Chief Executive Officer Andrew Mackenzie said the project ramains in BHP's main plans, but added the firm is not in a rush to develop it.
BHP Mining News
The division contributed just $746 million of the $21.12 billion earnings BHP reported for the 2013 financial year.
The potential mine could generate $2 billion worth of royalties for the province over the course of 40 years, and sustain close to 600 jobs.
Division encompasses the Spence and Cerro Colorado copper mines.
Improvements at the mine mill throughput and concentrator utilization offset declining ore grades at the world's largest copper mine.
The 70 million tonne-a-year project in the Pilbara is meant to replace other Yandicoogina’s areas that are running out of ore.
BHP’s major vote of confidence in iron ore proves the company trusts it can mine the bulk commodity for less than many rival producers, and thrive even in an environment of weakening prices.
Anglo's unit Kumba plans to almost double production by 2030.
CEO Murilo Ferreira thinks the ore may get close to 2011’s peak of $168 a ton.
The world’s second-largest mining company’s produced 139.5 million metric tons of iron ore in the six months through June, while its shipments rose 20% to 142.4 million tons.
According to the company, the mine will employ about 1,800 workers during construction and generate 1,000 permanent jobs once opened.
As BHP considers the sale of almost all of the businesses that Billiton brought to the 2001 merger deal, experts say the firm is likely to end up leaving London.
Billionaire Andrew Forrest, who made his fortune as the driving force behind Fortescue, says high cost competitors will exit the market shortly.
While it did not disclose the costs and planned capital expenditure for the Albany project, Rio has previously said the deposit had enough potash to sustain a low cost operation for decades.
The world’s largest iron ore exporter has cut price estimates for this year and 2015.
The exclusivity agreement, which expired last week, would have given BHP the right to develop a potash port close to its Jansen project.
Up to 3,000 jobs could be axed from BHP's flagship iron ore division, where 500 jobs have already been lost.
World's largest mining company said to be unloading all of the non-core units acquired after the merger with Billiton 13 years ago.
The incident comes on the heels of jobs reductions announced last week, which affected about 50 contractors.
Global net profits have dropped to $20 billion in the last year, with gold, coal and diversified miners being the worst affected.
Iron ore prices came back from the dead Wednesday on worries over a shutdown of Australia's largest export port.
He said rivals BHP Billiton, Rio Tinto, and Vale has put too much pressure on prices through their aggressive brownfields expansions.
The news comes of the heels of the creation of a new aluminum division, BHP Billiton Aluminum Pty Ltd.
World's No. 1 steelmaker, ArcelorMittal, said to be the most likely buyer of BHP's stake in Mount Nimba.
The autonomous trucks cut costs by reducing the need to house, feed and employ four drivers.