1st Feb 2012 07:00
NEWS RELEASE | |
Release Time | IMMEDIATE |
Date | 01 February 2012 |
Number | 03/12 |
DIVESTMENT OF INTEREST IN RICHARDS BAY MINERALS
BHP Billiton has exercised an option to sell its 37% non-operated interest in Richards Bay Minerals (RBM) to Rio Tinto and will exit the titanium minerals industry.
RBM is a South African mineral sands mining and smelting operation and the leading producer of chloride titanium feedstock. BHP Billiton holds a 37% equity stake in RBM with equity partners Rio Tinto (37%), Black Economic Empowerment (BEE) parties (24%) and employees (2%). Rio Tinto manages the operation and is responsible for the marketing of RBM's products.
As part of the restructuring of RBM in 2009, BHP Billiton and Rio Tinto concluded a put option agreement that made provision for BHP Billiton to sell its interest in RBM to Rio Tinto pursuant to an agreed valuation process. The parties will work together to facilitate a smooth transfer of BHP Billiton's stake.
Completion of the sale is conditional upon the fulfilment of customary regulatory approvals with the final consideration to be determined according to the agreed valuation process.
BHP Billiton Southern Africa Chairman, Dr Xolani Mkhwanazi, said: "BHP Billiton's position in RBM is a non-operated shareholding in an industry in which it holds no other interests. BHP Billiton will continue operating its Southern African energy coal, aluminium and manganese businesses in a sustainable manner."
Further information on BHP Billiton can be found at: www.bhpbilliton.com
Media Relations
Australia
Samantha Stevens Tel: +61 3 9609 2898 Mobile: +61 400 693 915 email: Samantha.Stevens@bhpbilliton.com
Kelly Quirke Tel: +61 3 9609 2896 Mobile: +61 429 966 312 email: Kelly.Quirke@bhpbilliton.com
Fiona Martin Tel: +61 3 9609 2211 Mobile: +61 427 777 908 email: Fiona.Martin2@bhpbilliton.com United Kingdom and Americas
Ruban Yogarajah Tel: US +1 713 966 2907 or UK +44 20 7802 4033Mobile: UK +44 7827 082 022 email: Ruban.Yogarajah@bhpbilliton.com | Investor Relations
Australia
James Agar Tel: +61 3 9609 2222 Mobile: +61 467 807 064 email: James.Agar@bhpbilliton.com
Andrew Gunn Tel: +61 3 9609 3575 Mobile: +61 439 558 454 email: Andrew.Gunn@bhpbilliton.com
United Kingdom and South Africa
Brendan Harris Tel: +44 20 7802 4131 Mobile: +44 7990 527 726 email: Brendan.Harris@bhpbilliton.com
Tara Dines Tel : +44 20 7802 7113 Mobile : +44 7825 342 232 Email : Tara.Dines@bhpbilliton.com
Americas
Scott Espenshade Tel: +1 713 599 6431 Mobile: +1 713 208 8565 email: Scott.Espenshade@bhpbilliton.com
|
BHP Billiton Limited ABN 49 004 028 077 Registered in Australia Registered Office: 180 Lonsdale Street Melbourne Victoria 3000 Australia Tel +61 1300 55 4757 Fax +61 3 9609 3015 |
BHP Billiton Plc Registration number 3196209 Registered in England and Wales Registered Office: Neathouse Place London SW1V 1BH United Kingdom Tel +44 20 7802 4000 Fax +44 20 7802 4111 |
Members of the BHP Billiton Group which is headquartered in Australia | |
Related Shares:
BHP GroupRio Tinto