Mitsui to Pre-Empt Caemi Bid

BHP Limited
20 April 2001

Release Time     IMMEDIATE

Date             20 April 2001

Number           37/01

                   MITSUI TO PRE-EMPT CAEMI ACQUISITION BID

BHP Limited (BHP) today announced Mitsui & Co. Ltd had given a notice of
acceptance exercising its right of first refusal to acquire a 20 per cent
equity interest in Brazilian company Caemi Mineracao e Metalurgia S.A.
(Caemi). Accordingly, BHP's agreement to acquire this equity interest has
terminated.

BHP last month announced its successful bid - subject to the waiver by Mitsui
of its right of first refusal and European Commission approval - to acquire
the Caemi 20 per cent equity interest. Caemi is a diversified company with
interests in iron ore, kaolin and transport and logistics.

President BHP Minerals Ron McNeilly said: 'Naturally, we are disappointed
Mitsui has chosen to exercise its right of first refusal with regard to Caemi.
However we understand Mitsui's desire to increase its stake in Brazilian iron
ore in association with an existing local partner.'

BHP also stated it no longer intends to proceed with a planned tender offer
for preferred shares in Caemi. The proposed tender offer was subject to BHP
successfully completing the initial 20 per cent equity acquisition.

                                   * * * *

Contact:

MEDIA RELATIONS

Mandy Frostick;

Manager Media Relations

Ph: 61 3 9609 4157

Mob: [phone]



INVESTOR RELATIONS

Dr Robert Porter

Vice President Investor Relations

Ph: 61 3 9609 3540

Mob: [phone]