According to the Wah Nam appointed valuers .. nothing... but to...

According to the Wah Nam appointed valuers .. nothing... but to get some extra capacity BHP need to spend $20B.

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BHP wins approval for $20b harbour project

Peter Ker
January 23, 2012 -

BHP Billiton's plan to spend eight years and more than $20 billion expanding its port facilities in the Pilbara region are a step closer, after the company today won an important approval for its "outer harbour" plan at Port Hedland.

The mammoth project was approved by WA's Environment Protection Authority earlier today with only minor conditions.

The Outer Harbour plan is designed to lift BHP's Pilbara iron ore exports to 350 million tonnes by 2020, much higher than the 159 million tonnes it is expected to ship this financial year.

The project, which will involve the construction of a four kilometre jetty, wharves and new ship loaders outside the existing port, could eventually lift the company's exports to 450 million tonnes each year.

Analysts expect the plan will cost more than $20 billion to achieve, prompting many to speculate the company would find it easier to increase its port capacity at Port Hedland by simply acquiring one of the smaller iron ore plays who currently share the port.

Smaller players with port access include Atlas Iron and Brockman Resources.

The EPA said the project would have a negative impact on marine and mangrove environments, and that existing dust problems in Port Hedland would be exacerbated by the project. But the authority said those impacts could be managed to allow the project to proceed.

The EPA's recommendation will now be considered by WA Environment Minister Bill Marmion, and the outer harbour project still requires federal approval before work can begin.

BHP shares were trading 32 cents lower at $37.16 shortly after midday.


Read more: http://www.smh.com.au/business/bhp-wins-approval-for-20b-harbour-project-20120123-1qd98.html#ixzz1kFvj7Iji