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BHP Billiton has revealed plans to expand its Pilbara iron ore operations in Western Australia to 480 million tonnes a year through a staged Port Hedland Outer Harbour development that would cost $48 billion when mine and rail spending is included.

The miner announced its ambitions yesterday in environmental review documents put out for public comment at the start of the approvals process with the federal and WA governments.

The plans, which could be completed in the next 10 to 14 years, add an extra 130 million tonnes of annual iron ore production to the 350 million tonnes a year BHP had previously said it expected to be producing by 2020.

"The proposed Outer Harbour Development will enable BHP Billiton Iron Ore's export capacity to meet projected increases in production from the region and remain competitive as market demand increases," BHP said in the documents. It said the four stages of the project were subject to market conditions and other factors beyond its control.

BHP has been forced to consider building the project because it has been unable to gain access to Rio Tinto's more-easily expanded Pilbara ports both through the failed 2007 takeover of Rio and the more recent plan to merge the iron ore business of BHP and Rio, which fell apart last year.

Under the plan, BHP will expand its Port Hedland shipping capacity by 240 million tonnes of iron ore a year through eight new shipping berths at the end of a planned jetty stretching 4km into the Indian Ocean.

The project, which will include four iron ore rail car dumpers, will be built in four stages, each taking between two and three years.

Last month, BHP announced $US7.4bn ($7bn) worth of plans to take its iron ore capacity from about 150 million tonnes a year to 220 million tonnes in 2014.

An extra $US1bn is expected to be spent on bringing capacity up to 240 million tonnes -- which is the full capacity of its allocation at Port Hedland's inner harbour.

To feed the outer harbour expansion, BHP will need to expand its Pilbara mines and railways.

The project is a long way from board approval. BHP has indicated it does not expect to give the first, and probably most expensive, stage of Outer Harbour the green light until 2012.

UBS analyst Glyn Lawcock said BHP needed to prepare early if it was to reap the benefit of further growth in China's steel demand.

"You need to be able to start this sort of planning early to keep your options open or you won't be able to do it suddenly if the demand is there," Mr Lawcock said.

With BHP's latest expansion costing about $US183 per tonne of annual capacity, analysts said $US200 a tonne, including mine, rail and other expenses needed to get the Outer Harbour operating at full capacity was a fair estimate. This implies a $US48bn price tag for the whole expansion.

BHP iron ore and coking coal chief Marcus Randolph has said the harbour development itself would cost far less than $US200 a tonne to build.

Rio Tinto has said it plans to add about 200 million tonnes a year to its production capacity, while Fortescue Metals Group has flagged long-term plans to grow by about 300 million tonnes.

Mr Lawcock said with Vale also planning 300 million tonnes, it was unclear if Chinese demand would support all the expansions.

Πηγη : The Australian