25th Nov 2008 07:45
25 November 2008
Number 40/08
IMPAIRMENT OF RAVENSTHORPE AND YABULU NICKEL OPERATIONS
BHP Billiton's operations are subject to regular reviews to ensure appropriateness of asset carrying values. These reviews are based on the prevailing and expected long term or future economic conditions. Following a review of Ravensthorpe and Yabulu nickel operations (both Australia), a pre-tax impairment charge of approximately US$2.1 billion (US$1.5 billion post-tax) will be reflected in the group's results for the half year ending 31 December 2008. Due to the size and nature of the impairment this will be disclosed as an Exceptional Item in BHP Billiton's interim results.
The impairment of the Ravensthorpe and Yabulu operations is mainly due to the significant deterioration in the nickel market, which has seen a dramatic fall in demand, coupled with changes in the rate of production ramp up for Ravensthorpe and the projected sustaining capital expenditure.
BHP Billiton will continue to review the operating performance and future value of both operations in accordance with normal practice.
Further information on BHP Billiton can be found on our Internet site: www.bhpbilliton.com
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Australia Samantha Evans, Media Relations Tel: +61 3 9609 2898 Mobile: +61 400 693 915 email: [email protected] |
United Kingdom & South Africa Andre Liebenberg, Investor Relations Tel: +44 20 7802 4131 Mobile: +44 7920 236 974 email: [email protected] |
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Peter Ogden, Media Relations Tel: +61 3 9609 2812 Mobile: +61 428 599 190 Email: [email protected] |
Illtud Harri, Media Relations Tel: +44 20 7802 4195 Mobile: +44 7920 237 246 email: [email protected] |
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Leng Lau, Investor Relations Tel: +61 3 9609 4202 Mobile: +61 403 533 706 email: [email protected] |
United States Scott Espenshade, Investor Relations Tel: +1 713 599 6431 Mobile: +1 713 208 8565 email: [email protected] |
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Ruban Yogarajah, Media Relations Tel: US +1 713 966 2907 or UK +44 20 7802 4033Mobile: UK +44 7827 082 022 email: [email protected] |
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BHP Billiton Limited ABN 49 004 028 077 Registered in Australia Registered Office: 180 Lonsdale Street Melbourne Victoria 3000 Telephone +61 1300 554 757 Facsimile +61 3 9609 3015 |
BHP Billiton Plc Registration number 3196209 Registered in England and Wales Registered Office: Neathouse Place London SW1V 1BH United Kingdom Telephone +44 20 7802 4000 Facsimile +44 20 7802 4111 |
The BHP Billiton Group is headquartered in Australia
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