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Gold/Mining/Energy : BHP
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To: Thomas Haegin who wrote ()1/7/1998 4:07:00 AM
From: Thomas Haegin   of 87
 
Repost: BHP fast-tracks Pilbara HBI plant -report

There seems to be some good news in the bad news surrounding this project:
Thomas

-----Start---------------------------------

MELBOURNE, Jan 6 (Reuters) - The Broken Hill Pty Co Ltd
(BHP) on Tuesday declined to comment on a newspaper report the
company's iron ore processing plant at Port Hedland in Western
Australia would be completed up to six months ahead of schedule.
Asked about the report a BHP spokesman said: "we have
nothing to add to that."
The report said the accelerated work schedule meant the
project's final cost was now expected to be between A$2 billion
and A$2.2 billion, well below the company's worst case estimate
of A$2.45 billion.
Cost over-runs at the project have seen its estimated cost
balloon from A$1.65 billion and were blamed for the resignation
of BHP's minerals division chief Dick Carter and iron ore head
Geoff Wedlock in early August last year.
Last month BHP's managing director John Prescott said
construction of the hot briquetted iron (HBI) plant was on
schedule with a completion date set for sometime between
December 1998 and March 1999.
Prescott said the cost of the plant was more likely to be at
the bottom end of the BHP's September 1997 estimate of between
A$2.17 billion and A$2.45 billion.
- Michael Stapleton 61-3 9286-1435
email: melbourne.newsroom@reuters.com
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