The bulk of BHP Billiton's iron ore comes out of Australia, where the resources industry is fighting a 40% tax on resources "super profits".

At the weekend, it was reported that BHP Billiton had signed a mineral-development agreement with Liberia.

The deal is expected to pave the way for new iron ore operations in Liberia's Nimba, Bong, Grand Bassa and Margibi counties.

According to independent newspaper the Liberian Observer, some details of the agreement released by the government put BHP Billiton's total investment portfolios in the country at about $3-billion.

Negotiations reportedly took 18 months to conclude.

The newspaper The Australian reported that BHP Billiton was planning to develop an iron ore hub in West Africa.

It said BHP planned to combine the development of its Nimba iron ore deposit, in Guinea, on the Liberian border with that of the four Liberian deposits it had been excavating.

Nimba is expected to cost more than $2-billion to develop.

Sourced from www.timeslive.co.za