<SEC-DOCUMENT>0001193125-14-161077.txt : 20140610
<SEC-HEADER>0001193125-14-161077.hdr.sgml : 20140610
<ACCEPTANCE-DATETIME>20140428061300
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-14-161077
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20140428

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BHP BILLITON LTD
		CENTRAL INDEX KEY:			0000811809
		STANDARD INDUSTRIAL CLASSIFICATION:	METAL MINING [1000]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			C3
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		LEVEL 27, 180 LONSDALE STREET
		STREET 2:		MELBOURNE
		CITY:			VICTORIA AUSTRALIA
		STATE:			C3
		ZIP:			3000
		BUSINESS PHONE:		011611300554757

	MAIL ADDRESS:	
		STREET 1:		GPO BOX 86
		STREET 2:		MELBOURNE
		CITY:			VICTORIA AUSTRALIA
		STATE:			C3
		ZIP:			3001

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BHP LTD
		DATE OF NAME CHANGE:	20010129

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BROKEN HILL PROPRIETARY CO LTD
		DATE OF NAME CHANGE:	19960116

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BHP BILLITON PLC
		CENTRAL INDEX KEY:			0001171264
		STANDARD INDUSTRIAL CLASSIFICATION:	BITUMINOUS COAL & LIGNITE MINING [1220]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			X0
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		8TH FLOOR - NEATHOUSE PLACE
		CITY:			LONDON
		STATE:			X0
		ZIP:			SW1V 1BH
		BUSINESS PHONE:		011442078024054

	MAIL ADDRESS:	
		STREET 1:		8TH FLOOR - NEATHOUSE PLACE
		CITY:			LONDON
		STATE:			X0
		ZIP:			SW1V 1BH

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BHP BILLITON PLC/ADR
		DATE OF NAME CHANGE:	20020416
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Arial Narrow">BHP Billiton Limited</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Arial Narrow">171 Collins Street</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Arial Narrow">Melbourne&nbsp;Victoria&nbsp;3000&nbsp;Australia</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Arial Narrow">GPO Box 86</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Arial Narrow">Melbourne Victoria 3001 Australia</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Arial Narrow">Tel +61 1300 55 47 57</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Arial Narrow">Fax +61 3 9609 3015</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Arial Narrow">bhpbilliton.com</P></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Arial Narrow">28&nbsp;April 2014 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Arial Narrow"><B><U>VIA
EDGAR</U> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Arial Narrow">Ms.&nbsp;Tia&nbsp;L. Jenkins </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial Narrow">Senior Assistant
Chief Accountant, Office of Beverages, Apparel, and Mining </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial Narrow">United States Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial Narrow">Division of Corporate Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial Narrow">100 F Street, N.E. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial Narrow">Washington, D.C. 20549 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial Narrow">USA </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Arial Narrow">Dear Ms.&nbsp;Jenkins, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Arial Narrow">Thank you for your letter dated 31&nbsp;March
2014 setting forth a further comment of the Staff of the Securities and Exchange Commission (the &#147;Staff&#148; and the &#147;Commission&#148;) relating to the Form 20-F for the year ended 30&nbsp;June 2013 (the &#147;2013 Form 20-F&#148;) of BHP
Billiton Limited and BHP Billiton PLC (&#147;BHP Billiton&#148; or the &#147;Group&#148;) (File Numbers 1-09526 and 1-31714). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Arial Narrow">BHP Billiton&#146;s response
to the Staff&#146;s comment is set forth below. To facilitate the Staff&#146;s review, we have included in this letter the caption and comment from the Staff&#146;s comment letter in bold, italicized text, and have provided our response immediately
below. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Arial Narrow"><B><I><U>Form 20-F for the Fiscal Year Ended June&nbsp;30, 2013 </U></I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Arial Narrow"><B><I><U>9.1 Consolidated Financial Statements </U></I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Arial Narrow"><B><I><U>9.1.6 Notes to Financial Statements </U></I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Arial Narrow"><B><I><U>1.
Accounting policies, page F-15 </U></I></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>1.</I></B></TD>
<TD ALIGN="left" VALIGN="top"><B><I>We note your response to prior comment one in our letter dated February&nbsp;11, 2014 and understand that you do not consider your Jansen Potash project to be in the development stage as the project feasibility
study is still in progress and you have not yet established reserves. However, we note that your disclosures at page 41 also indicate that you have conducted activities on the project that are developmental in nature, such as building surface
infrastructure and sinking service and production shafts, starting in December 2012. Please tell us how you are accounting for the costs associated with these activities and how your accounting is consistent with your policy related to exploration
and evaluation assets and development expenditures as outlined at page&nbsp;F-15. Please specify the accounting literature that supports your basis for capitalization or expense. </I></B></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial Narrow" ALIGN="center">1 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Arial Narrow"><B><U>BHP Billiton investment approval process and accounting policies</U> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Arial Narrow">The Group&#146;s exploration and evaluation expenditure accounting policy within the 2013 Form 20-F states: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Arial Narrow"><I>&#147;Exploration and evaluation activity involves the search for mineral and petroleum resources, the determination of technical feasibility
and the assessment of commercial viability of an identified resource.&#148; </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Arial Narrow"><I>&#147;Exploration and evaluation expenditure (including
amortisation of capitalised licence costs) is charged to the income statement as incurred except in the following circumstances, in which case the expenditure may be capitalised: </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Arial Narrow"><I>In respect of mineral activities: </I></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><I>The exploration and evaluation activity is within an area of interest<SUP STYLE="font-size:85%; vertical-align:top">1 </SUP>which was previously acquired as an asset acquisition or in a business combination and
measured at fair value on acquisition; or</I> </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><I>The existence of a commercially viable mineral deposit has been established.</I><I> &#133;&#148; </I> </TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Arial Narrow">The Group&#146;s development expenditure accounting policy further states: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Arial Narrow"><I>&#147;When proved reserves are determined and development is sanctioned, capitalised exploration and evaluation expenditure is reclassified as
assets under construction, and is disclosed as a component of property, plant and equipment. All subsequent development expenditure is capitalised and classified as assets under construction, provided commercial viability conditions continue to be
satisfied. &#133;&#148; </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Arial Narrow">In applying these accounting policies, BHP Billiton identifies a number of phases during the exploration,
evaluation and development of a Mineral Resource that are aligned to our Greenfield investment approval process which are summarized in the following table: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1.00pt solid #000000; width:57.50pt; font-size:8pt; font-family:Arial Narrow"><B>Accounting phase</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1.00pt solid #000000; width:36.80pt; font-size:8pt; font-family:Arial Narrow"><B>Exploration</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1.00pt solid #000000; width:34.15pt; font-size:8pt; font-family:Arial Narrow"><B>Evaluation</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1.00pt solid #000000; width:22.65pt; font-size:8pt; font-family:Arial Narrow"><B>Design</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE="border-bottom:1.00pt solid #000000; width:43.05pt; font-size:8pt; font-family:Arial Narrow"><B>Development</B></P></TD></TR>


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<TD VALIGN="top"><FONT STYLE="font-family:Arial Narrow; "><B>Investment phase</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="font-family:Arial Narrow; ">Identification (Concept)</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="font-family:Arial Narrow; ">Selection (Pre-feasibility)</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="font-family:Arial Narrow; ">Definition (Feasibility)</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="font-family:Arial Narrow; ">Execution (Build)</FONT></TD></TR>
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<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
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<TD VALIGN="top"><FONT STYLE="font-family:Arial Narrow; "><B>Outcome</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="font-family:Arial Narrow; ">At the end of this phase a Mineral Resource will have been identified or the absence of a resource will have been confirmed</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="font-family:Arial Narrow; ">Sufficient work is completed in this phase to declare a Mineral Resource in accordance with the JORC Code<SUP STYLE="font-size:85%; vertical-align:top">2</SUP> requirements</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="font-family:Arial Narrow; ">At the end of this phase, the project is submitted for approval. If approved, Ore Reserves (proven and probable) are declared</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="font-family:Arial Narrow; ">This phase ends when the asset has been built and commissioned</FONT></TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
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<TD VALIGN="top"><FONT STYLE="font-family:Arial Narrow; "><B>Accounting treatment</B></FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="font-family:Arial Narrow; ">Expense all project costs as incurred except in certain circumstances</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="font-family:Arial Narrow; ">Expense all project costs as incurred except in certain circumstances</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="font-family:Arial Narrow; ">Capitalise all project costs incurred provided the commercial viability criteria are satisfied</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"><FONT STYLE="font-family:Arial Narrow; ">Capitalise all project costs incurred provided the commercial viability criteria continues to be satisfied</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Arial Narrow">The accounting outlined in the table above applies to all costs incurred during the various phases based on the
purpose rather than the form of the assets constructed/developed. For example, costs incurred during a particular phase to build infrastructure that will be dedicated to the project will only be recognised as an asset to the extent that the
capitalisation criteria prescribed for that phase are satisfied. </P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
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<TD WIDTH="2%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">1</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">With regard to minerals, an area of interest is an individual geological area which is considered to constitute a favourable environment for the presence of a mineral deposit or has been proved to contain such a
deposit. </TD></TR></TABLE>
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<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">2</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (&#145;the JORC Code&#146;). </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial Narrow" ALIGN="center">2 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Arial Narrow">In the Identification and Selection phases all costs incurred are expensed except when the
exploration and evaluation activity is in a resource area which was previously acquired. Costs subsequently incurred on an acquired resource area may be capitalised provided the project meets specific criteria to assess commercial viability,
including the following: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The right to tenure within the exploration area is current and ongoing; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Arial Narrow; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The region&#146;s fiscal terms are established and stable enough to sustain an expectation that future development is unlikely to be compromised by such fiscal terms; and </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Economics indicate a positive NPV after discounting nominal cash flows, based on the most recent forecast prices, using an appropriate risk adjusted cost of capital. </TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Arial Narrow">These commercial viability criteria are also applied in the Definition phase with one additional element being: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The commodity/product must have an accessible market or will have a market established within 12 months. </TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Arial Narrow"><B><U>Alignment with IFRS </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Arial Narrow">BHP
Billiton&#146;s accounting policy has been developed in accordance with: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">IFRS 6 &#147;Exploration for and Evaluation of Mineral Resources&#148; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Arial Narrow; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">IAS 16 &#147;Property, Plant and Equipment&#148; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Arial Narrow; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">IAS 36 &#147;Impairment of Assets&#148; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Arial Narrow; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The Conceptual Framework for Financial Reporting (&#147;the Framework&#148;) </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Arial Narrow">IFRS 6 prescribes
the accounting requirements for exploration and evaluation expenditures which it defines as follows: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Arial Narrow"><I>&#147;expenditures incurred by an
entity in connection with the exploration for and evaluation of mineral resources before the technical feasibility and commercial viability of extracting a mineral resource are demonstrable&#148;. </I>(IFRS 6 Appendix&nbsp;A, Defined Terms)<I>
</I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Arial Narrow">IFRS 6 does not prescribe the criteria for recognising such expenditure as an exploration and evaluation asset (&#147;E&amp;E
asset&#148;). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Arial Narrow">IFRS 6 requires an entity to develop an accounting policy for recognising E&amp;E assets that results in information that is
relevant and reliable. In particular, paragraph 9 of IFRS 6 states: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Arial Narrow"><I>&#147;An entity shall determine an accounting policy specifying which
expenditures are recognised as exploration and evaluation assets and apply the policy consistently.&#148;</I> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Arial Narrow">Further, paragraph 15 of IFRS 6
states: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Arial Narrow"><I>&#147;An entity shall classify exploration and evaluation assets as tangible or intangible according to the nature of the assets
acquired and apply the classification consistently.&#148;</I> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Arial Narrow">With the exception of certain exploration licences, BHP Billiton classifies its
E&amp;E assets as tangible assets. Accordingly, in developing its exploration and evaluation accounting policy BHP Billiton has had regard to the general asset recognition criteria within the Framework as well as the recognition and measurement
requirements of IAS 16. In particular, the &#145;commercial viability&#146; criteria is applied to ensure that an asset is only recognised when it is probable that future economic benefits will flow to the entity. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial Narrow" ALIGN="center">3 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Arial Narrow">Consistent with IFRS 6 and IAS 36, all E&amp;E assets must be monitored for any indicators of
impairment. To the extent that impairment indicators are present, an assessment of recoverable amount is performed in accordance with IAS 36. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Arial Narrow"><B><U>Application of Accounting Policy to Jansen Potash Project</U></B> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Arial Narrow">The exploration permits for the Jansen Potash project were acquired through acquisitions, primarily of Anglo Potash Ltd in CY2008 and Athabasca
Potash Inc in CY2010. In accordance with the exploration and evaluation accounting policy, costs incurred subsequent to acquisition were only capitalised after the commercial viability of the project had been adequately demonstrated. This occurred
on completion of the Selection phase. Accordingly, costs incurred during the Identification and Selection phases, including costs associated with geological and geophysical studies, exploratory drilling, and overburden removal, were expensed. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Arial Narrow">Mineral Resources have been reported in relation to the Jansen Potash project since the financial year ended 30&nbsp;June 2010. The project is
currently in the Definition phase of investment, having progressed into this phase in February 2011. In accordance with the exploration and evaluation accounting policy, relevant costs incurred during the Definition phase have been capitalised as
the project continues to be considered commercially viable according to the above criteria. Capitalised costs include costs associated with the activities referred to in the SEC staff&#146;s comment above (i.e. building physical surface
infrastructure and sinking service and production shafts). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Arial Narrow">In accordance with the exploration and evaluation accounting policy, all
capitalised exploration and evaluation expenditures relating to the Jansen Potash project are monitored for indicators of impairment. To date there has been no indicators of impairment of the capitalised costs relating to the project. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Arial Narrow"><B><U>Reconciliation of Accounting for Jansen Potash Project and JORC/Industry Guide 7 reporting </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Arial Narrow">As noted in the table above, BHP Billiton typically reports Mineral Resources at the completion of the Selection phase for Greenfield Projects.
The JORC Code specifies that Mineral Resources must only be reported when there are reasonable prospects for eventual economic extraction (ie more likely than not). The considerations involved in this assessment are similar to those in assessing
commercial viability for accounting purposes. The JORC Code prescribes further criteria for the purpose of reporting Ore Reserves. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Arial Narrow">In 2013
BHP Billiton classified a portion of the Jansen Mineral Resources as &#145;Measured Resources&#146;, which, having regard to the geological evidence obtained, represents the highest level of Mineral Resource classification under the JORC Code. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Arial Narrow">We have not reported Ore Reserves for the Jansen Potash project because the project Feasibility Study is in progress and has not been completed to
confirm, according to the JORC code and Industry Guide 7, that the mineral deposit can be economically and legally extracted or produced. The outcomes of the Feasibility Study will be considered as part of the decision on whether the project will
proceed to the Execution (i.e. Development) phase. Accordingly, proven (measured) and probable (indicated) Ore Reserves will only be determined and reported when project execution approval has been received. This approach is in accordance with the
JORC Code which prescribes criteria, or modifying factors,<SUP STYLE="font-size:85%; vertical-align:top">3</SUP> to be considered before reserves can be declared. These criteria set a higher bar compared to the capitalisation criteria established by
BHP Billiton for costs incurred during the exploration and evaluation phases. We would view this approach as also being consistent with that which is warranted under Industry Guide&nbsp;7. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Arial Narrow">As indicated in the table above, at the end of the Definition phase the project Feasibility Study will be submitted to the Board of Directors for
approval to sanction the project. If approved it is anticipated that Ore Reserves will be determined and then declared at that time. </P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:10%">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Arial Narrow; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">3</SUP>&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Modifying Factors include mining, processing, metallurgical, infrastructure, economic, marketing, legal, environmental, social and governmental factors. </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial Narrow" ALIGN="center">4 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial Narrow" ALIGN="center">***** </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Arial Narrow">BHP Billiton acknowledges that it is responsible for the adequacy and accuracy of the disclosure in its Form 20-F, that Staff comments or changes to disclosure
in response to Staff comments do not foreclose the Commission from taking any action with respect to its Form&nbsp;20-F, and that BHP Billiton may not assert Staff comments as a defense in any proceeding initiated by the Commission or any person
under the federal securities laws of the United States. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Arial Narrow">We are available to discuss any of the foregoing with you at your convenience. Please contact me if
you wish to discuss the information provided in this response. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt">


<TR>
<TD WIDTH="100%"></TD></TR>


<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="font-family:Arial Narrow; ">Yours sincerely,</FONT></TD></TR>
<TR>
<TD HEIGHT="16"></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Arial Narrow">/s/ Neil Beaumont</P></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="font-family:Arial Narrow; ">Neil Beaumont</FONT></TD></TR>
<TR STYLE="font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="font-family:Arial Narrow; ">Head of Group Reporting</FONT></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Arial Narrow; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top">Burr Henly (Sullivan &amp; Cromwell) </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Arial Narrow" ALIGN="center">5 </P>

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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
