19th Jun 2018 16:04
LONDON (Alliance News) - BHP Billiton PLC on Tuesday said it agreed to dispose Cerro Colorado copper mine in Chile to private equity firm EMR Capital.
The Anglo-Australian miner was looking for a potential buyer for more than a year.
Following the sale, the company will receive a payment of USD230 million plus the proceeds from the sale of copper inventory, valued at USD40 million.
Depending on the copper price performance, BHP said it expects to get an extra USD50 million.
BHP expects the transaction to close during the fourth quarter of 2018. Shares in BHP were 2.3% lower at 1,640.20 pence on Tuesday.
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