownership in the BHP Billiton Mitsui
Coal (BMC) Coal Resource.
Andrew Mackenzie, Chief Executive Officer, 14 May 2013
Slide 3
A plan that will extend our strong track record
bhpbilliton
resourcing the future
Our high quality, diversified portfolio has delivered strong financial results
- average EBIT margin of 41%1
- average return on capital of 27%1
- progressive dividend has grown at a CAGR of 24%1
- returned US$56.9 billion2 to shareholders since FY03, approximately 50% of Underlying earnings
A more extreme focus on operating performance, productivity, simplification and free cash flow will extend our strong track record
Sustainable growth in total shareholder returns remains our primary objective, within the framework of our Solid A credit rating
1. Calculated over the period from H2 FY03 to H1 FY13 inclusive.
2. Includes buy-backs and dividends. Calculated over the period from FY03 to H1 FY13 inclusive.
3. TSR calculated in US dollar terms.
Source: Datastream; BHP Billiton analysis.
Strong growth in total shareholder returns3
(TSR, 30 April 2003 = 100)
1,100 1,000 900 800 700 600 500 400 300 200 100 0
CAGR: 22%
CAGR: 9%
Apr 03 Apr 05 Apr 07 Apr 09 Apr 11 Apr 13
BHP Billiton Plc share price BHP Billiton Plc dividend FTSE 100
Andrew Mackenzie, Chief Executive Officer, 14 May 2013
Slide 4
Our strategy remains our platform for success
bhpbilliton
resourcing the future
Our uniquely diversified portfolio and OECD footprint remains a competitive advantage
An extreme focus on our major basins will create a more productive and capital efficient organisation
Our productivity agenda seeks to expand margins and increase returns in the absence of higher prices
We will increase internal competition for capital by substantially reducing annual expenditure
The ongoing simplification of the portfolio remains a priority
This plan will substantially increase free cash flow and extend our strong track record
Diversified by:
Commodity
Geography
Market
Own and operate:
Large
Long life
Low cost
Expandable
Upstream assets
TOTAL SHAREHOLDER
RETURNS
Andrew Mackenzie, Chief Executive Officer, 14 May 2013
Slide 5
The outlook for our major products remains robust
bhpbilliton
resourcing the future
Detailed analysis of commodity markets supports our planning process
The global economy continues to strengthen, despite broader imbalances and underlying volatility
Global growth is expected to underpin commodities demand
- China is well placed to sustain its growth trajectory
- the United States economy is gaining momentum
The risk of persistent oversupply for our major products has been overstated, particularly as industry-wide project approval rates have slowed
Key markets continue to strengthen
(GDP growth, % YoY)
10 8 6 4 2 0 (2)
China India
World
United States Japan Eurozone
CY11 CY12 CY13e CY14e
Investment approvals have slowed across the industry
(index, CY11 = 100)
150 100 50 0
CY11 CY12 CY13e1 CY14e1 CY15e1
New capital approved2 Growth project expenditure profile
1. Growth capital project expenditure profile is based on McKinsey data; actual project spend from CY11 to CY12 and forecast approved growth project spend from CY13 to CY15.
2. New capital approved for the listed diversified miners (BHP Billiton, Rio Tinto, Anglo American and Vale) represents the sum of all major capital projects sanctioned during each period on a 100% basis. The CY13 data presented is up until 31 March 2013.
Source: Global Insight; company reports; McKinsey Basic Materials Institute.
Andrew Mackenzie, Chief Executive Officer, 14 May 2013
Slide 6
We have substantially increased our OECD resources footprint
bhpbilliton
resourcing the future
Brownfield exploration has delivered tangible results
Our resource base1 has increased by over 75% during the last five years
The quality, scale and diversity of our OECD resource base ensures we have significant flexibility as we consider the timing and rate of future investment
Significant growth in our resource base1
(copper equivalent basis, million tonnes)
1,400 1,200 1,000 800 600 400 200 0
+75% increase
FY07 FY12
1. Resource base (equity share basis) converted to copper equivalent tonnes using FY12 average prices. Excludes divested assets (completed or announced). Metal resources converted on a contained metal basis. The detailed breakdown of Mineral Resources for all assets are shown in the FY07 and FY12 Annual Reports. Refer to disclaimer on slide 3 and detailed tables for Mineral Resource classifications (100% basis) in the Appendix, slides 20 to 23. Petroleum Reserves (Proved and Probable) are defined according to US SEC definitions.
Petroleum Contingent Resources are 2C resources defined according to the Society of Petroleum Engineers Petroleum Resource Management System (SPE PRMS).
Andrew Mackenzie, Chief Executive Officer, 14 May 2013
Slide 7
We have optimised our exploration program
bhpbilliton
resourcing the future
Over the last five years we invested US$3.6 billion in minerals exploration
Approximately 75% of this expenditure was allocated to low risk, high return brownfield programs
We are ‘long’ resource in our major basins and can now sustainably reduce our exploration budget without affecting our plans
MinEx1 has been incorporated into Copper given our exclusive focus on greenfield copper exploration
A targeted minerals exploration program
(US$ million)
350 300 250 200 150 100 50 0
Q1 FY12
Q2 FY12 Q3 FY12 Q4 FY12 Q1 FY13 Q2 FY13 Q3 FY13
Brownfield Greenfield - Copper2 Greenfield - Other
1. Refers to the Minerals Exploration team.
2. Greenfield - Copper includes minor expenditure related to uranium exploration.
Andrew Mackenzie, Chief Executive Officer, 14 May 2013
Slide 8
Expect an even greater focus on those major basins where we have a competitive edge
bhpbilliton
resourcing the future
15
10
5
0
FY07 FY12
Saskatchewan Potash
100+
100+
Escondida mineral district Copper
75 50 25 0
FY07 FY12
151% increase in resource
Onshore US Petroleum3
9 6 3 0
FY07 FY12
100+
% of resource in our ‘Four pillars1’
Other 11%
Four pillars1 89%
Western Australia Iron Ore
75 50 25 0
FY07 FY12
157% increase in resource
200+
100+
Legend
(bt)
Exploration Targets
Resource2
Petroleum Reserves and Contingent Resources3
Range of Exploration Targets
Ratio (years)
Minimum inventory life2
Queensland Coal
60 40 20 0
FY07 FY12
38% increase in resource
1. Calculated on a copper equivalent basis using FY12 average prices, refer slide 7. The ‘Four pillars’ of our portfolio refers to our Iron Ore, Petroleum, Copper and Coal resource base.
2. Metal resources presented on a tonnes of resource basis. The inventory life is estimated from the mineral inventory (sum of Exploration Targets and Mineral Resources) divided by the FY12 or planned (potash) production rate stated on a 100% basis. The range of Exploration Targets is estimated from geological information including boreholes, outcrops and geophysical information. The potential quantity is conceptual in nature, there has been insufficient exploration to define a Mineral Resource and it is uncertain if further exploration will result in the determination of a Mineral Resource. It should not be expected that the quality of the Exploration Targets is equivalent to that of the Mineral Resource. The detailed breakdown of Mineral Resources for all assets are shown in the FY07 and FY12 Annual Reports. Refer to disclaimer on slide 3.
3. Represents billions of barrels of oil equivalent. Petroleum Reserves (Proved, Probable and Possible) are defined according to US SEC definitions. Petroleum Contingent Resources are 3C resources defined according to the Society of Petroleum Engineers Petroleum Resource Management System (SPE PRMS).
Andrew Mackenzie, Chief Executive Officer, 14 May 2013
Slide 9
With focus, we can drive our productivity agenda
bhpbilliton
resourcing the future
We are operationally focused
US$1.9 billion annualised controllable cash cost saving delivered in H1 FY13
Our businesses are accountable for the factors they control and remuneration is tied to results
Our productivity agenda will seek to expand margins and increase returns in the absence of higher prices
Tangible controllable cost savings1 delivered in H1 FY13
(US$ million) 1,200
900 600 300 0
397
87
(97)
387
299
686
258
US$1.9 billion annualised controllable cash cost saving
944
Operating Overheads Volume related2
Sub-total
Exploration & business development
Sub-total (P&L)
Exploration capitalised
Controllable cash costs1
1. Controllable cash costs comprise operating, overhead and volume related efficiencies, and exploration and business development activity; excludes non-cash and one-off items, price linked costs and fuel and energy.
2. Volume related efficiencies were offset by increased costs at WAIO that were incurred prior to the full ramp-up of expanded capacity.
Andrew Mackenzie, Chief Executive Officer, 14 May 2013
Slide 10
We will increase competition for capital
bhpbilliton
resourcing the future
Our productivity agenda extends to development projects
BHP Billiton’s capital expenditure will peak in FY13
Approximately 80% of our major projects (by number and budget) will deliver first production before the end of CY14
We will substantially reduce development expenditure and increase internal competition for capital
This will maximise the return on incremental investment and substantially increase free cash flow
We retain significant flexibility as we consider the timing and rate of future expenditure
Expenditure profile for our major projects in execution1
(US$ billion)
FY13e FY14e FY15e FY16e
The rate of major project approvals has slowed2
(US$ billion)
FY11 FY12 H1 FY13
1. Refers to forecast capital expenditure associated with our approved major projects as reported in the Exploration and Development Report.
2. Relates to all announcements of capital expenditure for major projects and pre-commitments.
Andrew Mackenzie, Chief Executive Officer, 14 May 2013
Slide 11
We will continue to simplify the portfolio
bhpbilliton
resourcing the future
Divestments totalling US$5 billion either announced or completed in FY13
- sold the Yeelirrie uranium deposit, our interest in Richards Bay Minerals and our diamonds business
- announced the sale of Pinto Valley and our interests in Browse
Strong prices were achieved for these assets, with virtually no impact on Group earnings
Greater focus on Iron Ore, Petroleum, Copper and Coal will maintain the benefits of diversity and increase our average EBIT margin
All other businesses will continue to be run for cash
Significant increase in divestment proceeds1
(US$ billion)
5.0
2.5
0.0
H22
H1
H1
FY08 FY09 FY10 FY11 FY12 FY13e FY14e²
Strength in diversity3
(EBIT margin, %)
75 50 25 0
All businesses
Four pillars4
FY08 FY09 FY10 FY11 FY12 H1 FY13
1. Includes proceeds from sale or partial sale of subsidiaries, operations and jointly controlled entities, net of their cash; and proceeds from sale of property, plant and equipment.
2. Projected proceeds from announced transactions which are yet to be completed.
3. Excludes third party trading activities, Group and unallocated items.
4. The ‘Four pillars’ of our portfolio refers to our Iron Ore, Petroleum, Copper and Coal businesses.
Andrew Mackenzie, Chief Executive Officer, 14 May 2013
Slide 12
Our strategy will deliver substantial growth in free cash flow
bhpbilliton
resourcing the future
Our uniquely diversified portfolio and OECD footprint remains a competitive advantage
An extreme focus on our major basins will create a more productive and capital efficient organisation
Our productivity agenda seeks to expand margins and increase returns in the absence of higher prices
We will increase internal competition for capital by substantially reducing annual expenditure
The ongoing simplification of the portfolio remains a priority
This plan will substantially increase free cash flow and extend our strong track record
Diversified by:
Commodity
Geography
Market
Own and operate:
Large
Long life
Low cost
Expandable
Upstream assets
TOTAL SHAREHOLDER
RETURNS
Andrew Mackenzie, Chief Executive Officer, 14 May 2013
Slide 13
bhpbilliton
resourcing the future
Appendix
bhpbilliton
resourcing the future
Strong growth in major businesses
bhpbilliton
resourcing the future
Copper equivalent production1 on track to grow at a CAGR of 10% to end FY14
- WAIO run rate of +220 mtpa2 is anticipated before end FY15
- Escondida copper production is forecast to be 1.3 mt2 in FY15
- Queensland Coal projects in execution will increase capacity to 66 mtpa2 by end CY14
- Eagle Ford production to increase to over 200 Mboe/day in FY15
Escondida
(index, FY12 production = 100)
200 100 0
CAGR 14%
FY12 FY13e FY15e
Western Australia Iron Ore
(index, FY12 production = 100)
200 100 0
CAGR 8%
FY12 FY13e FY15e
Queensland Coal3
(index, FY12 production = 100)
200 100 0
CAGR 15%
FY12 FY13e FY15e
Eagle Ford
(index, FY12 production = 100)
600 300 0
CAGR 66%
FY12 FY13e FY15e
1. Copper equivalent production based on FY12 average prices.
2. 100% basis.
3. FY15 estimated capacity excludes Norwich Park and Gregory nominal capacity.
Andrew Mackenzie, Chief Executive Officer, 14 May 2013
Slide 16
Our projects remain on schedule and budget
bhpbilliton
resourcing the future
WAIO Inner Harbour
Broad- meadow
Macedon
NWS North Rankin B
WAIO Jimblebar
Caval Ridge
HPX3
NWS GWF-A
Bass Strait LGCP
FY13
FY14
FY15
FY16
Kipper1
WAIO Orebody 24
Daunia
Turrum
Cerrejon P40
NTP Exp 3
Escondida OLAP
Samarco 4
WAIO Port and Rail
Escondida OGP1
Appin Area 9
Iron Ore
Petroleum and Potash Copper Coal
Aluminium, Manganese and Nickel
First production
US$500m
> US$500m
1. Facilities ready for first production pending resolution of mercury content.
Note: The sale of the diamonds business was completed on 10 April 2013.
Andrew Mackenzie, Chief Executive Officer, 14 May 2013
Slide 17
Capital and exploration expenditure
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resourcing the future
Minerals and conventional oil and gas capital and exploration expenditure
US$ billion FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13e FY14e
Growth 2.0 1.7 2.6 4.0 5.5 6.1 7.3 8.1 9.2 14.4
Sustaining and other 0.7 0.9 1.3 2.1 1.6 1.8 2.0 1.7 2.2 2.5
Exploration 0.3 0.5 0.5 0.8 0.8 1.4 1.3 1.3 1.2 2.1
Total 3.0 3.1 4.4 6.9 7.9 9.3 10.6 11.1 12.6 19.0 18.0
Onshore US capital and exploration expenditure
US$ billion FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13e FY14e
Growth 0.2 3.3
Exploration 0.4
Total 0.2 3.7 4.0
Group capital and exploration expenditure
US$ billion FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13e FY14e
Total 3.0 3.1 4.4 6.9 7.9 9.3 10.6 11.1 12.8 22.7 22.0 18.0
Note: Capital and exploration expenditure presented on an accruals basis.
Andrew Mackenzie, Chief Executive Officer, 14 May 2013
Slide 18
Key net profit sensitivities
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resourcing the future
Approximate impact1 on FY13 net profit after tax of changes of
US$ million
US$1/t on iron ore price
110
US$1/bbl on oil price
45
US¢10/MMbtu on US gas price
25
US$1/t on metallurgical coal price
25
US¢1/lb on aluminium price
25
US¢1/lb on copper price
20
US$1/t on energy coal price
25
US¢1/lb on nickel price
2
AUD (US¢1/A$) operations2
110
RAND (0.2 Rand/US$) operations2
35
1. Assumes total volume exposed to price.
2. Impact based on average exchange rate for the period.
Andrew Mackenzie, Chief Executive Officer, 14 May 2013
Slide 19
Mineral Resource classifications
bhpbilliton
resourcing the future
Mineral Resources - copper equivalent calculations
Slides 7 and 9 of this presentation includes information on Mineral or Coal Resources (inclusive of Ore Reserves).
These have been compiled by: P Whitehouse (MAusIMM) – WAIO and Samarco; D Djotaroeno (MAusIMM) – Worsley; R Aglinskas (MAusIMM) and J P de Melo Franco (MAusIMM, employed by Mineração Rio do Norte) – MRN; R Preece (FAusIMM) – Escondida, Antamina, Cerro Colorado and Spence; S O’Connell (MAusIMM) – Olympic Dam; A Edwards (MAusIMM) – Cannington; C Rodriquez (MAusIMM) – Cerro Matoso; M Menicheli (MAusIMM) – Nickel West; R Macpherson (MAIG) – Queensland Coal, Gregory, BHP Mitsui, Illawarra Coal and Indonesia; D Hope (MAusIMM) – GEMCO; E P Ferreira (SACNASP) – Wessels and Mamatwan; D Lawrence (SACNASP) – San Juan, Navajo, Khutala, Klipspruit, Wolvekrans, Middelburg, Leandra North, Leandra South, Naudesbank, Weltevreden, Theunissen, T-Project, Davel, Remainder Block IV, Mt Arthur Coal, Togara South and Cerrejon Coal Company and J McElroy (MAusIMM) – Saskatchewan Potash who are employed by BHP Billiton at the time of reporting unless otherwise noted. This is based on information in the BHP Billiton Annual Reports from 2007 and 2012 which can be found at www.bhpbilliton.com.
All information is reported under the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, 2004’ (the JORC Code) by the above-mentioned persons who are employed by BHP Billiton unless otherwise noted and have the required qualifications and experience to qualify as Competent Persons for Mineral or Coal Resources or Exploration Results under the JORC Code.
The compilers verify that this report is based on and fairly reflects the Mineral Resources information in the supporting documentation and agree with the form and context of the information presented.
Mineral Resource classifications (100% basis) for each province, where relevant, are contained in Table 2. Excludes divested assets (completed or announced).
Table 2
Deposit
Financial year
Measured Resource (Mt)
Indicated Resource (Mt)
Inferred Resource (Mt)
BHP Billiton interest (%)
Iron ore
WAIO
2012 2,324 3,688 14,590 891
2007 1,695 2,154 4,180 891
Samarco
2012 3,041 3,011 2,019 50
2007 524 886 1,569 50
Alumina
Worsley
2012 343 @ 31% Al2O3 587 @ 32% Al2O3 50 @ 33% Al2O3 86
2007 399 @ 30% Al2O3 171 @ 31% Al2O3 249 @ 32% Al2O3 86
MRN
2012 154 @ 49% Al2O3 44 @ 49% Al2O3 412 @ 49% Al2O3 14.8
2007 155 @ 51% Al2O3 18 @ 50% Al2O3 444 @ 50% Al2O3 14.8
1. Interest represents the weighted average of BHP Billiton’s ownership in the individual mines comprising the deposit.
Andrew Mackenzie, Chief Executive Officer, 14 May 2013
Slide 20
Mineral Resource classifications (continued)
bhpbilliton
resourcing the future
Mineral Resources - copper equivalent calculations
Table 2 (continued)
Deposit
Financial year
Measured Resource (Mt)
Indicated Resource (Mt)
Inferred Resource (Mt)
BHP Billiton interest (%)
Base metals
Escondida
2012 4,069 @ 0.72% Cu 4,986 @ 0.57% Cu 12,635 @ 0.47% Cu 57.5
2007 1,513 @ 0.89% Cu 3,371 @ 0.71% Cu 3,767 @ 0.54% Cu 57.5
Cerro Colorado
2012 96 @ 0.66% Cu 317 @ 0.64% Cu 82 @ 0.58% Cu 100
2007 148 @ 0.71% Cu 98 @ 0.61% Cu 122 @ 0.58% Cu 100
Spence
2012 232 @ 0.91% Cu 1,315 @ 0.47% Cu 1,260 @ 0.37% Cu 100
2007 182 @ 1.24% Cu 219 @ 0.71% Cu 16 @ 0.47% Cu 100
Olympic Dam
2012
1,547 @ 0.98% Cu,
5,098 @ 0.8% Cu,
3,295 @ 0.69% Cu,
1.86g/t Ag,
1.42g/t Ag,
0.97g/t Ag,
100
0.37g/t Au,
0.36g/t Au,
0.25g/t Au,
0.29kg/t U3O8
0.26kg/t U3O8
0.23kg/t U3O8
1,343 @ 1.13% Cu,
3,192 @ 0.83% Cu,
3,320 @ 0.77% Cu,
2.31g/t Ag,
1.62g/t Ag,
1.26g/t Ag,
2007
100
0.37g/t Au,
0.3g/t Au,
0.31g/t Au,
0.35kg/t U3O8
0.28kg/t U3O8
0.26kg/t U3O8
169 @ 0.83% Cu,
990 @ 0.91% Cu,
706 @ 0.73% Cu,
Antamina
2012
9g/t Ag,
10g/t Ag,
9g/t Ag,
33.8
0.6% Zn
0.6% Zn
0.4% Zn
120 @ 0.97% Cu,
478 @ 1.12% Cu,
120 @ 0.95% Cu,
2007
12g/t Ag,
12g/t Ag,
15g/t Ag,
33.8
1.0% Zn
0.8% Zn
0.3% Zn
59 @ 211g/t Ag,
22 @ 119g/t Ag,
17 @ 90g/t Ag,
Cannington
2012
3.3% Zn,
2.5% Zn,
2.0% Zn,
100
5.8% Pb
3.8% Pb
3.1% Pb
34 @ 412g/t Ag,
5 @ 304g/t Ag,
5 @ 262g/t Ag,
2007
4.3% Zn,
4.4% Zn,
3.7% Zn,
100
9.6% Pb
7.2% Pb
6.3% Pb
Andrew Mackenzie, Chief Executive Officer, 14 May 2013
Slide 21
Mineral Resource classifications (continued)
bhpbilliton
resourcing the future
Mineral Resources - copper equivalent calculations
Table 2 (continued)
Deposit
Financial year
Measured Resource (Mt)
Indicated Resource (Mt)
Inferred Resource (Mt)
BHP Billiton interest (%)
Nickel
Nickel Colombia
2012
112 @ 1.1% Ni
150 @ 0.9% Ni
119 @ 0.8% Ni
99.9
2007
104 @ 1.3% Ni
43 @ 1.3% Ni
1 @ 1.2% Ni
99.8
Nickel West operations
2012
220 @ 0.7% Ni
111 @ 0.7% Ni
42 @ 0.8% Ni
100
2007
297 @ 0.6% Ni
204 @ 0.7% Ni
140 @ 0.6% Ni
100
Nickel West projects
2012
156 @ 0.6% Ni
180 @ 0.6% Ni
305 @ 0.6% Ni
981
2007
-
248 @ 0.6% Ni
221 @ 0.6% Ni
961
Energy coal
New Mexico
2012
847
260
4
100
2007
1,097
5
-
100
South Africa
2012
1,344
355
129
100
2007
1,884
199
142
911
South Africa Projects
2012
481
535
411
100
2007
214
671
493
971
South Africa Miscellaneous
2012
11
140
2,441
100
2007
-
872
1,364
891
Australia
2012
1,229
2,808
1,729
100
2007
983
1,873
1,319
100
Colombia
2012
2,955
984
730
33.3
2007
905
1,214
58
33.3
1. Interest represents the weighted average of BHP Billiton’s ownership in the individual mines comprising the deposit.
Andrew Mackenzie, Chief Executive Officer, 14 May 2013
Slide 22
Mineral Resource classifications (continued)
bhpbilliton
resourcing the future
Mineral Resources - copper equivalent calculations
Table 2 (continued)
Deposit
Financial year
Measured Resource (Mt)
Indicated Resource (Mt)
Inferred Resource (Mt)
BHP Billiton interest (%)
Metallurgical coal
Queensland Coal
2012
2,798
4,387
3,772
50
2007
1,542
3,032
3,209
50
Gregory JV
2012
14
137
0
50
2007
7
142
30
50
BHP Mitsui
2012
183
1,119
1,082
80
2007
116
646
1,035
80
Illawarra Coal
2012
283
453
589
100
2007
188
187
760
100
Indonesia Project
2012
83
33
658
75
2007
-
120
-
100
Manganese
GEMCO1
2012
40 @ 47% Mn
13 @ 46% Mn
24 @ 44% Mn
60
2007
37 @ 47% Mn
21 @ 46% Mn
17 @ 43% Mn
60
Wessels
2012
12 @ 46% Mn
126 @ 44% Mn
-
44.4
2007
5 @ 49% Mn
17 @ 49% Mn
-
60
Mamatwan
2012
64 @ 36% Mn
55 @ 35% Mn
4 @ 34% Mn
44.4
2007
52 @ 37% Mn
14 @ 36% Mn
2 @ 36% Mn
60
Potash
Jansen
2012
-
3,320 @ 25.7% K2O
131 @ 26.9% K2O
100
1. A yield factor has been applied to the in-situ tonnes as the manganese grades reported in the Annual Report are as per washed samples.
Andrew Mackenzie, Chief Executive Officer, 14 May 2013
Slide 23
bhpbilliton
resourcing the future
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| BHP Billiton Limited and BHP Billiton Plc | ||||||
| Date: May 14, 2013 | By: | /s/ Jane McAloon | ||||
| Name: | Jane McAloon | |||||
| Title: | Group Company Secretary | |||||