New I/O JV & China Contracts

BHP Billiton Limited
01 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 
earlier.

  Date         1 March 2004
  Number       11/04

BHP BILLITON ANNOUNCES NEW IRON ORE JOINT VENTURE

AND US$9 BILLION SALES CONTRACTS WITH CHINA


BHP Billiton today announced its intention to enter into the Wheelarra Joint
Venture with four of China's leading steel mills. The joint venture will secure
the sale to the mills of approximately 12 million tonnes per annum (Mtpa) of
iron ore.


The joint venture will be BHP Billiton's largest ever commercial agreement with
Chinese steel mills, with sales of iron ore expected to total US$9 billion over
the next 25 years.


The steel mills are:

   Wuhan Iron and Steel (Group) Corporation, ('WUGANG')

   Maanshan Iron and Steel Company Limited ('MAGANG')

   Jiangsu Shagang Group Co Ltd ('SHAGANG')

   Tangshan Iron and Steel (Group) Co Ltd ('TANGGANG')


Under the joint venture, the Chinese steel mills will take a 40 percent interest
in a sub-lease over BHP Billiton's Jimblebar mine, near Newman in Western
Australia. BHP Billiton will retain a 51 percent interest, with Japanese joint
venture partners CI Minerals Australia and Mitsui Iron Ore Corporation taking a
4.8 percent and 4.2 percent interest respectively.


BHP Billiton Chief Executive Officer Chip Goodyear said the company was pleased
to be part of a unique venture that would see, for the first time, a partnership
with a group of Chinese steelmakers to ensure a stable, long-term supply of iron
ore to their own operations.


'The Wheelarra Joint Venture will underpin a major export agreement between
Australia and China and will cement an ongoing economic partnership between BHP
Billiton as a leading supplier of raw materials and China as a major industrial
nation,' he said.


'We expect the relationship between China and BHP Billiton will provide further
opportunities for our other businesses, notably metallurgical coal and
manganese.'


The Wheelarra Joint Venture agreement is expected to be formalised in Australia
soon.
BHP Billiton will immediately begin shipping an additional four to six Mtpa to
the Chinese mills, approximately doubling its total sales to these customers in
2004.


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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Ariane Gentil, 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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email:[e-mail]

BHP Billiton Limited ABN 49 004 028 077
Registered in Australia
Registered Office: 180 Lonsdale Street Melbourne Victoria 3000
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BHP Billiton Plc Registration number 3196209
Registered in England and Wales
Registered Office: Neathouse Place London SW1V 1BH United Kingdom
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The BHP Billiton Group is headquartered in Australia


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