Mining giant BHP Billiton Ltd
(ASX:BHP) has approved the development of its Macedon Gas field offshore Western Australia.
BHP says it expects first production, from the US$1.5 billion development with joint venture partner Apache Northwest, during calendar 2013.
The miner says recoverable reserves for the Macedon field are estimated to be between 400 and 750 billion cubic feet of gas.
BHP’s share of the US$1.5 billion project cost will be 71.43 per cent, or $1.05 billion, with Apache Northwest to invest the remaining 28.57 per cent.
The global miner also announced this morning that it has received antitrust clearance from US regulators to proceed with its $39 billion hostile takeover bid for Canada’s Potash Corp.
BHP’s fiscal 2010 profit came to $15.26 billion.
