LONDON The sale
of BHP Billiton Plcs Pinto Valley copper mine in Arizona
to Capstone Mining Corp. has been approved by the Federal Trade
Commission (FTC) under the Hart-Scott-Rodino Anti-trust
Columbia-based Capstone announced April 28 that it had entered
into an agreement with BHPs copper division to purchase
the Pinto Valley mining operation and the associated San Manuel
Arizona Railroad Co. for $650 million (amm.com, April
The restart of the
Pinto Valley Mine is "progressing according to plan," the
company said. As of May 27, throughput over a 20-day period in
May averaged about 49,100 tonnes per day at an average grade of
0.33 percent copper, producing about 6.5 million pounds of
copper. Copper recovery averaged 84.2 percent, producing copper
concentrate with an average grade of 29 percent.
"We are very pleased
that the restart of the Pinto Valley operation is proceeding
well and according to plan," Capstone president and chief
executive officer Darren Pylot said in a statement. "The
successful restart and FTC approval are two important steps
towards closing of the transaction."
The key remaining
condition is the transfer of operating permits, which is now
under way, Pylot said. "Once those transfers are completed, we
would anticipate proceeding quickly to close the transaction,
which we expect will take place in the third quarter."
The transaction is
still subject to customary closing conditions, Capstone
A version of this article was first published by AMM sister
publication Metal Bulletin.