I/O JV with JFE Steel Corp

BHP Billiton Limited
26 August 2004

     BHP Billiton Limited is issuing this announcement to fulfil disclosure
  obligations arising from its secondary listing on the London Stock Exchange.

    The text of this release is identical to that issued by BHP Billiton Plc
                                    earlier.


Date                 26 August 2004
Number               28/04

BHP BILLITON ANNOUNCES IRON ORE JOINT VENTURE AND US$3.7 BILLION SALES CONTRACTS
                           WITH JFE STEEL CORPORATION

BHP Billiton today announced its intention to form a joint venture with Japan's
JFE Steel Corporation, a recently merged entity of Kawasaki Steel Corporation
and NKK.

The joint venture will be BHP Billiton's first iron ore joint venture with a
Japanese steelmaker and will underpin sales of approximately 16 million tonnes
per annum (Mtpa) of iron ore from BHP Billiton's suite of products over the next
11 years, valued at around US$3.7 billion.

The joint venture involves the joint technical development and commercialisation
of 160 million tonnes of Lower Channel Iron Deposit (LCID) 'pisolite' iron ore,
which has not previously been used in the steel making process. Development of
these reserves will also extend the life of the Yandi Mine.

Under the joint venture, JFE will take a 20 percent interest in a sub-lease over
part of BHP Billiton's Yandi mine known as 'Western 4', near Newman in Western
Australia, which has an ore reserve of 109 million tonnes. BHP Billiton will
retain a 68 percent interest, with Japanese joint venture partners ITOCHU
Minerals & Energy of Australia and Mitsui Iron Ore Corporation retaining 6.4
percent and 5.6 percent interests respectively.

The Western 4 deposit will provide up to 15 Mtpa of iron ore, which will be
included in the Yandi product. Production, which is expected to commence in the
second half of 2005, will be achieved utilizing existing Yandi infrastructure
and facilities.

President BHP Billiton Iron Ore Graeme Hunt said the company was pleased to
consolidate and strengthen a long standing relationship which existed prior to
the formation of JFE with both Kawasaki Steel and NKK.

'Kawasaki Steel was an initial customer for the Yandi product and this early
long term support and technical assistance with product development expanded our
relationship substantially. In addition, we have enjoyed a strong supplier/
customer association with NKK for over 30 years,' he said.

'Today, we have taken a further step in these relationships through JFE and this
new partnership will strengthen our bond with one of the world's most highly
regarded steel producers.'

The information in this report that relates to Ore Reserves is based on
information compiled by Peter Schultz who is an employee of BHP Billiton and who
is a Member of The Australasian Institute of Mining and Metallurgy.

Peter Schultz has sufficient experience, which is relevant to the style of
mineralisation and type of deposit under consideration and to the activity,
which he is undertaking to qualify as a Competent Person as defined in the 1999
Edition of the 'Australasian Code for Reporting of Mineral Resources and Ore
Reserves'. Peter Schultz consents to the inclusion in the document of the
matters based on his information in the form and context in which it appears.

                                      ****

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