BHP Message Board - Msg: 2986000

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Gold/Mining/Energy : BHP

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To: Thomas Haegin who wrote ()	12/17/1997 3:17:00 AM
From: Thomas Haegin	of 87

Re: BHP asset sales continuing Repost of press release ---------------------------------------------------- IMMEDIATE 17 DECEMBER 1997 No. 84/97 BHP ANNOUNCES AGREEMENT ON SALE OF PILBARA GAS PIPELINES The Broken Hill Proprietary Company Limited (BHP), through its subsidiary, Pilbara Energy Pty Limited, has reached conditional heads of agreement with Epic Energy Western Australia Pty Limited for the sale of the gas pipeline from Karratha to Port Hedland and its connection to the Hot Briquetted Iron Plant at Port Hedland. The sale also includes the extension pipeline which is to be constructed from the North West Shelf Joint Venture facilities on the Burrup Peninsula to the inlet for the Karratha to Port Hedland pipeline. The sale is part of BHP's global asset review and will provide benefits for the supply of gas to its Port Hedland iron ore and hot briquetted iron operations. The purchase price under the agreement is Dlrs129 million. The sale is conditional upon the issue and transfer of necessary pipeline licences and titles and compliance with the requirements of the State Agreement. The pipeline extension plans are well- advanced and final approvals to enable construction to proceed are now being concluded. It is anticipated that construction will be completed in the final quarter of 1998 (calendar year). The agreement also includes: - suitable tariff arrangements to ensure viable gas transmission terms for BHP's energy and gas requirements at Port Hedland. - arrangements to ensure that the agreements reached between Pilbara Energy Pty Ltd and the Native Title claimants will be honoured. * * * * * For information contact: Judith Thomson Manager Public Affairs Tel: +61 8 9320 4170 (bh) +61 8 9386 2237 (ah) --END

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