BHP Billiton Limited (ASX:BHP, LON:BLT, NYSE:BHP) has approved $US917 million in pre-commitment funding for infrastructure related to its Western Australian iron ore operations.
BHP’s share is $US779 million and will be put to constructing a 100 million tonne per annum outer harbour facility at Port Hedland.
The early works funding comes just one week after the project secured environmental approvals from the state government.
The approved funding now enables BHP to progress feasibility studies. The project is expected to be reviewed for full approval in the fourth quarter of this year.
BHP reported a record net profit of $22.3 billion in the 2011 financial year.
