Monadelphous will undertake structural, mechanical, piping, electrical and instrumentation works at the refinery in WA's south-west.

Monadelphous managing director Rob Velletri said that the proposed works continued a long association with the Worsley Alumina joint venture, which is 86 per cent held by mining giant BHP Billiton.

Japan Alumina Associates and Japan's Sojitz Alumina hold the remaining 10 per cent and four per cent interest, respectively.

Mr Velletri said the contract win was a positive reinforcement of Monadelphous's "ability to seamlessly undertake large-scale, multidisciplinary engineering construction projects".

He also said the contract win vindicated the company's decision to expand its maintenance and industrial services division in WA last year.

Monadelphous said pre-construction works had been approved and would commence immediately.

The contracted works are expected to be completed by the third quarter of calendar 2010.

BHP Billiton said in May that it expected first production at the expanded refinery in the first half of calendar 2011.

It said Worsley was one of the largest, lowest-cost and most efficient alumina refineries in the world, and the investment in further production capacity underlined Worsley Alumina's confidence in the future of the alumina market.

Shares in Monadelphous were down 20 cents, or 1.74 per cent, to A$11.30 at 1447 AEDT.

(AAP)

+-------------------------------------------------------------------+ | Name of exempt principal trader | HSBC Financial Products | | | (France) SNC | |-----------------------------------------+-------------------------| | Company dealt in | BHP Billiton ltd | |-----------------------------------------+-------------------------| | Class of relevant security to which the | Ordinary | | dealings being disclosed relate (Note | | | 1) | | |-----------------------------------------+-------------------------| | Date of dealing | 06.10.08 | +-------------------------------------------------------------------+

2. INTERESTS, SHORT POSITIONS AND RIGHTS TO SUBSCRIBE

(a) Interests and short positions (following dealing) in the class of relevant security dealt in (Note 2)

+-------------------------------------------------------------------------------------------+ | | Long | Short | | | | | |---------------+--------------------------+------------------------------------------------| | |Number |Number | | | (%) | (%) | |---------------+--------------------------+------------------------------------------------| |(1) Relevant |87,979 (0%) | | |securities | | | | | | | |---------------+--------------------------+------------------------------------------------| |(2) Derivatives|2,147 (0%) |135,984 (0%) | |(other than | | | |options) | | | | | | | |---------------+--------------------------+------------------------------------------------| |(3) Options and| |87,785 (0%) | |agreements to | | | |purchase/sell | | | | | | | |---------------+--------------------------+------------------------------------------------| |Total |90,126 (0%) |223,769 (0%) | | | | | +-------------------------------------------------------------------------------------------+

(b) Interests and short positions in relevant securities of the company, other than the class dealt in (Note 2)

+--------------------------------------------------------------------------+ |Class of | Long | Short | |relevant | | | |security: | | | | | | | |---------------+----------------------------+-----------------------------| | |Number |Number | | | (%) | (%) | |---------------+----------------------------+-----------------------------| |(1) Relevant | | | |securities | | | | | | | |---------------+----------------------------+-----------------------------| |(2) Derivatives| | | |(other than | | | |options) | | | | | | | |---------------+----------------------------+-----------------------------| |(3) Options and| | | |agreements to | | | |purchase/sell | | | | | | | |---------------+----------------------------+-----------------------------| |Total | | | | | | | +--------------------------------------------------------------------------+

(c) Rights to subscribe (Note 2)

+---------------------------------------+ | Class of relevant security: | Details | | | | |-----------------------------+---------| | | | +---------------------------------------+

3. DEALINGS (Note 3)

(a) Purchases and sales

+----------------------------------------------------------------+ | Purchase/sale | Number of securities | Price per unit (Note 4) | | | | | |---------------+----------------------+-------------------------| | Purchase | 1,059 | USD 30,4652 | +----------------------------------------------------------------+

(b) Derivatives transactions (other than options)

+-------------------------------------------------------------------+ | Product | Long/short (Note | Number of securities | Price per | | name, | 5) | (Note 6) | unit (Note | | e.g. CFD | | | 4) | |----------+------------------+------------------------+------------| | | | | | | | | | | +-------------------------------------------------------------------+

(c) Options transactions in respect of existing securities (i) Writing, selling, purchasing or varying

+------------------------------------------------------------------------------------+ |Product |Writing, |Number of |Exercise|Type, e.g.|Expiry|Option money | |name, |selling, |securities to which|price |American, |date |paid/received | |e.g. call|purchasing, |the option relates | |European | |per unit (Note| |option |varying etc.|(Note 6) | |etc. | |4) | | | | | | | | | |---------+------------+-------------------+--------+----------+------+--------------| | | | | | | | | +------------------------------------------------------------------------------------+

(ii) Exercising

+-------------------------------------------------------------------+ | Product name, e.g. | Number of securities | Exercise price per | | call option | | unit (Note 4) | | | | | |--------------------+----------------------+-----------------------| | | | | | | | | +-------------------------------------------------------------------+

(d) Other dealings (including new securities) (Note 3)

+-------------------------------------------------------------------+ | Nature of transaction | Details | Price per unit (if applicable) | | (Note 7) | | (Note 4) | | | | | |-----------------------+---------+---------------------------------| | | | | | | | | +-------------------------------------------------------------------+

4. OTHER INFORMATION

Agreements, arrangements or understandings relating to options or derivatives

+-------------------------------------------------------------------+ | Full details of any agreement, arrangement or understanding | | between the person disclosing and any other person relating to | | the voting rights of any relevant securities under any option | | referred to on this form or relating to the voting rights or | | future acquisition or disposal of any relevant securities to | | which any derivative referred to on this form is referenced. If | | none, this should be stated. | |-------------------------------------------------------------------| | | | | | | +-------------------------------------------------------------------+

Is a Supplemental Form 38.5(b) attached? (Note 8) YES

+-------------------------------------------------------------------+ | Date of disclosure | 07.10.08 | |------------------------------------------+------------------------| | Contact name | Herve Baudry | |------------------------------------------+------------------------| | Telephone number | +33 1 4070 3829 | |------------------------------------------+------------------------| | Name of offeree/offeror with which | BHP Billiton plc / BHP | | connected | Billiton ltd | |------------------------------------------+------------------------| | Nature of connection (Note 9) | Connected advisor | +-------------------------------------------------------------------+

Notes

The Notes on Form 38.5(b) can be viewed on the Takeover Panel's website at www.thetakeoverpanel.org.uk

SUPPLEMENTAL FORM 38.5(b)

DETAILS OF OPEN POSITIONS (This form should be attached to Form 38.5(b))

2, OPEN POSITIONS (Note 1)

+---------------------------------------------------------------------+ |Product |Written or|Number of |Exercise|Type, e.g.|Expiry | |name, |purchased |securities to which|price |American, |date | |e.g. call| |the option or |(Note 2)|European | | |option | |derivative relates | |etc. | | | | | | | | | |---------+----------+-------------------+--------+----------+--------| |Call |Written |87,785 |AUD 0.01|European |29.01.09| |option | | | | | | |---------+----------+-------------------+--------+----------+--------| |Equity |Written |24,731 | | |22.11.09| |Swap | | | | | | |---------+----------+-------------------+--------+----------+--------| |Equity |Written |100,519 | | |23.09.11| |Swap | | | | | | |---------+----------+-------------------+--------+----------+--------| |Equity |Written |10,734 | | |15.07.09| |Swap | | | | | | |---------+----------+-------------------+--------+----------+--------| |EMTN |Purchasing|2,147 | | |15.07.09| +---------------------------------------------------------------------+

Notes

1. Where there are open option positions or open derivative positions (except for CFDs), full details should be given. Full details of any existing agreements to purchase or to sell should also be given on this form.

2. For all prices and other monetary amounts, the currency must be stated.

For details of the Code's dealing disclosure requirements, see Rules 8 and 38.5 and their Notes which can be viewed on the Takeover Panel's website at www.thetakeoverpanel.org.uk

---END OF MESSAGE---

SOURCE: HSBC Financial Products (France) SNC

But the inquiry could be prolonged if the two sides cannot engage openly. At the moment they look like the proverbial immovable object and irresistible force : the world's biggest resources corporation and a regulatory authority that has built up a reputation in the past two years for standing firm against powerful interest groups in the food, steel and banking industries.

BHP Billiton is willing to show confidential documents to the commission to help with the investigation, but wants them returned. For some reason, which may only become clear at the Competition Tribunal hearings later this week, it has not gone through the procedure allowed for in the Competition Act to ensure sensitive sections remain confidential. By demanding special treatment, the group seems to be showing a lack of faith in the commission's ability to maintain confidentiality.

BHP Billiton was accused of petulance earlier in the year when it withdrew most of its banking business from Standard Bank because of remarks made by bank chairman Derek Cooper, who commented that shutting the Hillside aluminium smelter would save the country a lot of electricity.

Though it denies it, BHP Billiton has shown decreasing interest in SA, selling various coal-mining assets and, this year, stopping the practice of holding a live year-end results video-conference in Johannesburg. Only London and Sydney now host live presentations.

This seems a little churlish, given the amount of money SA's taxpayers have pumped into BHP Billiton's aluminium smelters in the past by way of investment and electricity subsidies.

On the other hand, the commission has not endeared itself to the business sector either. Commissioner Shan Ramburuth told the media in May that the commission had taken heed of criticism that it was too complaints-driven, and had therefore stepped up enforcement considerably. Referring to a judge's comments in the recent Pretoria Portland Cement case, BHP Billiton's attorneys said in their affidavit the commission "has a history of overflexing its muscles when it comes to enforcing its investigative procedures".

Big business in SA can come up with a long list of valid reasons why this is not an investment-friendly country, from high corporate tax rates to inadequate security. But the fact that they are still here implies it can't be all bad. On the other side of the coin is a long legacy of weak apartheid-era government that enabled business to get richer by exploiting labour, accumulating monopolies and polluting the environment.

Since the Competition Commission's aggressive approach fits the increasingly left-wing emphasis in government thinking, businesses such as BHP Billiton might be better served by adopting a more conciliatory attitude.

However, it said BHP Billiton is attractive with or without Rio Tinto.

Similarly for Rio Tinto, ING said until it receives more clarity on regulatory conditions pertaining to BHP Billiton's offer for the company it does not see any significant and new developments.

"Xstrata is down 39 percent relative to the FTSE over the past three months. We believe that a decline of this magnitude is not justified," the brokerage said.

It expects the company to proceed with its 33 pounds a share offer for the platinum miner Lonmin.

However, ING said Anglo American has less growth potential than its peers.

"The company has less bulk commodity exposure and more emerging market exposure than its peers, and so is less attractive," it added.

At 0745 GMT, shares of BHP Billiton were up 1 percent at 1448 pence, while those of Xstrata were down 1 about percent at 2230 pence.

Rio Tinto shares were up 1 percent at 4076 pence while Anglo American shares were down 1 percent at 2123 pence.

The following table lists the price target changes made by the brokerage:

Company

Price target

Current Prior

BHP Billiton 1,950p 2,100p

Xstrata

3,800p 4,350p

Rio Tinto

5,875p 6,800p

Anglo American 3,525p 3,750p

(Reporting by Srikanth Srinivasa in Bangalore; Editing by Jarshad Kakkrakandy) Keywords: BHPBILLITON/RESEARCH ING tf.TFN-Europe_newsdesk@thomson.com ak

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