ReNewcastle Working Agreement

Broken Hill Proprietary Co Ld
3 July 2000


Date    3 July 2000
Number  70/00

BHP AND NSW GOVERNMENT ANNOUNCE WORKING AGREEMENT FOR NEWCASTLE LANDHOLDINGS

The Broken Hill Proprietary Company Ltd (BHP) today announced that it has 
signed a 'Memorandum of Understanding' (MOU) with the NSW government aimed at 
facilitating the transfer of ownership of various BHP properties in Newcastle 
to the State.

The properties covered by the MOU are the 150ha former Newcastle Steelworks 
Main Site including the marine precinct earmarked for the development of a 
multi-purpose shipping terminal, the Kooragang Island land totalling 230ha, 
the Belmont Sands 500ha land holding and 1500ha of land at West Wallsend. 

BHP Newcastle Manager Bruce Robinson said: 'A thorough due diligence process 
will be conducted as part of the MOU over the next 4 months.  This process 
will take into account all aspects of the properties including potential 
future uses, environmental assessments and remediation requirements, heritage 
issues and property valuations'.  

'Any final agreement on the transfer of ownership of these properties will not
be completed until the due diligence process is finalised and the results 
assessed,' he said.

BHP is continuing preparation of a development application for a multi-purpose
shipping terminal on the former Newcastle Steelworks Main Site and this is 
expected to be submitted to Department of Urban Affairs and Planning in early 
September. 

The development application will include an environmental plan and it is 
anticipated that an approval of the application would require environmental 
remediation action consistent with the proposed end use of the site and 
provisions for appropriate treatment of heritage items.

Approved demolition of non-heritage structures on the main site is 
progressing.

BHP will meet its obligations associated with these properties and will work 
through the due diligence process so that the properties contribute to the 
generation of new employment opportunities in the Hunter Region.

Further information and other BHP News Releases can be found on our internet 
site at: 
http://www.bhp.com.au/press/news.htm


Contact:
MEDIA RELATIONS                           INVESTOR RELATIONS
Jacinta Campbell                          Dr Robert Porter
Public Relations Manager - BHP Newcastle  Vice President Investor Relations 
Tel:     [phone]                   Tel:   [phone]
Mob:     [phone]                 Mob:   [phone]

Mandy Frostick
Manager Media Relations
Tel:     [phone]
Mob:     [phone]