BHP Billiton Limited (ASX: BHP) has approved $184m to start work at its South Flank project as production at its Yandi 80-million-tonnes-per-year operation in the Pilbara begins to wane. The board of the Melbourne-based company is expected to consider approval for the $3.2 billion project in mid-2018 and first ore would be targeted in 2021. The capital cost for South Flank is expected to be in the range of $30 to $40 per ton, with expenditure fitting within the company’s Western Australia iron ore divisions previously indicated average sustaining capital expenditure of $4 per ton over the next five years. Recently, the BHP Board has elected Ken MacKenzie to succeed Jac Nasser as Chairman. Mr. MacKenzie will assume the role of Chairman effective 1 September 2017, following Mr. Nasser’s retirement as both Chairman and a Non-Executive Director. The stock declined by 10.0% in the last one month owing to fluctuations in commodity prices, while it was up 27% in the last one year.