BHP Billiton to update on Olympic Dam in Q4

MELBOURNE, June 5 (Reuters) - BHP Billiton Ltd/Plc (BHP.AX)(BLT.L), the world's top miner, said on Thursday it plans to give an update on development of its Olympic Dam mine in Australia in the fourth quarter.

"We haven't taken any investment decisions. We will give an update in the fourth quarter as part of the rollout of our petroleum business," Chief Executive Marius Kloppers told reporters after a speech on Thursday.

Olympic Dam is one of the world's largest copper and uranium deposits.

In February, Rio Tinto Ltd/Plc (RIO.AX)(RIO.L) rejected BHP's offer of 3.4 BHP Billiton shares for each Rio share, now worth $170 billion, as too low. It has repeatedly said BHP needs Rio more than Rio needs BHP. ($1=A$1.04) (Reporting by Sonali Paul)