BHP Billiton today announced it had reached agreement with Nippon Steel on the price of its Lump iron ores for the year commencing 1 April 2004. Negotiations with other Japanese customers are continuing.

The agreed price is as follows:

• Mt Newman High Grade Lump 45.93 US cents per dry metric tonne unit; an increase of 18.62 per cent.*

Prices for BHP Billiton’s other Lump iron ore products will increase by similar percentages.

*Notes:

• Following agreement on the annual percentage change, Japanese iron ore prices are denominated in US cents per dry metric tonne unit, which reflects a common base per unit of iron content.
  
• To determine the USD price per tonne, the following conversion formula must be used:
• US cents per dry metric tonne unit multiplied by iron content
• The iron content for Mt Newman Lump ores is about 65%
  
• In FY2003 BHP Billiton’s Western Australian iron ore operations sold 80.3 million tonnes (100% basis) of ore.
  
• Lump ores represented about 25% of BHP Billiton’s FY2003 sales.
  
• The reference price of Fine ores is usually established first as this represents about  60% of the traded market. Prices for Lump and Pellets are then usually determined as a premium to the Fines price.

For further information please contact:

Australia
Andrew Nairn, Investor Relations
Tel: +61 3 9609 3952  Mobile: +61 408 313 259
email: Andrew.W.Nairn@bhpbilliton.com

Tania Price, Media Relations
Tel: +61 3 9609 3815  Mobile: +61 419 152 780
email: Tania.Price@bhpbilliton.com

United Kingdom
Mark Lidiard, Investor & Media Relations
Tel: +44 20 7802 4156
email: Mark.Lidiard@bhpbilliton.com

United States
Francis McAllister, Investor Relations
Tel: +1 713 961 8625  Mobile: +1 713 480 3699
email: Francis.R.McAllister@bhpbilliton.com

South Africa
Michael Campbell, Investor & Media Relations
Tel: +27 11 376 3360  Mobile: +27 82 458 2587
email: Michael.J.Campbell@bhpbilliton.com