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Gold/Mining/Energy : BHP -- Ignore unavailable to you. Want to Upgrade?

To: Thomas Haegin who wrote (35)	12/5/1997 6:21:00 AM
From: Thomas Haegin	Respond to of 87

Re: Asset sales continuing To All: BHP continues to sell non-core assets. I think it's positive. Is management waking up here? ------Start----------------- News Release BHP Transport - BHP Service Companies Release time 1030 Date 5 December 1997 Ref Number 82/97 SALE OF IRON PACIFIC BHP Transport Pty Ltd today announced that it has reached agreement with Bergesen D.Y. ASA of Norway on the sale of BHP Transport's 231 851 dwt bulk carrier Iron Pacific. The vessel is scheduled to be delivered to her new owners during the first half of 1998. BHP Transport Group General Manager Bruce McGowan said that the sale was part of BHP Transport's ongoing process of fleet review, as well as of BHP's broader review of assets. "We are always reviewing our fleet makeup to meet the current and forecast freight task. We know that our coastal iron ore task is being reduced, with the planned end of steelmaking at Newcastle as a significant factor, so that is one thing changing our ongoing fleet requirements. "The sale gives us opportunity to apply our resources better to meet these changing requirements, and Iron Pacific is a large and specialised ship, making it a good match for Bergesen's business." The selling price is US$33 million. Iron Pacific was built for BHP by Samsung Shipbuilding & Heavy Industries Co Ltd, South Korea, and launched in February 1986. Since joining BHP's fleet, the vessel has operated on a triangular trade, carrying iron ore from Port Hedland (WA) to Port Kembla and Newcastle (NSW), and export coal from NSW and Queensland to Korea. At the time of building Iron Pacific was the largest twin screw dry cargo bulk carrier in the world, and she has been the largest ship in BHP's fleet, and the largest ship to carry the Australian flag. She has set records in all regular load ports, including most recently a record lift for the Port of Gladstone, when on 4 September 1997 she loaded 204 339 mt of coal. * * * * * For information contact: Kym Lynch Group Manager Public Affairs & Employee Communications - Melbourne BHP Service Companies Tel: +61 3 9609 2411 (bh) +61 418 174 501 (mobile) Fax: +61 3 9609 2250 -------End------------------