Medium Term Note Program

BROKEN HILL PROPRIETARY COMPANY LIMITED
20 September 1999



                BHP TO ESTABLISH DOMESTIC
                MEDIUM TERM NOTE PROGRAM

The Broken Hill Proprietary Company Limited (BHP) will
establish a domestic medium term note program with a
limit of A$3 billion.  BHP is continuing to actively
pursue debt reduction and any funds raised under the
program will be utilised to restructure or refinance the
Company's existing debt.

Establishment of the new program reflects BHP's
confidence that the domestic market will continue to
evolve and be a reliable source of competitive funding
for the Company.

The medium term note program will provide an opportunity
for funding diversification in terms of both a broader
investor base and longer maturities.  The program is part
of a long term funding strategy and, as such, no firm
time frame has been set for any issues under the new note
program.

BHP has appointed Westpac to arrange the program and
Warburg Dillon Read and Westpac to jointly lead manage
the first issue.  A total panel of eight dealers will be
appointed to the program which, in addition to Warburg
Dillion Read and Westpac, will include ABN Amro
Australia, ANZ, Commonwealth Bank, Deutsche Bank, Merrill
Lynch and National Australia Bank.

                        * * * * *
                            
For information contact: Joe Czyzewski
                         Treasurer, BHP
                         Tel: [phone] (bh)

                         Peter Bloomfield
                         Director Capital Markets, Westpac
                         Tel: [phone] (bh)

                         Mark Langsworth
                         Executive  Director, 
                         Warburg  Dillon  Read
                         Tel: [phone] (bh)