BHP looks for RI partner

BHP looks for RI partner

MELBOURNE (Dow Jones): Broken Hill Proprietary Co. (BHP) is
looking for a joint venture partner for the possible development
of its Gag Island nickel deposit in Indonesia.

"We are looking at ways that we can exploit that nickel
deposit in conjunction with some more experienced players in the
area," Chief Executive Paul Anderson told a meeting of the
Securities Institute of Australia.

"If we go ahead, we will not do it alone. I'm very much a fan
of joint ventures," Anderson said.

BHP has a 75 percent stake in the Gag Island deposit, with
Indonesian state mining company PT Aneka Tambang holding the
remaining 25 percent.

A feasibility study on the project in 1997 envisaged a mining
operation at Gag Island producing about 40,000 metric tons of
nickel a year.