Olympic Dam Update NEWS RELEASE Release Time IMMEDIATE Date 22 August 2012 Number 19/12 OLYMPIC DAM UPDATE BHP Billiton announced today that it will investigate an alternative, less capital-intensive design of the Olympic Dam open-pit expansion, involving new technologies, to substantially improve the economics of the project. As a result it will not be ready to approve an expansion of Olympic Dam before the Indenture agreement deadline of 15 December 2012. The Company will discuss the implications of this decision for the Indenture agreement with the South Australian Government in the coming months. BHP Billiton CEO, Marius Kloppers, said current market conditions, including subdued commodity prices and higher capital costs, had led to the decision: “As we finalised all the details of the project in the context of current market conditions, our strategy and capital management priorities, it became clear that the right decision for the Company and its shareholders was to continue studies to develop a less capital intensive option to replace the underground mine at Olympic Dam. “As with any capital commitment, all investment options are scrutinised as they move through our approvals process and our highest returning projects are prioritised. Value is always our primary consideration. We believe today’s decision reflects an appropriate, prudent and disciplined course of action. “However, the long term outlook for the copper market remains strong and we will continue to work closely with all stakeholders as we refine our longer term development plans for this unique, world class ore body. We want to find the right solution to unlock this resource,” he said. BHP Billiton Chief Executive Non-Ferrous, Andrew Mackenzie, said the South Australian Government’s support for the project should be commended: “The South Australian Government has been fully supportive of Olympic Dam and has created an environment that is highly conducive to business investment. We have been very much encouraged by their attitude to business development and the Olympic Dam expansion project. “Olympic Dam is a resource of enormous potential and we will continue to work on technological and design alternatives that have the potential to substantially improve the economics of the expansion, while also completing some early stage site works.” As a result of this change, the Company will recognise impairment and other charges of US$346 million before tax (US$242 million after tax) in respect of the Olympic Dam Project in the 2012 financial year. Further information on BHP Billiton can be found at: www.bhpbilliton.com. Sponsor: Absa Capital (the investment banking division of Absa Bank Limited, affiliated with Barclays). Media Relations Investor Relations Australia Australia Antonios Papaspiropoulos James Agar Tel: +61 3 9609 3830 Mobile: +61 477 325 803 Tel: +61 3 9609 2222 Mobile: +61 467 807 064 email: Antonios.Papaspiropoulos@bhpbilliton.com email: James.Agar@bhpbilliton.com Kelly Quirke Andrew Gunn Tel: +61 3 9609 2896 Mobile: +61 429 966 312 Tel: +61 3 9609 3575 Mobile: +61 439 558 454 email: Kelly.Quirke@bhpbilliton.com email: Andrew.Gunn@bhpbilliton.com Fiona Martin United Kingdom and South Africa Tel: +61 3 9609 2211 Mobile: +61 427 777 908 email: Fiona.Martin2@bhpbilliton.com Tara Dines Tel : +44 20 7802 7113 Mobile : +44 7825 342 232 United Kingdom Email : Tara.Dines@bhpbilliton.com Ruban Yogarajah Americas Tel: +44 20 7802 4033 Mobile: +44 7827 082 022 email: Ruban.Yogarajah@bhpbilliton.com Brendan Harris Tel: +44 20 7802 4131 Mobile: +44 7990 527 726 Deirdra McCracken email: Brendan.Harris@bhpbilliton.com Tel: +44 20 7802 7462 Mobile: +44 7827 253 764 Email: Deirdra.S.McCracken@bhpbilliton.com Matt Chism Tel: +1 71 359 96158 Mobile: +1 281 782 2238 Americas email: Matt.E.Chism@bhpbilliton.com Jaryl Strong Tel: +1 713 499 5548 Mobile: +1 281 222 6627 email: Jaryl.Strong@bhpbilliton.com BHP Billiton Limited ABN 49 004 028 077 BHP Billiton Plc Registration number 3196209 Registered in Australia Registered in England and Wales Registered Office: 180 Lonsdale Street Registered Office: Neathouse Place Melbourne Victoria 3000 Australia London SW1V 1BH United Kingdom Tel +61 1300 55 4757 Fax +61 3 9609 3015 Tel +44 20 7802 4000 Fax +44 20 7802 4111 Members of the BHP Billiton Group which is headquartered in Australia Date: 22/08/2012 08:48:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.