finances WA Rolling Stk

Broken Hill Proprietary Co Ld
24 January 2000


The Broken Hill Proprietary Company Limited (BHP) today announced a
re-financing arrangement for rolling stock operated by the Mt. Newman Joint
Venture in the Pilbara region of Western Australia. 

The transaction will deliver a book profit of $31 million after tax, and
release cash of $179 million to BHP.  Proceeds from the transaction will be
used by BHP to pay down existing debt, resulting in a reduction in the
Company's gearing.

BHP's Chief Financial Officer, Chip Goodyear, said the lease arrangement
demonstrated BHP's commitment to pro-actively manage the Company's balance
sheet, unlocking equity capital currently deployed to infrastructure
investments, and replacing it with cost effective financing.

BHP Iron Ore is manager and agent for the Mt. Newman Joint Venture, which
comprises BHP Minerals Pty Ltd (85 per cent), Mitsui-Itochu Iron Pty Ltd (10
per cent) and CI Minerals Australia Pty Ltd (5 per cent).


Contact: 
Media Relations       Mr Ian Dymock, BHP Media Relations - Melbourne
                      Tel: [phone]       

                      Mr Stedman Ellis BHP Iron Ore - Perth
                      Tel: [phone]