BHP Billiton Limited (ASX:BHP) has approved $US822 million in development funding for its Orebody 24 mine in the Pilbara region of Western Australia.
Orebody 24 is a sustaining mine to maintain iron ore production output from the Newman Joint Venture operations.
The mine will have a capacity of 17 million tonnes per annum and first mining is expected in the second half of 2012.
BHP’s share of the investment is $US698 million.
BHP Billiton reported a net profit of $22.3 billion in fiscal 2011.
