South Australia Minister: BHP Olympic Dam Work Needed By Year-End - Bloomberg News
05/28/2012| 08:50pm US/Eastern
BHP Billiton Ltd. (BHP) will lose the right to proceed with the expansion of the Olympic Dam mine in Australia if work doesn't start by the end of the year, Bloomberg News reported on its website Monday, citing Tom Koutsantonis, South Australia state minister for mining.
"I will not be granting an extension to BHP," Bloomberg quoted Koutsantonis as saying in an interview. "I expect there to be evidence that they've begun mining."
"We're not going to have anyone come into this state, go through a massive approval process and then sit on an asset," Koutsantonis added in the report.
A Melbourne-based spokesman for BHP said the company was "in ongoing engagement with the South Australian government" on Olympic Dam, and "a decision on its future won't be taken by the board until the end of 2012," the report said.
Full story: http://www.bloomberg.com/news/2012-05-28/bhp-must-start-work-at-olympic-dam-by-year-end-minister-says.html