An iron ore agreement has been signed by BHP Billiton Ltd. with Liberia, which is reported to worth $3 billion dollar.

Yesterday, at the Liberian capital, Monrovia, Richard Tolbert, Chairman of the National Investment Commission said, "The deal followed 18 months of negotiations with BHP and the cabinet has endorsed the deal. It will now be submitted to the National Legislature for ratification".

Also, the BHP Company is really excited about this venture and is looking ahead to move on with it, as said by the Company's Chief Executive Officer for Ferrous and Coal, Marcus Randolph.

Also, another source reveals that industry apprehensions are being built up by BHP Billiton, along with some rumors from the Government to unveil RSPT Mark II, in the coming weekend. But, BHP Company is totally alarmed due to the fact that RSPT Mark II can only be just a little insane than Mark I.

It is because this pact can be really devastating for their trade, as well as the coal seam gas industry, and for Australia as well. It was really difficult to comprehend if this tax can really solve the concerns pinpointed by BHP Billiton, a day before.