3rd Jul 2009 07:00
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NEWS RELEASE |
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Release Time |
IMMEDIATE |
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Date |
3 July 2009 |
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Number |
12/09 |
SALE OF YABULU NICKEL REFINERY, QUEENSLAND, AUSTRALIA
BHP Billiton is pleased to announce it has signed an agreement to sell the Yabulu nickel refinery to companies wholly owned by Professor Clive Palmer. It is expected that the sale will be finalised by 31 July 2009. The terms of the sale are confidential, however both BHP Billiton and Professor Palmer have sought to provide that, at sale completion, working capital and access to funds are sufficient to enable the business to commence as a going concern under Professor Palmer's ownership.
BHP Billiton Stainless Steel Materials President, Jimmy Wilson, said the result was an outstanding outcome for all parties, and reflected a deep commitment of both Professor Palmer and the Queensland Government to the continued operation of the refinery:
"We are pleased that BHP Billiton and Professor Palmer have reached this agreement, which provides greater certainty to the workforce and the surrounding community. Professor Palmer is deeply committed to the continued operation of Yabulu and we wish him and all those working at Yabulu every success for the future.
"Communications with our workforce, suppliers, customers and the community will begin immediately and will continue over the coming weeks to facilitate a smooth transition to the new owner," he said.
Further to this Mr Wilson acknowledged the support for the transaction provided by the Queensland Government:
"The Premier of Queensland played a pivotal role in ensuring the change in ownership was feasible for both parties to this transaction, in affirming that the continued operation of the refinery was important to Queensland and that there would be no change in licensing or other arrangements from that currently prevailing."
BHP Billiton will write-down the carrying value of Yabulu by an estimated US$500 million and a further estimated US$175 million of unrecoverable tax benefits. These write downs will be reported as exceptional items in the results of the Group for the year ended 30 June 2009.
Further information on BHP Billiton can be found on our Internet site: www.bhpbilliton.com
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Australia Samantha Evans, Media Relations Tel: +61 3 9609 2898 Mobile: +61 400 693 915 email: [email protected] |
United Kingdom Andre Liebenberg, Investor Relations Tel: +44 20 7802 4131 Mobile: +44 7920 236 974 email: [email protected]
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Peter Ogden, Media Relations Tel: +61 3 9609 2812 Mobile: +61 428 599 190 email: [email protected] |
Illtud Harri, Media Relations Tel: +44 20 7802 4195 Mobile: +44 7920 237 246 email: [email protected]
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Kelly Quirke, Media Relations Tel: +61 3 9609 2896 Mobile: +61 429 966 312 email: [email protected] |
United States Scott Espenshade, Investor Relations Tel: +1 713 599 6431 Mobile: +1 713 208 8565 email: [email protected] |
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Leng Lau, Investor Relations Tel: +61 3 9609 4202 Mobile: +61 403 533 706 email: [email protected] South Africa Bronwyn Wilkinson, Investor and Media Relations Tel: +44 20 7802 4015 Mobile: +44 7500 785 892 email: [email protected]
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Ruban Yogarajah, Media Relations Tel: US +1 713 966 2907 or UK +44 20 7802 4033Mobile: UK +44 7827 082 022 email: [email protected] |
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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
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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
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Members of the BHP Billiton group which is headquartered in Australia |
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