August 22, 2012

BHP Cancels $30 Billion Olympic Dam Copper-Uranium Mine Expansion Near Roxby Downs

Published on Wednesday August 22 2012 (AEST)  

BHP Billiton has shelved its $30 billion Olympic Dam expansion and will go back to the drawing board to find a cheaper alternative. Market conditions, subdued commodity prices and higher capital costs led to the decision, said BHP chief executive Marius Kloppers in a statement. 

"As we finalised the details of the project ... it became clear that the right decision for the company and its shareholders was to continue studies to develop a less capital-intensive option to replace the underground mine at Olympic Dam," Mr Kloppers said. 

 "Value is always our primary consideration. We believe today's decision reflects an appropriate, prudent and disciplined course of action." 

The mine would have become the world's biggest open cut copper and uranium mine at six Kilometres long and one Kilometre deep. 


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