PERTH (miningweekly.com) – Mining giant BHP Billiton will sell its Pinto Valley copper and molybdenum operations, in the US, in a deal worth $650-million.
The asset, and its associated San Manuel Arizona Railroad Company, would be sold to Capstone Mining, subject to regulatory approval.
Under the terms of the agreement, Capstone would assume the business’s environmental liabilities, with employees on site, and within the San Manuel Arizona Railroad Company, being absorbed into the Capstone fold.
“The sale of Pinto Valley is an excellent outcome for BHP Billiton’s shareholders,” said copper president Peter Beaven.
“We are pleased to have reached agreement with Capstone, particularly given their commitment to maintain our environmental and safety standards.”
Beaven noted that the sale of the Pinto Valley operations was in line with the company’s strategy and took the transaction value of investments over the past 12 months to some $5-billion.
BHP has been looking to divest of its noncore operations, selling off its Ekati diamond mine in Canada, and its interest in the Browse joint venture, in Australia.