BHP Billiton has reached deep into its hip pocket, digging up over $300 million to replace two massive shiploaders at its Nelson Point port operations in Western Australia.

The huge, tracked, crane-like shiploaders are used - as their name suggests - for loading and unloading ships. The new units will increase BHP’s loading potential by 5000 tonnes an hour.

The two existing shiploaders at the Port Hedland site are over 40 years old, and can move about 10,000 tonnes of freight an hour.

Each of the new units while be used to pile on 12,500 tonnes of iron ore per hour.

The bill for the project should end up around $329 million.

“This investment will also create additional port capacity that can be utilised as a series of de-bottlenecking initiatives increase the capacity of our Western Australia Iron Ore supply-chain towards 270 million tonnes per annum [operating at 100%], at a low capital cost,” said a statement from the company.

BHP Billiton expects its new lifters to be in place and running by the second half of 2014.

“This is an important investment that is consistent with our commitment to maximise the capacity of the Western Australia Iron Ore inner harbour and deliver substantial value to shareholders and other stakeholders,” Jimmy Wilson, the BHP Billiton Iron Ore President said.