SINGAPORE BHP Billiton
Plc is selling its Pinto Valley copper mine and associated San
Manuel Arizona Railroad Co. (Smarrco) to Vancouver, British
Columbia-based Capstone Mining Corp. as part of its
"The sale of Pinto Valley is an
excellent outcome for BHP Billiton shareholders," Peter Beaven,
president of the companys copper division, said April 29.
"It is consistent with our strategy, and it takes the
transaction value of divestments announced over the last 12
months to $5 billion."
The $650-million deal is subject
to regulatory approvals but is expected to be completed in the
second half of 2013.
BHP holds a 100-percent stake in
both Pinto Valley, an open-pit copper mining operation east of
Phoenix, and Smarrco, which operates a 30-mile-long railway
southeast of Phoenix.
BHP recently reshuffled its top
management, with incoming chief executive officer Andrew
Mackenzie reiterating the miners focus on capital
amm.com, April 18).
The miner saw its fiscal
first-half profits fall nearly 58 percent compared with the
same period last year (
amm.com, Feb. 20).
A version of this article was first published by AMM sister
publication Metal Bulletin.