BHP (formerly BHP Billiton) paid $5 million for the right to explore for Diamonds, Platinum and Gold deposits on 2500 acres of land in South Africa. Costs of exploring for the precious mineral deposits totalled $1.5 million. After determining that a viable deposit existed, BHP incurred additional development costs of $2.5 million for overburden stripping, shaft installation and building roads. In addition, BHP purchased new excavation equipment for the project at a cost of $6 million. After the precious mineral deposits are removed from the site, the equipment will be sold.