Ravensthorpe Approved

BHP Billiton Limited
23 March 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.

  Date         23 March 2004
  Number       17/04

                   BHP BILLITON APPROVES RAVENSTHORPE YABULU
                           INTEGRATED NICKEL PROJECT

BHP Billiton today announced approval for the development of the Ravensthorpe
Project and related expansion of the Yabulu Nickel Refinery in Australia.

The combined project includes the development of a mine, treatment plant and
associated infrastructure near Ravensthorpe, Western Australia and the expansion
of the QNI Yabulu Refinery near Townsville in Queensland. The capital cost for
the combined project is expected to be US$1.4 billion, with a capital intensity
of approximately US$12.7/lb of annual nickel production.

The Ravensthorpe processing plant will employ an Enhanced Pressure Acid Leach
(EPAL) hydrometallurgical process, which is a combination of pressure acid leach
and atmospheric leach, producing a mixed nickel and cobalt hydroxide
intermediate product (MHP). The MHP will contain up to 50,000 tonnes per annum
(tpa) nickel and 1400tpa cobalt and will be packaged and shipped through the
Port of Esperance to Townsville for final refining at the QNI Yabulu Refinery.

The project will increase nickel production capacity from the expanded Yabulu
Refinery by more than 140% from 31,200tpa to an estimated 76,000tpa, with the
life of the refinery being extended by approximately 25 years.

President Stainless Steel Materials Chris Pointon said: 'The proven benefits of
the combined processes, together with nearly 30 years of expertise developed at
QNI, make the project technically and economically robust.'

'The project is designed to enable optimal utilisation of all ore types within
the Ravensthorpe resource. The refinery element of the process is a brownfield
expansion of the existing, proven Yabulu nickel and cobalt refinery, meaning
risks traditionally associated with a new project are substantially reduced,' Mr
Pointon said.

He said the project was the next major step in BHP Billiton's global nickel
growth strategy since the successful Cerro Matoso Line 2 expansion in Colombia,
delivered three months ahead of schedule and under budget.

New production will boost BHP Billiton's combined nickel production capacity
from its Australian and Colombian operations from 85,000tpa to more than
130,000tpa by 2007. Cobalt production will increase from 2000tpa to 3400tpa. It
will significantly lower unit production costs.

'We believe the key strengths of the combined project - low mining costs, high
leach plant feed grade, and a world-class refining circuit - gives it the best
risk/reward profile for a laterite project anywhere in the world,' Mr Pointon
said.

'The Ravensthorpe project will further reinforce our position as one of the
largest global suppliers of finished nickel and cobalt products.'

He said new production would help meet the continued structural shortfall in
world nickel supply and strong demand beyond the current nickel cycle.

Construction is expected to commence in Ravensthorpe and Yabulu by late 2004,
with first nickel metal production from the expanded Yabulu refinery expected in
late 2007.

Forward-looking statements
This release contains forward-looking statements about BHP Billiton's
development and capital expenditure plans and future production. Words such as
'will,' 'is expected to,' 'is estimated to' and similar expressions are intended
to identify such forward-looking statements. The statements are based on
management's current expectations, estimates and projections; are not guarantees
of future performance; and are subject to certain risks, uncertainties and other
factors, some of which are beyond BHP Billiton's control and are difficult to
predict. Certain factors that could cause actual results to differ materially
are discussed in the sections entitled 'Risk Factors' and 'Operating and
Financial Review and Prospects - General factors affecting our operating
results' included in our annual report on Form 20-F for the fiscal year ended
June 30, 2003, which we filed with the US Securities and Exchange Commission.
You should not place undue reliance on these forward-looking statements, which
speak only as of the date of this release. Unless legally required, BHP Billiton
undertakes no obligation to update publicly any forward-looking statements,
whether as a result of new information, future events or otherwise.

Further information on BHP Billiton can be found on our Internet site: http://
www.bhpbilliton.com

AUSTRALIA                               
Andrew Nairn, Investor Relations        
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Tania Price, Media Relations            
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UNITED KINGDOM
Mark Lidiard, Investor & Media Relations                                        
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UNITED STATES                                                                                       
Francis McAllister, Investor Relations                               
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SOUTH AFRICA
Michael Campbell, Investor & Media Relations
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BHP Billiton Limited ABN 49 004 028 077
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Registered Office: 180 Lonsdale Street Melbourne Victoria 3000
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BHP Billiton Plc Registration number 3196209
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The BHP Billiton Group is headquartered in Australia



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