Pipeline Interests Sold, etc.

Broken Hill Proprietary Co Ld
22 June 2000


BHP SELLS BOLIVIA TO BRAZIL PIPELINE INTERESTS

The Broken Hill Proprietary Company Ltd (BHP) today announced it has agreed to
sell its interests in the Bolivia to Brazil gas pipeline (BTB Pipeline) for
approximately A$70 million profit.

The divestment is a continuation of BHP's portfolio management activities and
represents the sale of a non-core asset.

BHP Petroleum International Pty. Ltd. holds interests in both the Brazilian
and Bolivian portions of the BTB Pipeline, hence BHP's interests comprise two
assets:

- a one-third interest in BBPP Holdings Ltda. (BBPP) which holds a 29 per cent
  interest in Transportadora Brasileira Gasoduto Bolivia-Brasil S.A., a
  Brazilian company which owns and operates the Brazilian segment, and

- a 2 per cent interest in Gas Transboliviano S.A. (GTB), a Bolivian company
  which owns and operates the Bolivian segment.  

A purchase and sale agreement for BHP's BBPP asset has been executed with
TotalFina Gas and Power Brazil S.A., a wholly owned subsidiary of TotalFinaElf
S.A.. A purchase and sale agreement for BHP's GTB asset will be executed with
Petrobras Gas S.A. - GASPETRO, a Brazilian sociedade anonima.

Both transactions are expected to close in BHP's fiscal year ending 30 June
2000.

The BTB Pipeline is more than 3 000 km in length and connects major gas
reserves in Bolivia with the growing energy markets of coastal Brazil. The
pipeline has been in operation since 1999 and is one of the largest
infrastructure projects to be undertaken in Latin America.

BHP has non-operated interests in three producing fields and in the Mamore and
Secure exploration permits in Bolivia.  These assets are unaffected by the BTB
transaction.


For clarification please contact:

Melbourne:
Media                                Investment

Dr Malcolm Garratt                   Dr Robert Porter
Group Manager External Affairs       Vice President Investor Relations
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Mandy Frostick
Manager Media Relations
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Houston:
Mr Kent Grubbs
Vice President Strategic Planning and External Affairs
Phone:   [phone]
Pager:   [phone]