26 July 2007

Boral welcomes development approval of the Southern Employment Lands at Greystanes

Mr Rod Pearse, Boral's CEO & Managing Director, welcomed the announcement by the New South Wales Premier Morris Iemma, to approve development of the third and final stage of the redevelopment of Boral's Greystanes site. The redevelopment of the Greystanes site, as a result of Boral phasing out its Prospect Quarry operations, commenced some seven years ago with the support of the NSW Government. It provides a major employment and residential area in western Sydney with some 1,500 homes and jobs for thousands of local residents.

The recent approval by the Minister for Planning enables Boral to commence landform and infrastructure servicing works to provide an exciting new employment area in the geographic centre of Sydney. It is anticipated that the first 15 hectares of land will be available for development in the second half of 2008 and will be progressively released for development over the next three years.

Rod Pearse, said: "The Greystanes project is one of several property redevelopment projects Boral is undertaking through its Quarry End Use business. The business unit is designed to maximise company earnings through the redevelopment of its quarry and other land assets as they reach the end of their useful resource life.

"Our Quarry End Use business has been delivering annual earnings of around $50 million and with planned projects such as the Southern Employment Lands at Greystanes coming on line as others are completed we continue to see this level of QEU earnings as sustainable", said Mr Pearse.

Mr Paul Dalton, General Manager responsible for Boral's Quarry End Use business said, "The employment lands at Greystanes will deliver significant public benefits through employment opportunities and new road and public transport infrastructure. It is well located with access to the arterial road network as well as the planned bus t-way through the site.

"We commend the foresight of the NSW Government in the planning and approval process which is allowing Boral to transform a former quarry into a major new employment development," concluded Mr Dalton.

At the end of June 2007, Boral ceased production at its Prospect Quarry after more than 100 years of operation.

Contacts:
Paul Dalton
General Manager
Boral Development Business Unit
Telephone (02) 9033 4400

Kylie FitzGerald
General Manager Corporate Affairs
Boral Limited
Telephone (02) 9220 6390 or 0401 895 894

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