BHP Billiton Ltd
(ASX:BHP) will inject an additional $US570 million to ramp up its iron ore operations at the Jimblebar mine in Western Australia.
The global miner will pour the funds into ongoing development of port, rail and mine infrastructure projects, expanding on an earlier commitment of US$1.73 billion announced in January this year.
BHP says the investment further progresses its conveyor belt of Rapid Growth Projects and ensures the company is well positioned to deliver production growth into a tight and growing market. BHP says its volume maximising strategy remains unchanged and it will continue to update on its longer term growth plans.
Earlier this week BHP met for its annual general meeting and affirmed it will be continuing to hunt for potential mergers and acquisitions.
BHP Billiton improved its earnings from $7.8 billion in fiscal 2009 to $15.26 billion in the year to 30 June 2010.
