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He said the potential wrongdoing needed to be put in context and that was why the Anglo-Australian miner had made the decision to announce the SEC probe at the end of its quarterly exploration report.

Marius Kloppers, head of Melbourne-based BHP Billiton, said he did not oppose the Australian government's plan to adopt a new tax on resource company profits but believed current proposals were flawed because they apply retrospectively and do not make allowances for different commodities.

BHP Billiton's Olympic Dam copper and uranium mine in South Australia will return to full operation by the end of June

The discovery, known as Ulaan Khud North, extends the known strike length of the Oyu Tolgoi mineralised system by an additional 3 km to the north, to more than 23 km.

“We are currently actively seeking more titles in the country,” Ian Maxwell, president of BHP Billiton minerals exploration, said today at Zambia’s first mining conference, in Lusaka. “We intend to build our position in this country.”

BHP has a 57.5 percent stake in Escondida, while Rio Tinto (RIO.L) owns 30 percent. JECO Corp, a consortium formed by Mitsubishi Corp (8058.T), owns 10 percent and JECO 2 Ltd owns 2.5 percent.

BHP’s focus is on a narrow range of coal, copper, petroleum and iron ore businesses that generate most of its profits at the highest margins.