UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

January 21, 2015

BHP BILLITON LIMITED	BHP BILLITON PLC
(ABN 49 004 028 077)	(REG. NO. 3196209)
(Exact name of Registrant as specified in its charter)	(Exact name of Registrant as specified in its charter)

VICTORIA, AUSTRALIA	ENGLAND AND WALES
(Jurisdiction of incorporation or organisation)	(Jurisdiction of incorporation or organisation)
171 COLLINS STREET, MELBOURNE, VICTORIA 3000 AUSTRALIA	NEATHOUSE PLACE, VICTORIA, LONDON, UNITED KINGDOM
(Address of principal executive offices)	(Address of principal executive offices)

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

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):  ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):  ¨

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934:  ¨ Yes    x No

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): n/a

NEWS RELEASE

Release Time	IMMEDIATE
Date	21 January 2015
Number	1/15

BHP BILLITON OPERATIONAL REVIEW

FOR THE HALF YEAR ENDED 31 DECEMBER 2014

• Group production increased by 9% during the December 2014 half year with records achieved for eight operations and five commodities. Production guidance remains unchanged and we are on track to deliver Group production growth of 16% over the two years to the end of the 2015 financial year.

• Metallurgical coal production increased by 21% to 26 Mt in the December 2014 half year as Queensland Coal and Illawarra Coal both achieved record half year volumes.

• Western Australia Iron Ore production increased by 15% to a record of 124 Mt (100% basis) in the December 2014 half year as the ramp-up of Jimblebar continued and we improved the availability, utilisation and rate of our integrated supply chain.

• Petroleum production increased by 9% to a record 131 MMboe in the December 2014 half year supported by a 71% increase in Onshore US liquids volumes to 24.4 MMboe.

• Copper production⁽¹⁾ decreased by 2% to 813 kt as strong underlying operating performance across the business was offset by lower grades at Antamina.

• Record manganese ore and alumina production was underpinned by strong performances at both Hotazel and the Alumar refinery.

BHP Billiton Chief Executive Officer, Andrew Mackenzie, said: “Our operational performance over the last six months has been strong. We are reducing costs and improving both operating and capital productivity across the Group faster than originally planned. These improvements will help mitigate some of the impact of lower commodity prices and we remain alert to opportunities to further increase free cash flow.

“In Petroleum, we have moved quickly in response to lower prices and will reduce the number of rigs we operate in our Onshore US business by approximately 40 per cent by the end of this financial year. The revised drilling program will benefit from significant improvements in drilling and completions efficiency. Our ongoing shale investment program will remain focused on our liquids-rich Black Hawk acreage. However, we will keep this activity under review and make further changes if we believe deferring development will create more value than near-term production.

“We continue to believe that our planned demerger will help support further improvements in operating performance in both the core BHP Billiton and South32 assets. Within BHP Billiton, it would allow us to identify and deploy best practice across our assets more quickly and simplify our organisation to reduce overheads. We are making good progress towards securing the approvals we require to put the proposal to a shareholder vote in May and remain on track to complete the process before the end of the financial year.”

BHP Billiton Operational Review for the half year ended 31 December 2014 1

Operational performance summary

Production for the December 2014 half year and quarter is summarised in the table below.

Production	DEC 2014 HALF		DEC 2014 QTR		DEC H14 vs DEC H13			DEC Q14 vs DEC Q13			DEC Q14 vs SEP Q14
Total petroleum production (MMboe)		131.0		63.6		9	%		10	%		(6	%)
Copper (kt)		813.1		423.7		(4	%)		(4	%)		9	%
Iron ore (kt)		113,443		56,352		16	%		16	%		(1	%)
Metallurgical coal (kt)		26,307		13,538		21	%		17	%		6	%
Energy coal (kt)		36,459		18,622		(3	%)		5	%		4	%
Alumina (kt)		2,633		1,398		1	%		3	%		13	%
Aluminium (kt)		517		256		(16	%)		(15	%)		(2	%)
Manganese ores (kt)		4,555		2,296		7	%		4	%		2	%
Manganese alloys (kt)		372		201		23	%		21	%		18	%
Nickel (kt)		69.9		34.2		(11	%)		(10	%)		(4	%)

Production guidance for the 2015 financial year is summarised in the table below.

Production guidance	FY14		FY15e		% change
Petroleum (MMboe)(2)		243		255		5	%
Copper (Mt)(1)		1.7		1.8		5	%
Iron ore (Mt)		204		225		11	%
Metallurgical coal (Mt)		45		47		4	%
Energy coal (Mt)		73		73		—

Major development projects

The Escondida Oxide Leach Area Project was successfully completed during the December 2014 quarter and the BMA Hay Point Stage Three Expansion project loaded first coal on 12 January 2015, both on revised schedule and budget. The Escondida Oxide Leach Area Project will not be reported in future Operational Reviews.

At the end of the December 2014 half year, BHP Billiton had seven major projects under development with a combined budget of US$13.5 billion.

Corporate update

On 8 December 2014, BHP Billiton announced that the new company it intends to create through its proposed demerger will be called South32. A final Board decision on the proposed demerger will be made once all necessary third party approvals are secured on satisfactory terms. On this basis, BHP Billiton expects to release all shareholder documentation with full details of the proposed demerger in mid-March 2015, with a shareholder vote taking place in early May 2015. The demerger remains on track to be completed in the first half of the 2015 calendar year.

BHP Billiton expects Underlying attributable profit in the December 2014 half year to include impairment charges in the range of approximately US$200 million to US$250 million recognised as a result of the divestment of conventional petroleum assets in North Louisiana and unconventional gas assets in the Pecos field in the Permian.

Additional charges to be recognised in the December 2014 half year (US$ million)	Underlying EBIT(3)		Underlying attributable profit(3)
Impairments		300 to 400		200 to 250
Total charges		300 to 400		200 to 250

BHP Billiton Operational Review for the half year ended 31 December 2014 2

The Minerals Resource Rent Tax (MRRT) in Australia has been repealed and was applicable until 30 September 2014. As a result, the MRRT deferred tax asset carried by the Group was derecognised and an income tax charge of US$809 million will be reported as an exceptional item in the December 2014 half year. The Group’s adjusted effective tax rate⁽⁴⁾ is expected to remain in the range of 30 per cent to 34 per cent in the December 2014 half year.

On 12 November 2014, BHP Billiton announced that the review of its Nickel West business was complete and the preferred option, the sale of the business, was not achieved on an acceptable basis. As a result of operational decisions made subsequent to the conclusion of this process, an impairment charge in the range of US$200 million to US$350 million (after tax expense) will be recognised as an exceptional item in the December 2014 half year. At this time, Nickel West remains in the BHP Billiton portfolio and the Company continues to operate the business to maximise production, reduce operating costs and increase free cash flow.

This guidance will be updated should material information or events arise as the Company finalises its financial statements.

Marketing update

The average realised prices achieved for our major commodities are summarised in the table below. Iron ore shipments, on average, were linked to the index price for the month of shipment, with price differentials reflecting product quality. The majority of metallurgical coal and energy coal exports were linked to the index price for the month of shipment or sold on the spot market, with price differentials reflecting product quality.

Average realised prices(5)	DEC 2014 HALF		DEC 2013 HALF		JUN 2014 HALF		FY14		DEC H14 vs DEC H13			DEC H14 vs JUN H14			DEC H14 vs FY14
Oil (crude and condensate) (US$/bbl)		85		103		102		102		(17	%)		(17	%)		(17	%)
Natural gas (US$/Mscf)(6)		4.21		3.81		4.89		4.35		10	%		(14	%)		(3	%)
US natural gas (US$/Mscf)		3.89		3.44		4.75		4.10		13	%		(18	%)		(5	%)
LNG (US$/Mscf)		13.76		14.63		14.71		14.67		(6	%)		(6	%)		(6	%)
Copper (US$/lb)(7)		2.98		3.36		3.09		3.22		(11	%)		(4	%)		(7	%)
Iron ore (US$/wmt, FOB)		70		112		96		103		(38	%)		(27	%)		(32	%)
Hard coking coal (US$/t)		110		142		121		131		(23	%)		(9	%)		(16	%)
Weak coking coal (US$/t)		92		116		104		111		(21	%)		(12	%)		(17	%)
Thermal coal (US$/t)(8)		60		74		67		70		(19	%)		(10	%)		(14	%)
Alumina (US$/t)(6)		330		291		320		307		13	%		3	%		7	%
Aluminium (US$/t)		2,378		1,996		2,049		2,022		19	%		16	%		18	%
Manganese ore (US$/dmtu)(6)		4.00		4.90		4.41		4.64		(18	%)		(9	%)		(14	%)
Manganese alloy (US$/t)		946		952		1,001		980		(1	%)		(5	%)		(3	%)
Nickel metal (US$/t)		16,757		13,615		16,391		14,925		23	%		2	%		12	%

At 31 December 2014, the Group had 322 kt of outstanding copper sales that were revalued at a weighted average price of US$2.87 per pound. The final price of these sales will be determined over the remainder of the 2015 financial year. In addition, 350 kt of copper sales from the 2014 financial year were subject to a finalisation adjustment in the current period. The provisional pricing and finalisation adjustments will decrease earnings before interest and tax by US$210 million in the December 2014 half year (December 2013 half year: US$196 million increase).

BHP Billiton Operational Review for the half year ended 31 December 2014 3

Petroleum and Potash

Production

	DEC 2014 HALF		DEC 2014 QTR		DEC H14 vs DEC H13			DEC Q14 vs DEC Q13			DEC Q14 vs SEP Q14
Crude oil, condensate and natural gas liquids (MMboe)		62.1		31.2		24	%		30	%		1	%
Natural gas (bcf)		413.3		194.4		(2	%)		(4	%)		(11	%)
Total petroleum products (MMboe)		131.0		63.6		9	%		10	%		(6	%)

Total petroleum production – Total petroleum production increased by nine per cent in the December 2014 half year to a record 131.0 MMboe. Guidance for the 2015 financial year remains unchanged at 255 MMboe.

Crude oil, condensate and natural gas liquids – Crude oil, condensate and natural gas liquids production increased by 24 per cent in the December 2014 half year to 62.1 MMboe.

Onshore US liquids volumes rose by 71 per cent in the December 2014 half year to a record 24.4 MMboe. This strong performance was underpinned by continued momentum in the Black Hawk and Permian where liquids production increased by 81 per cent and 107 per cent, respectively.

In our Conventional business, liquids production at Pyrenees and Atlantis increased by 34 per cent and 12 per cent, respectively, supported by strong uptime performance and the completion of new production wells in the second half of the 2014 financial year.

Natural gas – Natural gas production declined by two per cent in the December 2014 half year to 413 bcf.

Strong uptime performance at North West Shelf and Macedon partially offset lower seasonal demand at Bass Strait and the divestment of Liverpool Bay which was completed in the 2014 financial year.

Projects

Project and ownership	Capital expenditure (US$m)		Initial production target date		Capacity	Progress
North West Shelf Greater Western Flank-A (Australia) 16.67% (non-operator)		400		CY16	To maintain LNG plant throughput from the North West Shelf operations.	On schedule and budget. The overall project is 85% complete.
Bass Strait Longford Gas Conditioning Plant (Australia) 50% (non-operator)		520		CY16	Designed to process approximately 400 MMcf/d of high-CO2 gas.	On schedule and budget. The overall project is 45% complete.

Onshore US development activity

Onshore US drilling and development expenditure totalled US$1.9 billion in the December 2014 half year. In response to weaker prices, the Company will reduce its operated rig count from 26 at period end to 16 by the end of the 2015 financial year. An update to the drilling and development expenditure budget for the 2015 financial year will be provided with the release of our interim results in February 2015.

The majority of the revised drilling program will be focused on our liquids-rich Black Hawk acreage with activity in the Permian and Hawkville limited to the retention of core acreage. The Company’s dry gas development program will be reduced to one operated rig in the Haynesville, with a focus on continued drilling and completions optimisation ahead of full field development.

The reduction in drilling activity will not impact 2015 financial year production guidance and we remain confident that shale liquids volumes will rise by approximately 50 per cent in the period.

BHP Billiton Operational Review for the half year ended 31 December 2014 4

As announced in October 2014, we are actively marketing our Fayetteville acreage and will only pursue a divestment if full value can be realised, consistent with our long-term outlook for gas prices.

December 2014 half year		Liquids focused areas						Gas focused areas
(December 2013 half year)		Eagle Ford			Permian			Haynesville			Fayetteville			Total
Capital expenditure	US$ billion		1.2 (1.6	)		0.4 (0.2	)		0.2 (0.2	)		0.1 (0.1	)		1.9 (2.1	)
Rig allocation	At period end		18 (18	)		5 (2	)		3 (5	)		0 (0	)		26 (25	)
Net wells drilled and completed	Period total		85 (154	)		18 (18	)		13 (17	)		8 (49	)		124 (238	)
Net productive wells	At period end		732 (544	)		49(9) (46	)		406(9) (879	)		1,021 (1,000	)		2,208 (2,469	)

Capital expenditure includes land acquisition, site preparation, drilling, completions, well site facilities, mid-stream infrastructure and pipelines. The number of wells drilled and completed can vary significantly from period to period based on changes in rig activity and the inventory of wells drilled but not yet completed at period end.

Petroleum exploration

Exploration and appraisal wells drilled during the December 2014 quarter are summarised below.

Well	Location	Target	BHP Billiton equity	Spud date	Water depth		Total well depth		Status
Perseus-1	Gulf of Mexico DC231	Oil	15%(10) (Statoil operator)	21 September 2014		1,401 m		7,036 m	Plugged and abandoned Dry hole

Petroleum exploration expenditure for the December 2014 half year was US$268 million, of which US$244 million was expensed. Total petroleum exploration expenditure for the 2015 financial year is now forecast to be US$600 million, a 20 per cent reduction from prior guidance. The program will remain focused on the Gulf of Mexico, Western Australia and Trinidad and Tobago.

The seismic acquisition program in Trinidad and Tobago was successfully completed for the seven deep water blocks accessed between 2012 and 2014⁽¹¹⁾. The acquisition for the two blocks awarded in the 2014 deep water bid round is progressing on schedule⁽¹²⁾.

Potash

Project and ownership	Investment (US$m)		Scope	Progress
Jansen Potash (Canada) 100%		2,600	Investment to finish the excavation and lining of the production and service shafts, and to continue the installation of essential surface infrastructure and utilities.	Shaft excavation continuing. The overall project is 39% complete and within the approved budget.

BHP Billiton Operational Review for the half year ended 31 December 2014 5

Copper

Production

	DEC 2014 HALF		DEC 2014 QTR		DEC H14 vs DEC H13			DEC Q14 vs DEC Q13			DEC Q14 vs SEP Q14
Copper (kt)		813.1		423.7		(4	%)		(4	%)		9	%
Lead (t)		99,685		50,111		6	%		5	%		1	%
Zinc (t)		73,973		33,310		20	%		1	%		(18	%)
Silver (troy koz)		16,688		7,620		(5	%)		(14	%)		(16	%)
Uranium oxide concentrate (t)		1,942		1,076		(2	%)		7	%		24	%

Copper – Total copper production⁽¹⁾ decreased by two per cent in the December 2014 half year to 813 kt. Guidance for the 2015 financial year remains unchanged at 1.8 Mt.

Escondida copper production decreased by two per cent in the December 2014 half year to 553 kt. Strong operating performance, including a 14 per cent increase in truck utilisation, resulted in record material mined for the period. This was offset by the impact of water restrictions during the December 2014 quarter, as anticipated, along with two days of industrial action and a power outage throughout Northern Chile during the September 2014 quarter. Production guidance for Escondida remains unchanged at 1.27 Mt of copper for the 2015 financial year.

Pampa Norte copper production increased by 22 per cent in the December 2014 half year to 125 kt as Spence benefited from higher grades and recoveries. Production at Pampa Norte for the 2015 financial year is expected to remain broadly unchanged from the prior year as higher grades and recoveries at Spence continue to offset declining grades and recoveries at Cerro Colorado.

Olympic Dam copper production increased by four per cent in the December 2014 half year to 82 kt. Production in the 2015 financial year is expected to remain broadly unchanged from the prior year with planned smelter maintenance scheduled for the June 2015 quarter.

Antamina copper production declined by 37 per cent in the December 2014 half year to 53 kt as lower grades more than offset record mill throughput. Average copper grades at Antamina for the remainder of the 2015 financial year are expected to remain at a similar level to the December 2014 half year, consistent with the mine plan.

Lead – Lead production increased by six per cent in the December 2014 half year supported by higher mill throughput at Cannington and higher grades at Antamina.

Silver – Silver production decreased by five per cent in the December 2014 half year as higher mill throughput at Antamina and Cannington was more than offset by lower average ore grades at both operations, consistent with the mine plans.

Zinc – Zinc production increased by 20 per cent in the December 2014 half year and primarily reflected higher grades at Antamina, consistent with the mine plan. Cannington achieved record zinc production during the period underpinned by higher grades and increased mill throughput.

Uranium – Uranium production in the December 2014 half year was broadly unchanged from the prior period.

BHP Billiton Operational Review for the half year ended 31 December 2014 6

Projects

Project and ownership	Capital expenditure (US$m)		Initial production target date		Capacity	Progress
Escondida Oxide Leach Area Project (Chile) 57.5%		933		H2 CY14	New dynamic leaching pad and mineral handling system. Maintains oxide leaching capacity.	First production achieved in Q4 CY14 on revised schedule and budget. The project is 100% complete.
Escondida Organic Growth Project 1 (Chile) 57.5%		4,199		H1 CY15	New concentrator with 152 ktpd capacity.	On schedule and revised budget. The overall project is 94% complete.
Escondida Water Supply (Chile) 57.5%		3,430		CY17	New desalination facility to ensure continued water supply to Escondida.	On schedule and budget. The overall project is 29% complete.

BHP Billiton Operational Review for the half year ended 31 December 2014 7

Iron Ore

Production

	DEC 2014 HALF		DEC 2014 QTR		DEC H14 vs DEC H13			DEC Q14 vs DEC Q13			DEC Q14 vs SEP Q14
Iron ore (kt)		113,443		56,352		16	%		16	%		(1	%)

Iron ore – Total iron ore production increased by 16 per cent in the December 2014 half year to a record 113 Mt. Guidance for the 2015 financial year remains unchanged at 225 Mt.

Western Australia Iron Ore (WAIO) production increased by 15 per cent in the December 2014 half year to a record 124 Mt (100 per cent basis) as the ramp-up of Jimblebar continued and we improved the availability, utilisation and rate of our integrated supply chain. WAIO also achieved record sales volumes of 126 Mt (100 per cent basis) in the December 2014 half year as our strategy of increasing the percentage of direct to ship ore unlocks further port capacity.

Our WAIO business continues to perform strongly and we have retained guidance of 245 Mt (100 per cent basis) for the 2015 financial year. Further growth in supply chain capacity to 270 Mtpa (100 per cent basis) is expected to be achieved without the need for additional fixed plant investment. Beyond that, the Inner Harbour Debottlenecking and Jimblebar Phase 2 projects⁽¹³⁾ have the potential to increase total capacity to 290 Mtpa (100 per cent basis) by the end of the 2017 financial year at very low capital cost.

Samarco production increased by 29 per cent in the December 2014 half year to a record 14 Mt (100 per cent basis) as the ramp-up of the fourth pellet plant continues to plan.

BHP Billiton Operational Review for the half year ended 31 December 2014 8

Coal

Production

	DEC 2014 HALF		DEC 2014 QTR		DEC H14 vs DEC H13			DEC Q14 vs DEC Q13			DEC Q14 vs SEP Q14
Metallurgical coal (kt)		26,307		13,538		21	%		17	%		6	%
Energy coal (kt)		36,459		18,622		(3	%)		5	%		4	%

Metallurgical coal – Metallurgical coal production increased by 21 per cent in the December 2014 half year to a record 26 Mt. Our metallurgical coal operations continue to perform strongly and we have retained guidance of 47 Mt for the 2015 financial year ahead of the wet season and planned longwall moves at the Crinum, Dendrobium and West Cliff underground mines.

Queensland Coal delivered record production and sales volumes primarily as a result of increased equipment utilisation and the successful ramp-up of the Caval Ridge mine. Record production at Goonyella, Daunia and Poitrel contributed to the strong result.

Illawarra Coal achieved record production of 4.7 Mt in the December 2014 half year as maintenance efficiencies supported higher equipment utilisation rates. The 41 per cent increase from the December 2013 half year also reflects an extended outage at Dendrobium in the prior period.

Energy coal – Energy coal production decreased by three per cent in the December 2014 half year to 36 Mt. Guidance for the 2015 financial year remains unchanged at 73 Mt.

As anticipated, drought conditions constrained production volumes at Cerrejón given the need to manage dust emissions, while Navajo Coal production declined following lower customer demand arising from the closure of three of the five power units at the Four Corners Power Plant. New South Wales Energy Coal production also declined as a result of processing lower yield material during the period and an additional planned wash-plant outage. At South Africa Energy Coal, higher wash-plant utilisation contributed to a 10 per cent increase from the December 2013 half year which was affected by industrial action.

Projects

Project and ownership	Capital expenditure (US$m)			Initial production target date		Capacity	Progress
Hay Point Stage Three Expansion (Australia) 50%		1,505	(14)		CY15	Increases port capacity from 44 Mtpa to 55 Mtpa and reduces storm vulnerability.	On revised schedule and budget. The overall project is 95% complete. First coal loaded on 12 January 2015.
Appin Area 9 (Australia) 100%		845			CY16	Maintains Illawarra Coal’s production capacity with a replacement mining domain and capacity to produce 3.5 Mtpa of metallurgical coal.	On schedule and budget. The overall project is 77% complete.

BHP Billiton Operational Review for the half year ended 31 December 2014 9

Aluminium, Manganese and Nickel

Production

	DEC 2014 HALF		DEC 2014 QTR		DEC H14 vs DEC H13			DEC Q14 vs DEC Q13			DEC Q14 vs SEP Q14
Alumina (kt)		2,633		1,398		1	%		3	%		13	%
Aluminium (kt)		517		256		(16	%)		(15	%)		(2	%)
Manganese ores (kt)		4,555		2,296		7	%		4	%		2	%
Manganese alloys (kt)		372		201		23	%		21	%		18	%
Nickel (kt)		69.9		34.2		(11	%)		(10	%)		(4	%)

Alumina – Alumina production was broadly unchanged in the December 2014 half year at 2.6 Mt and included record production at the Alumar refinery. Worsley achieved record production in the December 2014 quarter as it recovered from a series of calciner outages in the prior period.

Aluminium – Aluminium production decreased by 16 per cent in the December 2014 half year to 517 kt. Lower volumes primarily reflected the suspension of smelter capacity at Alumar and cessation of smelting activities at Bayside during the 2014 financial year and more than offset record production at Mozal in the December 2014 half year.

Manganese ores – Manganese ore production increased by seven per cent in the December 2014 half year to a record 4.6 Mt as an improvement in ore recovery at Mamatwan and an increase in plant availability at Wessels underpinned record production at Hotazel.

Manganese alloys – Manganese alloy production increased by 23 per cent in the December 2014 half year, supported by increased smelter stability and availability at both TEMCO and Metalloys.

Nickel – Nickel production declined by 11 per cent in the December 2014 half year to 70 kt. Lower volumes reflected the closure of the Perseverance underground mine at Nickel West in November 2013 and lower grades and recoveries at Cerro Matoso. Nickel West and Cerro Matoso production guidance for the 2015 financial year remains unchanged at 95 kt and 43 kt, respectively.

As announced on 19 August 2014, in contemplation of the proposed demerger, BHP Billiton and Anglo American have agreed to make certain changes to the agreement which governs their interests in the Manganese business. Subject to obtaining the required approvals for the agreement, expected in the second half of the 2015 financial year, the changes will result in BHP Billiton and Anglo American agreeing to share joint control of the Manganese business.

BHP Billiton Operational Review for the half year ended 31 December 2014 10

Minerals exploration

Minerals exploration expenditure for the December 2014 half year was US$154 million, of which US$115 million was expensed. Greenfield minerals exploration is predominantly focused on advancing copper targets within Chile, Peru and the South-West United States.

Variance analysis relates to the relative performance of BHP Billiton and/or its operations during the December 2014 half year compared with the December 2013 half year, unless otherwise noted. Production volumes, sales volumes and capital and exploration expenditure from subsidiaries (which include Escondida, Jimblebar, BHP Billiton Mitsui Coal and our manganese operations) are reported on a 100 per cent basis; production volumes, sales volumes and capital and exploration expenditure from equity accounted investments (which include Antamina, Samarco and Cerrejón) and other operations are reported on a proportionate consolidation basis.

The following footnotes apply to this Operational Review:

⁽¹⁾  Excludes Pinto Valley which was sold during the 2014 financial year.

⁽²⁾  Excludes Liverpool Bay which was sold during the 2014 financial year.

⁽³⁾  Underlying attributable profit and Underlying EBIT are used to reflect the underlying performance of BHP Billiton. Underlying attributable profit is Attributable profit excluding any exceptional items. Underlying EBIT is earnings before net finance costs, taxation and any exceptional items.

⁽⁴⁾ The Group’s adjusted effective tax rate excludes the influence of exchange rate movements, remeasurement of deferred tax assets associated with the Minerals Resource Rent Tax (MRRT) and exceptional items.

⁽⁵⁾  Based on provisional, unaudited estimates. Prices exclude third party product and represent the weighted average of various sales terms (for example: FOB, CIF and CFR), unless otherwise noted.

⁽⁶⁾  Excludes internal sales.

⁽⁷⁾  Includes third party product.

⁽⁸⁾  Export sales only; excludes Cerrejón. Includes thermal coal sales from metallurgical coal mines.

⁽⁹⁾  Change in productive well count includes the reduction associated with the divestments of North Louisiana conventional assets (Haynesville) and Pecos unconventional gas assets (Permian).

⁽¹⁰⁾  Well costs fully borne by partners.

⁽¹¹⁾  17,687 square kilometres 3D seismic acquisition completed over Trinidad and Tobago Blocks 5, 6, 14, 23a, 23b, 28 and 29.

⁽¹²⁾  3,528 square kilometres 3D seismic acquisition in progress over Trinidad and Tobago Blocks 3 and 7.

⁽¹³⁾  Subject to Board approval.

⁽¹⁴⁾  Excludes announced pre-commitment funding.

The following abbreviations may have been used throughout this report: barrels (bbl); billion cubic feet (bcf); cost and freight (CFR); cost, insurance and freight (CIF); dry metric tonne unit (dmtu); free on board (FOB); grams per tonne (g/t); kilograms per tonne (kg/t); kilometre (km); metre (m); million barrels of oil equivalent (MMboe); million cubic feet per day (MMcf/d); million tonnes (Mt); million tonnes per annum (Mtpa); ounces (oz); pounds (lb); thousand barrels of oil equivalent (Mboe); thousand ounces (koz); thousand standard cubic feet (Mscf); thousand tonnes (kt); thousand tonnes per annum (ktpa); thousand tonnes per day (ktpd); tonnes (t); and wet metric tonnes (wmt).

BHP Billiton Operational Review for the half year ended 31 December 2014 11

Further information on BHP Billiton can be found at: www.bhpbilliton.com.

Media Relations Australia Emily Perry Tel: +61 3 9609 2800 Mobile: +61 477 325 803 email: Emily.Perry@bhpbilliton.com Paul Hitchins Tel: + 61 3 9609 2592 Mobile: + 61 419 315 001 email: Paul.Hitchins@bhpbilliton.com Eleanor Nichols Tel: +61 3 9609 2360 Mobile: +61 407 064 748 email: Eleanor.Nichols@bhpbilliton.com United Kingdom Ruban Yogarajah Tel: +44 20 7802 4033 Mobile: +44 7827 082 022 email: Ruban.Yogarajah@bhpbilliton.com Jennifer White Tel: +44 20 7802 7462 Mobile: +44 7827 253 764 email: Jennifer.White@bhpbilliton.com Americas Ruban Yogarajah Tel: +44 20 7802 4033 Mobile: +44 7827 082 022 email: Ruban.Yogarajah@bhpbilliton.com	Investor Relations Australia Tara Dines Tel: +61 3 9609 2222 Mobile: +61 499 249 005 email: Tara.Dines@bhpbilliton.com Andrew Gunn Tel: +61 3 9609 3575 Mobile: +61 402 087 354 email: Andrew.Gunn@bhpbilliton.com United Kingdom and South Africa Jonathan Price Tel: +44 20 7802 4131 Mobile: +44 7990 527 726 email: Jonathan.H.Price@bhpbilliton.com Dean Simon Tel: +44 20 7802 7461 Mobile: +44 7717 511 193 email: Dean.Simon@bhpbilliton.com Americas James Agar Tel: +1 212 310 1421 Mobile: +1 347 882 3011 email: James.Agar@bhpbilliton.com Joseph Suarez Tel: +1 212 310 1422 Mobile: +1 646 400 3803 email: Joseph.Suarez@bhpbilliton.com
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Members of the BHP Billiton Group which is headquartered in Australia

BHP Billiton Operational Review for the half year ended 31 December 2014 12

BHP BILLITON PRODUCTION SUMMARY

		QUARTER ENDED						YEAR TO DATE				% CHANGE
		DEC 2013		SEP 2014		DEC 2014		DEC 2014		DEC 2013		DEC YTD14 vs DEC YTD13			DEC Q14 vs DEC Q13			DEC Q14 vs SEP Q14
Petroleum
Crude oil, condensate and NGL	(Mboe)		23,973		30,945		31,163		62,108		50,026		24	%		30	%		1	%
Natural gas	(bcf)		202.6		218.9		194.4		413.3		422.3		(2	%)		(4	%)		(11	%)
Total petroleum production	(MMboe)		57.7		67.4		63.6		131.0		120.4		9	%		10	%		(6	%)
Copper
Copper	(kt)		439.9		389.4		423.7		813.1		843.2		(4	%)		(4	%)		9	%
Lead	(t)		47,839		49,574		50,111		99,685		94,284		6	%		5	%		1	%
Zinc	(t)		32,855		40,663		33,310		73,973		61,410		20	%		1	%		(18	%)
Gold	(troy oz)		45,655		52,344		51,247		103,591		85,843		21	%		12	%		(2	%)
Silver	(troy koz)		8,850		9,068		7,620		16,688		17,538		(5	%)		(14	%)		(16	%)
Uranium	(t)		1,008		866		1,076		1,942		1,978		(2	%)		7	%		24	%
Molybdenum	(t)		379		40		75		115		837		(86	%)		(80	%)		88	%
Iron ore
Iron ore	(kt)		48,688		57,091		56,352		113,443		97,641		16	%		16	%		(1	%)
Coal
Metallurgical coal	(kt)		11,540		12,769		13,538		26,307		21,725		21	%		17	%		6	%
Energy coal	(kt)		17,767		17,837		18,622		36,459		37,406		(3	%)		5	%		4	%
Aluminium, Manganese and Nickel
Alumina	(kt)		1,352		1,235		1,398		2,633		2,603		1	%		3	%		13	%
Aluminium	(kt)		302		261		256		517		612		(16	%)		(15	%)		(2	%)
Manganese ores	(kt)		2,200		2,259		2,296		4,555		4,246		7	%		4	%		2	%
Manganese alloys	(kt)		166		171		201		372		303		23	%		21	%		18	%
Nickel	(kt)		37.8		35.7		34.2		69.9		78.2		(11	%)		(10	%)		(4	%)

Throughout this report figures in italics indicate that this figure has been adjusted since it was previously reported.

BHP Billiton Operational Review for the half year ended 31 December 2014 13

BHP BILLITON PRODUCTION

				QUARTER ENDED										YEAR TO DATE
	BHP Billiton interest			DEC 2013		MAR 2014		JUN 2014		SEP 2014		DEC 2014		DEC 2014		DEC 2013
Petroleum
Production
Crude oil, condensate and NGL (Mboe) (1)
Onshore US					6,533		8,575		10,540		11,460		12,905		24,365		14,233
Coventional					17,440		18,669		18,337		19,485		18,258		37,743		35,793
Total					23,973		27,244		28,877		30,945		31,163		62,108		50,026
Natural gas (bcf)
Onshore US					105.3		109.7		118.9		113.6		110.3		223.9		220.2
Coventional					97.3		92.3		96.1		105.3		84.1		189.4		202.1
Total					202.6		202.0		215.0		218.9		194.4		413.3		422.3
Total petroleum production (MMboe)					57.7		60.9		64.7		67.4		63.6		131.0		120.4
Copper (2)
Copper
Payable metal in concentrate (kt)
Escondida (3)		57.5	%		208.0		190.6		241.0		199.4		208.8		408.2		413.1
Antamina		33.8	%		42.4		33.0		26.2		25.7		27.3		53.0		84.3
Pinto Valley (4)		100	%		1.6		—		—		—		—		—		12.5
Total					252.0		223.6		267.2		225.1		236.1		461.2		509.9
Cathode (kt)
Escondida (3)		57.5	%		77.5		75.8		81.5		69.3		75.0		144.3		150.7
Pampa Norte (5)		100	%		59.4		63.4		66.8		55.8		69.6		125.4		102.9
Pinto Valley (4)		100	%		0.1		—		—		—		—		—		0.9
Olympic Dam		100	%		50.9		51.1		54.5		39.2		43.0		82.2		78.8
Total					187.9		190.3		202.8		164.3		187.6		351.9		333.3
Total copper					439.9		413.9		470.0		389.4		423.7		813.1		843.2
Lead
Payable metal in concentrate (t)
Cannington		100	%		47,259		47,214		45,768		48,941		49,625		98,566		93,546
Antamina		33.8	%		580		363		397		633		486		1,119		738
Total					47,839		47,577		46,165		49,574		50,111		99,685		94,284
Zinc
Payable metal in concentrate (t)
Cannington		100	%		16,123		10,074		15,666		19,927		17,039		36,966		32,156
Antamina		33.8	%		16,732		9,335		13,450		20,736		16,271		37,007		29,254
Total					32,855		19,409		29,116		40,663		33,310		73,973		61,410
Gold
Payable metal in concentrate (troy oz)
Escondida (3)		57.5	%		19,384		20,110		20,920		21,980		12,710		34,690		31,874
Olympic Dam (refined gold)		100	%		26,271		28,630		38,785		30,364		38,537		68,901		53,920
Pinto Valley (4)		100	%		—		—		—		—		—		—		49
Total					45,655		48,740		59,705		52,344		51,247		103,591		85,843
Silver
Payable metal in concentrate (troy koz)
Escondida (3)		57.5	%		982		1,078		1,320		1,159		958		2,117		1,873
Antamina		33.8	%		1,350		961		843		954		885		1,839		2,555
Cannington		100	%		6,306		6,465		6,029		6,701		5,534		12,235		12,667
Olympic Dam (refined silver)		100	%		212		253		317		254		243		497		402
Pinto Valley (4)		100	%		—		—		—		—		—		—		41
Total					8,850		8,757		8,509		9,068		7,620		16,688		17,538
Uranium
Payable metal in concentrate (t)
Olympic Dam		100	%		1,008		966		1,044		866		1,076		1,942		1,978
Total					1,008		966		1,044		866		1,076		1,942		1,978

Refer footnotes on page 16.

BHP Billiton Operational Review for the half year ended 31 December 2014 14

BHP BILLITON PRODUCTION

				QUARTER ENDED										YEAR TO DATE
	BHP Billiton interest			DEC 2013		MAR 2014		JUN 2014		SEP 2014		DEC 2014		DEC 2014		DEC 2013
Copper (2) (continued)
Molybdenum
Payable metal in concentrate (t)
Antamina		33.8	%		379		281		83		40		75		115		837
Total					379		281		83		40		75		115		837
Iron Ore
Production (kt) (6)
Newman		85	%		12,483		15,470		16,766		16,707		16,012		32,719		24,679
Yarrie		85	%		428		206		—		—		—		—		630
Area C Joint Venture		85	%		11,383		11,282		12,481		13,265		11,314		24,579		23,197
Yandi Joint Venture		85	%		17,135		15,622		17,615		16,607		17,694		34,301		35,281
Jimblebar (7)		85	%		1,702		2,721		3,740		3,971		2,813		6,784		2,402
Wheelarra (8)		85	%		2,716		1,698		2,973		3,115		4,755		7,870		5,882
Samarco		50	%		2,841		2,281		3,068		3,426		3,764		7,190		5,570
Total					48,688		49,280		56,643		57,091		56,352		113,443		97,641
Coal
Metallurgical coal
Production (kt) (9)
BMA		50	%		7,494		7,461		7,596		8,228		9,009		17,237		14,199
BHP Billiton Mitsui Coal (10)		80	%		2,114		1,995		2,143		2,204		2,128		4,332		4,171
Illawarra		100	%		1,932		2,011		2,147		2,337		2,401		4,738		3,355
Total					11,540		11,467		11,886		12,769		13,538		26,307		21,725
Energy coal
Production (kt)
South Africa (11)		90	%		7,036		7,398		8,013		8,026		8,499		16,525		14,973
USA		100	%		2,896		2,359		2,412		2,690		2,512		5,202		6,041
Australia		100	%		4,544		5,018		5,030		4,752		4,608		9,360		9,916
Colombia		33.3	%		3,291		2,948		2,908		2,369		3,003		5,372		6,476
Total					17,767		17,723		18,363		17,837		18,622		36,459		37,406
Aluminium, Manganese and Nickel
Alumina
Saleable production (kt)
Worsley		86	%		1,024		936		1,010		893		1,060		1,953		1,970
Alumar		36	%		328		314		315		342		338		680		633
Total					1,352		1,250		1,325		1,235		1,398		2,633		2,603
Aluminium
Production (kt)
Hillside		100	%		183		172		176		180		176		356		367
Bayside (12)		100	%		24		23		18		—		—		—		48
Alumar		40	%		28		26		15		13		13		26		63
Mozal		47.1	%		67		65		67		68		67		135		134
Total					302		286		276		261		256		517		612
Manganese ores
Saleable production (kt)
South Africa (13)		44.4	%		944		782		936		1,049		1,007		2,056		1,808
Australia (13)		60	%		1,256		1,019		1,319		1,210		1,289		2,499		2,438
Total					2,200		1,801		2,255		2,259		2,296		4,555		4,246
Manganese alloys
Saleable production (kt)
South Africa (13) (14)		60	%		94		91		106		112		121		233		180
Australia (13)		60	%		72		71		75		59		80		139		123
Total					166		162		181		171		201		372		303

Refer footnotes on page 16.

BHP Billiton Operational Review for the half year ended 31 December 2014 15

BHP BILLITON PRODUCTION

				QUARTER ENDED										YEAR TO DATE
	BHP Billiton interest			DEC 2013		MAR 2014		JUN 2014		SEP 2014		DEC 2014		DEC 2014		DEC 2013
Aluminium, Manganese and Nickel (continued)
Nickel
Saleable production (kt)
Cerro Matoso		99.9	%		12.3		9.8		10.2		10.7		10.5		21.2		24.3
Nickel West		100	%		25.5		24.3		20.7		25.0		23.7		48.7		53.9
Total					37.8		34.1		30.9		35.7		34.2		69.9		78.2

(1) LPG and ethane are reported as natural gas liquids (NGL). Product-specific conversions are made and NGL is reported in barrels of oil equivalent (boe). Total boe conversions are based on 6,000 scf of natural gas equals 1 boe.

(2) Metal production is reported on the basis of payable metal.

(3) Shown on 100% basis. BHP Billiton interest in saleable production is 57.5%.

(4) BHP Billiton completed the sale of Pinto Valley on 11 October 2013.

(5) Includes Cerro Colorado and Spence.

(6) Iron ore production is reported on a wet tonnes basis.

(7) Shown on 100% basis. BHP Billiton interest in saleable production is 85%.

(8) Production from Wheelarra is processed via the Jimblebar processing hub.

(9) Metallurgical coal production is reported on the basis of saleable product. Production figures include some thermal coal.

(10) Shown on 100% basis. BHP Billiton interest in saleable production is 80%.

(11) Shown on 100% basis. BHP Billiton interest in saleable production is 90%.

(12) Aluminium smelting at Bayside ceased with the closure of the final potline in June 2014.

(13) Shown on 100% basis. BHP Billiton interest in saleable production is 60%, except Hotazel Manganese Mines which is 44.4%.

(14) Production includes Medium Carbon Ferro Manganese.

BHP Billiton Operational Review for the half year ended 31 December 2014 16

PRODUCTION AND SALES REPORT

	QUARTER ENDED										YEAR TO DATE
	DEC 2013		MAR 2014		JUN 2014		SEP 2014		DEC 2014		DEC 2014		DEC 2013
Petroleum
Crude oil, condensate and NGL (Mboe)
Crude oil and condensate
Bass Strait		1,958		2,095		2,355		2,818		2,284		5,102		4,205
North West Shelf		1,497		1,504		1,408		1,501		1,395		2,896		3,362
Stybarrow		317		282		255		225		248		473		665
Pyrenees		1,295		2,386		2,075		2,109		1,901		4,010		3,002
Other Australia (1)		12		11		14		17		11		28		26
Atlantis (2)		3,988		3,734		4,114		4,175		3,740		7,915		6,941
Mad Dog (2)		496		704		187		390		877		1,267		1,228
Shenzi (2)		3,201		3,467		3,530		3,530		3,502		7,032		6,668
Eagle Ford (3)		3,886		5,215		6,593		7,060		8,098		15,158		8,654
Permian (3)		341		356		463		601		807		1,408		602
Haynesville (3) (4)		11		18		13		16		4		20		26
Trinidad/Tobago		314		279		248		252		227		479		634
Other Americas (2) (5)		373		329		371		349		500		849		751
UK (6)		305		254		27		34		77		111		447
Algeria		1,156		1,069		996		1,011		1,050		2,061		2,298
Pakistan		52		49		37		38		33		71		114
Total		19,202		21,752		22,686		24,126		24,754		48,880		39,623
NGL
Bass Strait		1,603		1,621		2,026		2,161		1,512		3,673		3,604
North West Shelf		234		276		288		293		273		566		633
Atlantis (2)		348		288		111		248		294		542		603
Mad Dog (2)		24		36		39		21		42		63		62
Shenzi (2)		252		280		252		271		260		531		518
Eagle Ford (3)		2,009		2,775		3,179		3,421		3,638		7,059		4,524
Permian (3)		286		211		292		362		358		720		425
Haynesville (3) (4)		—		—		—		—		—		—		2
Other Americas (2) (5)		10		2		—		38		25		63		21
UK (6)		5		3		4		4		7		11		11
Total		4,771		5,492		6,191		6,819		6,409		13,228		10,403
Total crude oil, condensate and NGL		23,973		27,244		28,877		30,945		31,163		62,108		50,026
Natural gas (bcf)
Bass Strait		22.7		21.2		30.5		33.3		18.8		52.1		56.9
North West Shelf		30.3		31.4		31.8		36.9		33.4		70.3		64.5
Other Australia (1)		15.1		13.2		13.6		16.4		13.0		29.4		24.4
Atlantis (2)		1.8		1.8		1.9		1.7		2.3		4.0		3.1
Mad Dog (2)		0.1		0.1		0.1		0.1		0.1		0.2		0.2
Shenzi (2)		0.8		0.8		0.8		0.8		0.8		1.6		1.6
Eagle Ford (3)		22.0		23.9		30.8		28.5		26.3		54.8		48.2
Permian (3)		2.2		2.2		2.5		3.0		2.8		5.8		4.3
Haynesville (3) (4)		42.3		46.3		45.7		45.7		43.6		89.3		91.5
Fayetteville (3)		38.8		37.3		39.9		36.4		37.6		74.0		76.2
Trinidad/Tobago		9.7		9.3		9.1		8.8		7.8		16.6		19.6
Other Americas (2) (5)		0.3		0.2		0.2		0.2		0.2		0.4		0.6
UK (6)		6.2		5.4		0.8		0.7		1.4		2.1		9.7
Pakistan		10.3		8.9		7.3		6.4		6.3		12.7		21.5
Total		202.6		202.0		215.0		218.9		194.4		413.3		422.3
Total petroleum production (MMboe) (7)		57.7		60.9		64.7		67.4		63.6		131.0		120.4

BHP Billiton Operational Review for the half year ended 31 December 2014 17

Petroleum (continued)

(1) Other Australia includes Minerva and Macedon.

(2) Gulf of Mexico volumes are net of royalties.

(3) Onshore US volumes are net of mineral holder royalties.

(4) Haynesville includes North Louisiana Conventional. BHP Billiton completed the sale of North Louisiana Conventional on 17 November 2014.

(5) Other Americas includes Neptune, Genesis and Overriding Royalty Interest.

(6) UK includes Bruce/Keith and Liverpool Bay. BHP Billiton completed the sale of its 46.1% operated interest in Liverpool Bay on 31 March 2014.

(7) Total boe conversions are based on 6,000 scf of natural gas equals 1 boe.

BHP Billiton Operational Review for the half year ended 31 December 2014 18

PRODUCTION AND SALES REPORT

		QUARTER ENDED															YEAR TO DATE
		DEC 2013			MAR 2014			JUN 2014			SEP 2014			DEC 2014			DEC 2014			DEC 2013
Copper
Metals production is payable metal unless otherwise stated.
Escondida, Chile (1)
Material mined	(kt)		93,814			96,420			94,673			101,920			113,522			215,442			187,558
Sulphide ore milled	(kt)		19,584			21,051			21,438			20,651			18,354			39,005			37,860
Average copper grade	(%)		1.30	%		1.12	%		1.33	%		1.20	%		1.45	%		1.32	%		1.33	%
Production ex mill	(kt)		214.4			195.5			235.6			205.5			215.5			421.0			425.0
Production
Payable copper (2)	(kt)		208.0			190.6			241.0			199.4			208.8			408.2			413.1
Payable gold concentrate	(troy oz)		19,384			20,110			20,920			21,980			12,710			34,690			31,874
Copper cathode (EW)	(kt)		77.5			75.8			81.5			69.3			75.0			144.3			150.7
Payable silver concentrate	(troy koz)		982			1,078			1,320			1,159			958			2,117			1,873
Sales
Payable copper	(kt)		228.1			173.2			239.1			203.3			203.2			406.5			420.4
Payable gold concentrate	(troy oz)		18,602			20,889			20,920			21,980			12,710			34,690			31,092
Copper cathode (EW)	(kt)		86.7			76.4			83.3			64.1			79.8			143.9			149.7
Payable silver concentrate	(troy koz)		1,076			1,046			1,320			1,159			958			2,117			1,912
(1)    Shown on 100% basis. BHP Billiton interest in saleable production is 57.5%. (2)    June 2014 quarter includes 4.3 kt of copper contained in ore sold to third parties.
Pampa Norte, Chile
Cerro Colorado
Material mined	(kt)		17,487			15,939			17,087			15,517			16,124			31,641			33,258
Ore milled	(kt)		4,501			4,508			4,016			4,189			4,446			8,635			8,662
Average copper grade	(%)		0.76	%		0.75	%		0.76	%		0.77	%		0.70	%		0.73	%		0.77	%
Production
Copper cathode (EW)	(kt)		19.4			22.0			21.3			15.7			20.6			36.3			37.0
Sales
Copper cathode (EW)	(kt)		17.6			12.4			28.7			20.0			21.0			41.0			34.9
Spence
Material mined	(kt)		27,911			25,037			25,962			24,238			23,422			47,660			52,242
Ore milled	(kt)		4,788			4,735			3,775			4,409			4,560			8,969			9,648
Average copper grade	(%)		1.25	%		1.23	%		1.30	%		1.33	%		1.20	%		1.26	%		1.18	%
Production
Copper cathode (EW)	(kt)		40.0			41.4			45.5			40.1			49.0			89.1			65.9
Sales
Copper cathode (EW)	(kt)		35.9			40.0			49.6			36.9			51.8			88.7			61.8

BHP Billiton Operational Review for the half year ended 31 December 2014 19

PRODUCTION AND SALES REPORT

		QUARTER ENDED															YEAR TO DATE
		DEC 2013			MAR 2014			JUN 2014			SEP 2014			DEC 2014			DEC 2014			DEC 2013
Copper (continued)
Metals production is payable metal unless otherwise stated.
Antamina, Peru
Material mined (100%)	(kt)		50,872			45,837			49,797			54,675			43,793			98,468			107,300
Sulphide ore milled (100%)	(kt)		12,521			11,729			12,756			12,370			13,594			25,964			24,286
Average head grades
- Copper	(%)		1.15	%		1.00	%		0.77	%		0.81	%		0.74	%		0.77	%		1.18	%
- Zinc	(%)		0.72	%		0.54	%		0.58	%		0.84	%		0.66	%		0.75	%		0.64	%
Production
Payable copper	(kt)		42.4			33.0			26.2			25.7			27.3			53.0			84.3
Payable zinc	(t)		16,732			9,335			13,450			20,736			16,271			37,007			29,254
Payable silver	(troy koz)		1,350			961			843			954			885			1,839			2,555
Payable lead	(t)		580			363			397			633			486			1,119			738
Payable molybdenum	(t)		379			281			83			40			75			115			837
Sales
Payable copper	(kt)		44.5			30.2			26.5			26.3			29.8			56.1			85.8
Payable zinc	(t)		18,397			10,158			14,527			12,912			21,459			34,371			34,520
Payable silver	(troy koz)		1,367			910			893			896			1,026			1,922			2,870
Payable lead	(t)		368			405			521			320			711			1,031			665
Payable molybdenum	(t)		442			347			142			50			90			140			853
Cannington, Australia
Material mined	(kt)		974			773			806			823			925			1,748			1,867
Ore milled	(kt)		852			779			821			819			850			1,669			1,602
Average head grades
- Silver	(g/t)		274			311			286			301			246			273			293
- Lead	(%)		6.7	%		7.3	%		6.9	%		7.1	%		7.0	%		7.0	%		7.0	%
- Zinc	(%)		3.1	%		2.4	%		3.1	%		3.8	%		3.2	%		3.5	%		3.2	%
Production
Payable silver	(troy koz)		6,306			6,465			6,029			6,701			5,534			12,235			12,667
Payable lead	(t)		47,259			47,214			45,768			48,941			49,625			98,566			93,546
Payable zinc	(t)		16,123			10,074			15,666			19,927			17,039			36,966			32,156
Sales
Payable silver	(troy koz)		6,548			6,127			5,641			7,084			5,631			12,715			14,392
Payable lead	(t)		47,185			43,649			41,607			51,197			48,482			99,679			103,685
Payable zinc	(t)		18,241			11,020			15,708			15,450			18,028			33,478			35,527

BHP Billiton Operational Review for the half year ended 31 December 2014 20

PRODUCTION AND SALES REPORT

		QUARTER ENDED															YEAR TO DATE
		DEC 2013			MAR 2014			JUN 2014			SEP 2014			DEC 2014			DEC 2014			DEC 2013
Copper (continued)
Metals production is payable metal unless otherwise stated.
Olympic Dam, Australia
Material mined (1)	(kt)		2,717			2,495			2,405			2,692			2,667			5,359			5,614
Ore milled	(kt)		2,641			2,421			2,654			2,206			2,776			4,982			5,045
Average copper grade	(%)		1.86	%		1.90	%		1.91	%		1.97	%		1.70	%		1.82	%		1.86	%
Average uranium grade	(kg/t)		0.52			0.54			0.51			0.61			0.52			0.56			0.52
Production
Copper cathode (ER)	(kt)		47.6			48.4			51.3			36.9			39.9			76.8			73.5
Copper cathode (EW)	(kt)		3.3			2.7			3.2			2.3			3.1			5.4			5.3
Uranium oxide concentrate	(t)		1,008			966			1,044			866			1,076			1,942			1,978
Refined gold	(troy oz)		26,271			28,630			38,785			30,364			38,537			68,901			53,920
Refined silver	(troy koz)		212			253			317			254			243			497			402
Sales
Copper cathode (ER)	(kt)		43.3			47.5			54.2			36.6			39.9			76.5			70.1
Copper cathode (EW)	(kt)		2.8			2.5			3.0			2.5			3.1			5.6			4.9
Uranium oxide concentrate	(t)		1,037			732			1,426			848			1,125			1,973			1,967
Refined gold	(troy oz)		32,226			31,129			38,500			30,707			34,938			65,645			53,901
Refined silver	(troy koz)		177			262			367			227			238			465			353
(1)    Material mined refers to run of mine ore mined and hoisted.

BHP Billiton Operational Review for the half year ended 31 December 2014 21

PRODUCTION AND SALES REPORT

	QUARTER ENDED										YEAR TO DATE
	DEC 2013		MAR 2014		JUN 2014		SEP 2014		DEC 2014		DEC 2014		DEC 2013
Iron Ore
(kt)
Iron ore
Pilbara, Australia
Production (1)
Newman		12,483		15,470		16,766		16,707		16,012		32,719		24,679
Yarrie (2)		428		206		—		—		—		—		630
Area C Joint Venture		11,383		11,282		12,481		13,265		11,314		24,579		23,197
Yandi Joint Venture		17,135		15,622		17,615		16,607		17,694		34,301		35,281
Jimblebar (3)		1,702		2,721		3,740		3,971		2,813		6,784		2,402
Wheelarra (4)		2,716		1,698		2,973		3,115		4,755		7,870		5,882
Total		45,847		46,999		53,575		53,665		52,588		106,253		92,071
Total production (100%)		53,638		54,812		62,369		62,436		61,371		123,807		107,896
Sales
Lump		9,996		11,230		11,572		12,766		12,661		25,427		20,288
Fines		35,756		35,880		40,834		41,633		41,185		82,818		71,039
Total		45,752		47,110		52,406		54,399		53,846		108,245		91,327
Total sales (100%)		53,808		55,018		61,015		63,303		62,848		126,151		107,369
(1)    Iron ore production and sales are reported on a wet tonnes basis. (2)    Yarrie ceased production on 25 February 2014. (3)    Shown on 100% basis. BHP Billiton interest in saleable production is 85%. (4)    Production from Wheelarra is processed via the Jimblebar processing hub.
Samarco, Brazil
Production (1)		2,841		2,281		3,068		3,426		3,764		7,190		5,570
Sales		3,025		2,036		3,077		3,303		4,151		7,454		5,701

(1) Iron ore production and sales are reported on a wet tonnes basis.

BHP Billiton Operational Review for the half year ended 31 December 2014 22

PRODUCTION AND SALES REPORT

	QUARTER ENDED										YEAR TO DATE
	DEC 2013		MAR 2014		JUN 2014		SEP 2014		DEC 2014		DEC 2014		DEC 2013
Coal
(kt)
Metallurgical coal
Queensland Coal
Production (1)
BMA
Blackwater		1,655		1,759		1,625		1,777		1,775		3,552		3,346
Goonyella		1,999		2,041		1,553		2,144		2,350		4,494		3,736
Peak Downs		1,201		1,314		1,282		1,144		1,235		2,379		2,313
Saraji		1,195		1,108		1,058		1,022		1,257		2,279		2,392
Gregory Joint Venture		850		654		997		808		994		1,802		1,314
Daunia		594		585		518		628		617		1,245		1,098
Caval Ridge		—		—		563		705		781		1,486		—
Total BMA		7,494		7,461		7,596		8,228		9,009		17,237		14,199
BHP Billiton Mitsui Coal (2)
South Walker Creek		1,313		1,312		1,323		1,391		1,236		2,627		2,611
Poitrel		801		683		820		813		892		1,705		1,560
Total BHP Billiton Mitsui Coal		2,114		1,995		2,143		2,204		2,128		4,332		4,171
Total Queensland Coal		9,608		9,456		9,739		10,432		11,137		21,569		18,370
Sales
Coking coal		6,517		7,030		7,250		7,306		8,379		15,685		12,640
Weak coking coal		2,505		2,594		2,358		2,859		2,670		5,529		4,902
Thermal coal		271		122		134		43		171		214		431
Total		9,293		9,746		9,742		10,208		11,220		21,428		17,973
(1)    Metallurgical coal production is reported on the basis of saleable product. Production figures include some thermal coal. (2)    Shown on 100% basis. BHP Billiton interest in saleable production is 80%.
Illawarra, Australia
Production (1)		1,932		2,011		2,147		2,337		2,401		4,738		3,355
Sales
Coking coal		1,495		1,581		1,761		1,617		1,830		3,447		2,579
Thermal coal		318		460		486		373		426		799		677
Total		1,813		2,041		2,247		1,990		2,256		4,246		3,256

(1) Metallurgical coal production is reported on the basis of saleable product. Production figures include some thermal coal.

BHP Billiton Operational Review for the half year ended 31 December 2014 23

PRODUCTION AND SALES REPORT

	QUARTER ENDED										YEAR TO DATE
	DEC 2013		MAR 2014		JUN 2014		SEP 2014		DEC 2014		DEC 2014		DEC 2013
Coal (continued)
(kt)
Energy coal
South Africa (1)
Production		7,036		7,398		8,013		8,026		8,499		16,525		14,973
Sales
Export		4,087		3,179		3,528		3,739		4,174		7,913		6,591
Local utility		3,811		3,478		4,498		4,367		4,650		9,017		8,354
Inland		—		—		—		36		84		120		—
Total		7,898		6,657		8,026		8,142		8,908		17,050		14,945
(1)    Shown on 100% basis. BHP Billiton interest in saleable production is 90%.
New Mexico, USA
Production
Navajo Coal (1)		1,400		975		1,082		1,243		1,064		2,307		3,070
San Juan Coal		1,496		1,384		1,330		1,447		1,448		2,895		2,971
Total		2,896		2,359		2,412		2,690		2,512		5,202		6,041
Sales - local utility		2,950		2,360		2,382		2,723		2,592		5,315		6,079
(1)    BHP Billiton completed the sale of Navajo Mine on 30 December 2013. As BHP Billiton will retain control of the mine until full consideration is received, production will continue to be reported by the Group.
NSW Energy Coal, Australia
Production		4,544		5,018		5,030		4,752		4,608		9,360		9,916
Sales
Export		4,887		4,346		4,548		4,787		4,625		9,412		8,924
Inland		332		270		333		371		228		599		778
Total		5,219		4,616		4,881		5,158		4,853		10,011		9,702
Cerrejón, Colombia
Production		3,291		2,948		2,908		2,369		3,003		5,372		6,476
Sales - export		3,067		2,647		2,858		3,077		2,732		5,809		6,222

BHP Billiton Operational Review for the half year ended 31 December 2014 24

PRODUCTION AND SALES REPORT

	QUARTER ENDED										YEAR TO DATE
	DEC 2013		MAR 2014		JUN 2014		SEP 2014		DEC 2014		DEC 2014		DEC 2013
Aluminium, Manganese and Nickel
(kt)
Alumina
Saleable production
Worsley, Australia		1,024		936		1,010		893		1,060		1,953		1,970
Alumar, Brazil		328		314		315		342		338		680		633
Total		1,352		1,250		1,325		1,235		1,398		2,633		2,603
Sales
Worsley, Australia		961		986		1,020		875		1,068		1,943		1,858
Alumar, Brazil		320		262		388		323		371		694		598
Total		1,281		1,248		1,408		1,198		1,439		2,637		2,456
Aluminium
Production
Hillside, South Africa		183		172		176		180		176		356		367
Bayside, South Africa (1)		24		23		18		—		—		—		48
Alumar, Brazil		28		26		15		13		13		26		63
Mozal, Mozambique		67		65		67		68		67		135		134
Total		302		286		276		261		256		517		612
Sales
Hillside, South Africa		173		187		168		174		178		352		353
Bayside, South Africa (1)		24		24		24		—		—		—		48
Alumar, Brazil		28		25		17		12		13		25		62
Mozal, Mozambique		74		72		62		64		73		137		142
Total		299		308		271		250		264		514		605
(1)    Aluminium smelting at Bayside ceased with the closure of the final potline in June 2014.
Manganese ores
Saleable production
South Africa (1)		944		782		936		1,049		1,007		2,056		1,808
Australia (1)		1,256		1,019		1,319		1,210		1,289		2,499		2,438
Total		2,200		1,801		2,255		2,259		2,296		4,555		4,246
Sales
South Africa (1)		714		915		931		999		983		1,982		1,634
Australia (1)		1,445		1,252		1,288		1,224		1,208		2,432		2,523
Total		2,159		2,167		2,219		2,223		2,191		4,414		4,157
Manganese alloys
Saleable production
South Africa (1) (2)		94		91		106		112		121		233		180
Australia (1)		72		71		75		59		80		139		123
Total		166		162		181		171		201		372		303
Sales
South Africa (1) (2)		87		113		112		115		109		224		175
Australia (1)		63		85		74		56		73		129		117
Total		150		198		186		171		182		353		292

(1) Shown on 100% basis. BHP Billiton interest in saleable production is 60%, except Hotazel Manganese Mines which is 44.4%.

(2) Production includes Medium Carbon Ferro Manganese.

BHP Billiton Operational Review for the half year ended 31 December 2014 25

PRODUCTION AND SALES REPORT

	QUARTER ENDED										YEAR TO DATE
	DEC 2013		MAR 2014		JUN 2014		SEP 2014		DEC 2014		DEC 2014		DEC 2013
Aluminium, Manganese and Nickel (continued)
(kt)
Nickel
Cerro Matoso, Colombia
Production		12.3		9.8		10.2		10.7		10.5		21.2		24.3
Sales		12.3		10.0		10.2		10.5		10.1		20.6		24.9
Nickel West, Australia
Saleable production
Nickel contained in concentrate		2.4		2.5		1.6		2.2		1.7		3.9		5.8
Nickel contained in finished matte		6.1		6.1		4.4		9.1		5.5		14.6		14.9
Nickel metal		17.0		15.7		14.7		13.7		16.5		30.2		33.2
Nickel production		25.5		24.3		20.7		25.0		23.7		48.7		53.9
Sales
Nickel contained in concentrate		2.8		2.3		1.6		2.1		1.6		3.7		5.5
Nickel contained in finished matte		7.4		5.3		6.2		6.6		7.4		14.0		15.2
Nickel metal		17.2		16.7		14.4		11.9		17.5		29.4		32.5
Nickel sales		27.4		24.3		22.2		20.6		26.5		47.1		53.2

BHP Billiton Operational Review for the half year ended 31 December 2014 26

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

		BHP Billiton Limited and BHP Billiton Plc
Date: 21 January 2015	By:	/s/ Rachel Agnew
	Name:	Rachel Agnew
	Title:	Company Secretary