Settles Iron Ore Prices

BHP Billiton Limited
13 April 2005


     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                 13 April 2005
Number               15/05

                      BHP BILLITON SETTLES IRON ORE PRICES

BHP Billiton today announced it had reached agreement with a number of its steel
customers on prices for contracted iron ore tonnage for the 2005 contract year.

The agreed prices are as follows:

      • Mt Newman High Grade Fines 61.72 US cents per dry metric tonne unit;
        an increase of 71.5 per cent.

      • Prices for Mt Newman High Grade Lump, Pisolite (Yandi), Marra Mamba
        (Area C MAC(TM) ) and Brockman (Yarrie) ores will also increase by the
        same percentage.

BHP Billiton President Iron Ore Graeme Hunt said the price increases were a
result of increasing global steel demand.

'The growing demand for steel is causing a significant increase in demand for
our products. Higher iron ore prices reflect the additional costs we are
incurring to meet our customers needs now and in the future through new
investment,' he said.

Mr Hunt said that while BHP Billiton was not successful this year gaining
recognition of the freight cost advantages to north Asian steel makers in
sourcing Australian iron ore, the issue was still relevant. 'We will continue to
discuss this issue with our customers in the year ahead,' he said.

Notes:

  • Iron ore prices are denominated in US cents per dry metric tonne unit,
    which reflects a common base per unit of iron ore content.

  • To determine the USD price per tonne, the following conversion formula
    must be used:


                - US cents per dry metric tonne unit multiplied by iron content;

                - The iron content for Mt Newman lump ores is about 65 per cent.


  • In FY2004, BHP Billiton's Western Australian iron ore operations shipped a
    record 88.3 wet million tonnes (100% basis) of ore.

  • Japan continues to be BHP Billiton Iron Ore's biggest customer, buying 41
    per cent of its products, followed by China (23%), Korea (17%) Australia
    (9%) and Taiwan (7%).

  • In 2004, the price of Mt Newman High Grade Lump was 45.93 US cents per dry
    metric tonne unit; an increase of 18.62 per cent. Mt Newman High Grade Fines
    was 35.99 US cents per dry metric tonne; an increase of 18.62 per cent.


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

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