BHP sells 15% stake in Jimblebar hub for $1.5bn
PERTH (miningweekly.com) – Mining giant BHP Billiton on Friday announced that it had sold a 15% stake in its Jimblebar mining hub and resource, in the Pilbara region, to Japanese investors in transactions worth $1.5-billion.
The miner announced that it had extended its long-term joint venture (JV) relationship with Itochu Corporation and Mitsui, which would invest some $800-million and $700-million respectively, for an 8% and 7% interest in the Jimblebar mining hub and resource.
The purchase consideration included a share of the capital costs incurred at the Jimblebar mine expansion project to date.
Itochu and Mitsui collectively hold a 15% interest in BHP’s current Western Australian iron-ore operations, as well as its rail and port infrastructure. BHP believed the new investment would align interest across the Western Australian iron-ore supply chain and drive simplicity and flexibility.
“We are pleased to extend our successful, long-standing JV relationship with Itochu and Mitsui,” said iron-ore president Jimmy Wilson.
“The new Jimblebar mine will have an initial production capacity of 35-million tonnes a year, with future expansion potential. Once fully operational, this will bring Western Australia’s iron-ore supply-chain capacity to 220-million tonnes a year.”
The Jimblebar expansion formed part of a $7.4-billion capital investment plan to grow the Pilbara region's capacity, which included infrastructure development at Port Hedland and mine and rail links.
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