BHP Billiton sells Pinto Valley mining operation Capstone $650 million

BHP Billiton sells Pinto Valley mining operation to Capstone for $650 million

6:36 AM, 29th April 2013
BHP Billiton sells Pinto Valley mining operation to Capstone for $650 million

MELBOURNE, AUSTRALIA: BHP Billiton has signed a definitive agreement to sell its Pinto Valley mining operation and the associated San Manuel Arizona Railroad Company (SMARRCO) to Capstone Mining Corp for an aggregate cash consideration of $650 million. The transaction is subject to regulatory approval, and other customary conditions, and is expected to be completed in the second half of the 2013 calendar year.

Capstone will assume the business’s environmental liabilities. BHP Billiton employees working at Pinto Valley and SMARRCO will become employees of Capstone as part of the transaction.

“The sale of Pinto Valley is an excellent outcome for BHP Billiton shareholders. It is consistent with our strategy and it takes the transaction value of divestments announced over the last 12 months to $5.0 billion. We are pleased to have reached agreement with Capstone, particularly given their commitment to maintain our environmental and safety standards,” said Peter Beaven, President Copper, BHP Billiton.

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