Australia's BHP, POSCO of Korea in talks with Orissa

By SiliconIndia   |   Friday, 20 August 2004, 07:00 Hrs
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SYDNEY: Australia's BHP Billiton Ltd said on Friday it joined Korean steelmaker POSCO Co Ltd in talks with the Orissa Government on development of an iron ore mine and steel mill.

BHP Billiton, the world's biggest mining house, said the talks were at an early stage and that its interest would be limited to the supply of raw steelmaking materials and handling facilities.
BHP Billiton has earmarked total capital spending of close to $4 billion for the business year ending June 30, 2005.

The company has recently committed to a number of projects, including A$311 million ($223 million) in expansions at an alumina refinery in Australia and a diamond mine in Canada, an $870 million expansion of copper mining in Chile, and a $1.4 billion plan to boost its nickel output by half.

BHP Billiton chief executive Chip Goodyear recently said community support was an issue the company considered for possible developments, such as newly discovered iron ore and alumina deposits in the Indian state of Orissa.

Before its 2001 merger with BHP, Billiton had been working on launching a bauxite mine in Orissa, which is yet to proceed



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