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BHP Billiton Successful In High Court On Australian Taxation Office Assessments

The High Court of Australia has today decided in favour of BHP Billiton in its dispute with the Australian Taxation Office over certain tax issues relating to BHP Billiton’s former Hot Briquetted Iron project.
The dispute concerned the clawback of capital allowance deductions claimed by BHP Billiton for the Hot Briquetted Iron plant.
As a result of the decision, an income tax credit of approximately US$580 million will be recognised as an exceptional item in the Company’s June 2011 financial results.