BHP Billiton Limited
(ASX:BHP) has several new exploration tenements near its Olympic Dam mine in South Australia.
The miner’s bought the dams from Archer Exploration for $3 million.
A heads of agreement signed between the two companies will lead to BHP taking an 80 per cent interest in Archer's five tenements at West Roxbury.
Archer says the tenements host a number of undrilled exploration targets, including potential uranium and skarn targets.
BHP Billiton posted a net profit of $22.3 billion in the 2011 financial year.
