Quarterly Production Report

BHP Limited
31 January 2001

                                                                            
                                               Quarterly Production Report  

Date           31 January 2001
Quarter        Ended 31 December 2000
  
Minerals                                   

  - Steelmaking and Energy Materials                                          

                                          quarter  % change  YTD    % change  
                                                                            
Coal (Queensland) (millions tonnes)         7.549    30    13.775    10 
Iron Ore (West Aust) (millions tonnes)     13.700    24    28.329    17 
Briquettes (Venezuela) ('000 tonnes)           82     -       131     - 
Briquettes (West Aust) ('000 tonnes)          291    98       396    53 

Queensland coal production for the quarter ended 31 December 2000 was higher
due to the acquisition of QCT Resources Limited in November and increased
volumes at Crinum mine and South Walker Creek. New Mexico Coal also recorded
increased production as a result of higher tonnage requirements from the San
Juan Generating Station.  

WA iron ore production and shipments were higher for the quarter reflecting
the impact of rail damage caused by heavy rains during the same period last
year. Yandi ore shipments in the December quarter were lower as a result of
reduced customer demand.  

BHP's WA HBI plant reported higher production due to successful technical
modifications on all production trains. Three trains were operated
simultaneously during December 2000. Shipments for WA HBI were lower for the
quarter due to reduced demand for the product. Orinoco HBI production during
the quarter was constrained due to significant production ramp-up
difficulties.  
 

                                                                              
- Non-Ferrous and Industrial Materials                                      

                                 quarter    % change    YTD       % change  
                                                                              
Copper in concentrate ('000        190        12        379       5         
tonnes)                                                                     
Diamonds (Ekati) ('000 carats)     318         0        626      (1)       
Silver in concentrate            8 194        19     16 389      20        
(Cannington) ('000 ounces)                                                  

Production of copper in concentrate for the quarter ended 31 December was
higher due to increased copper production at Ok Tedi as a result of mining
softer ore, better mill performance and better head grades. Higher production
volumes were also recorded at Tintaya, while production at Escondida was in
line with the corresponding quarter last year.  

Shipments during the quarter were also higher due to the deferral of some
shipments at Escondida and Ok Tedi from the September 2000 quarter. 

Ekati diamond production was in line with production for the corresponding
quarter last year.  

Cannington silver production was higher for the first quarter compared to the
same quarter last year due to mine optimisation and favourable head grades.
Lower shipments of silver, lead and zinc were recorded from Cannington as a
result of a shipment being delayed from December 2000 to January 2001. 
 

                                             
Petroleum  
                                                                              
                                 quarter    % change     YTD     % change  
                                                                              
Oil & Condensate ('000           20 085         5        40 904    11        
barrels)                                                                    
Natural Gas (bcf)                  60.8         3         122.6     6         

Oil and condensate production for the quarter ending 31 December 2000 was
higher compared to the corresponding quarter last year due to the addition of
the Lambert and Hermes fields to the Wanaea/Cossack facilities and increased
production from the Laminaria/Corallina, Buffalo and Griffin fields.  

This was in part offset by lower Bass Strait production due to natural field
decline and curtailed production resulting from an accidental rupture of the
LPG pipeline between the Longford Gas Plant and Long Island Point. 

Gas production for the quarter was higher than the corresponding quarter
reflecting increased production from the North American assets and the Bruce
field. This was partly offset by planned and unplanned shutdowns of onshore
and offshore facilities at the North West Shelf. 
 

                                           
Steel  
                                                                              
                                 quarter    % change     YTD    % change  
                                                                              
Raw Steel (Core) ('000 tonnes)    1 372      1           2 827    2         
Raw Steel (Discontin.) ('000        135    (56)            508  (53)      
tonnes)                                                                     

Raw steel production (core steel operations) for the quarter ended 31
December was higher than for the corresponding quarter last year due to
higher production from Port Kembla. Lower production of marketable steel
products was due in part to reduced building products volumes. The outlook
for domestic steel has deteriorated for the remainder of the financial year
as a result of the downturn in the domestic construction and building
markets. Despatches were higher for the quarter due to increased domestic
sales in New Zealand and the economic recovery in Asia.  

Raw steel production (discontinuing steel operations) was lower for the
quarter compared to the corresponding period last year as a result of the
spinout of OneSteel, effective 31 October 2000. 



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