BHP Billiton Base Metals

CRU Wire and Cable Conference, Paris, June 2007Arnoud BalhuizenVice President Marketing & Trading - Copper Cathodes

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DisclaimerThe views expressed here contain information derived from publicly available sources that have not been independently verified. Norepresentation or warranty is made as to the accuracy, completeness or reliability of the information. Any forward looking information in this presentation has been prepared on the basis of a number of assumptions which may prove to be incorrect. This presentation should not be relied upon as a recommendation or forecast by BHP Billiton.

Nothing in this release should be construed as either an offer to sell or a solicitation of an offer to buy or sell shares in any jurisdiction.

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Copper Value ChainProducers Transformers Customers

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BHP Billiton - Committed for the Long TermAntamina 33.75%

Cerro Colorado Escondida 57.5% Olympic Dam

Cannington

• Being an employer of choice • Working to the highest HSEC standards • Understanding and managing risks• Significant capital investment with long lead times• Commitment to exploration through the business cycle

Spence

Slide 5

Strategic Focus - Base Metals

Olympic Dam, Resolution, Exploration

People

‘Licence to Operate’

World Class Assets

The BHP Billiton Way(Value Added Processes)

Financial Strength and Discipline

Project Pipeline

GrowthOptions

People

‘Licence to Operate’

World Class Assets

The BHP Billiton Way(Value Added Processes)

Financial Strength and Discipline

Project Pipeline

GrowthOptions

Leading BHP Billiton CSGin terms of BusinessExcellence savings

Numerousawardsand recognitionfor community,safety andenvironment

27,000 employees, operations andproject contractors(incl. Antamina)

Largest copper mineand largest silver minein the world

First half operatingmargins of 62% andEBIT of over US$2.9B

Sulphide Leach,Spence

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0

1000

2000

3000

4000

5000

6000

7000

8000

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 20170

1000

2000

3000

4000

5000

6000

7000

8000

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Copper project growth: Expectation vs Reality000t Copper

Data: Brook Hunt, BHP Billiton

Top 50 probable and possible mine projects in 2001 total 7.2mt

Evolution of the forecasts

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Examples of Success - Escondida• The decision to invest in the second concentrator at Escondida was made in 2000 –

when copper reached historic lows in real terms.• Over US$3B has been invested at Escondida since July 2000 to lift production to

around 1.4 Mtpa of copper. • We will continue to invest to ensure the optimum development in this world class ore

body.

Escondida (100%)

0.0

200.0

400.0

600.0

800.0

1000.0

1200.0

1400.0

2001 2002 2003 2004 2005 2006 2007

Financial Year

0.00

0.50

1.00

1.50

2.00

2.50

3.00

3.50

Copper Production (000t payable) Capital Expenditure ($US millions) Average LME Copper Price ($US/lb)

Production (000tpa) LHS

Capital US Millions LHS

Copper Price US$/lb RHS

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Examples of Success - Spence• Investment of US$996m committed in October 2004• Less than 2 year payback at current prices.• 19 year mine operations life• 3 to 1 waste/ore ratio for life of mine• Mine pre-strip of 78 million tonnes completed on

schedule

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Spence: history – discovery to production

100014001800220026003000340038004200460050005400580062006600700074007800

Q1-96

Q1-97

Q1-98

Q1-99

Q1-00

Q1-01

Q3 Q1-02

Q1-03

Q1-04

Q3 Q1-05

Q1-06

Q1-07

LME 3 Mth copper price – US$/tonne

Data: LME, BHP Billiton

Deposit discovered by Rio Algom

Exploration and development

Billit

on pu

rchas

e Rio

Algo

m

BHP

and B

illiton

mer

ge to

BH

P Bi

lliton

Completion of concept, pre-feasibility, feasibility studies

Definitive feasibility study completed, project approved for execution (Oct04)

Project construction and mine development

2005/20061st copper production

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Increased metal book provides deeper market insight

0

100,000

200,000

300,000

400,000

500,000

600,000

700,000

800,000

900,000

2003 2004 2005 2006 2007 2008

Third partySpenceOlympic DamTintayaCerro ColoradoEscondida

Data: BHP Billiton

Numbers are total cathode marketed and include 100% of Escondida

Calendar Years

Cathode sales - tonnes

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Olympic Dam - Planning for the Long Term

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Global Base Metal Exploration – Focused Main Initiatives

Mexico

Andes Brownfield And Regional

Kazakhstan

Mongolia

Copper Belt DRC

Cannington

Brownfield And Regional

Olympic Dam

Brownfield And Regional