BHP ODC, BHP Billiton Nickel West Pty Ltd, the State of South Australia and the Minister for Mineral Resources Development signed the variation deed to vary the indenture on 12 October.

The changes to the indenture pave the way for the expansion of BHP's Olympic Dam mine in northern SA, including the establishment of a new open pit mine (Olympic Dam Project).

Key environmental and development approvals from the Federal and South Australian Governments for the Olympic Dam Project were received on 10 October.

The first phase of the project, which would create one of the world's largest open pit mines, is currently in the feasibility stage with execution subject to Board approval and completion of all required studies.

BHP has not released details of the value of the Olympic Dam Project.

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BHP announced approval for $US1.2 billion ($1.7 billion) in pre-commitment capital. The funding will facilitate the procurement of long lead time items such as trucks and accommodation, infrastructure development and early works for the first phase of the Olympic Dam Project.

Melbourne corporate partner Simon Fraser, Sydney corporate partner David Frecker and Adelaide corporate partner Tanya Denning led the Blakes team on the transaction. A team of experts from a large range of specialist disciplines across the firm was also engaged.