For the Date of 23 March 2004

BHP Billiton Plc

Registration Number 3196209

Neathouse Place

London SW1V 1BH

United Kingdom

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

BHP Billiton today announced approval for the development of the Ravensthorpe Project and related expansion of the Yabulu Nickel Refinery in Australia.

The combined project includes the development of a mine, treatment plant and associated infrastructure near Ravensthorpe, Western Australia and the expansion of the QNI Yabulu Refinery near Townsville in Queensland. The capital cost for the combined project is expected to be US$1.4 billion, with a capital intensity of approximately US$12.7/lb of annual nickel production.

The project will increase nickel production capacity from the expanded Yabulu Refinery by more than 140% from 31,200tpa to an estimated 76,000tpa, with the life of the refinery being extended by approximately 25 years.

President Stainless Steel Materials Chris Pointon said: "The proven benefits of the combined processes, together with nearly 30 years of expertise developed at QNI, make the project technically and economically robust."

"The project is designed to enable optimal utilisation of all ore types within the Ravensthorpe resource. The refinery element of the process is a brownfield expansion of the existing, proven Yabulu nickel and cobalt refinery, meaning risks traditionally associated with a new project are substantially reduced," Mr Pointon said.

He said the project was the next major step in BHP Billiton's global nickel growth strategy since the successful Cerro Matoso Line 2 expansion in Colombia, delivered three months ahead of schedule and under budget.

New production will boost BHP Billiton's combined nickel production capacity from its Australian and Colombian operations from 85,000tpa to more than 130,000tpa by 2007. Cobalt production will increase from 2000tpa to 3400tpa. It will significantly lower unit production costs.

"We believe the key strengths of the combined project - low mining costs, high leach plant feed grade, and a world-class refining circuit - gives it the best risk/reward profile for a laterite project anywhere in the world," Mr Pointon said.

"The Ravensthorpe project will further reinforce our position as one of the largest global suppliers of finished nickel and cobalt products."

He said new production would help meet the continued structural shortfall in world nickel supply and strong demand beyond the current nickel cycle.

Construction is expected to commence in Ravensthorpe and Yabulu by late 2004, with first nickel metal production from the expanded Yabulu refinery expected in late 2007.