BHP offloads Ravensthorpe for US$340m
December 8, 2009
BHP Billiton Limited (BHP) said it had offloaded its Ravensthorpe Nickel Mine to First Quantum Minerals Australia Pty Ltd, a wholly owned subsidiary of Canadian company First Quantum Minerals Ltd for US$340 million.
BHP said that a result of the sale it would reverse a previously recognised pre-tax impairment charge from 30 June 2009 of around US$630 million, or US$441 million post tax, for the half year ended 31 December 2009.
This will be reported as an exceptional item the company said.
BHP said the sale was expected to be confirmed during the first quarter of 2010 calendar year.
BHP Acting President of Stainless Steel Materials, Gerard Bond, said the sale, which is still subject to normal regulatory approvals, was a good result for the company and the local communities.
"We will work with the new owners of Ravensthorpe to ensure an effective handover of the operation in the coming months. We wish First Quantum every success with this new chapter for Ravensthorpe,” Mr Bond said. At 1013 AEDT, BHP shares were down 72c to $40.33.
BHP said that a result of the sale it would reverse a previously recognised pre-tax impairment charge from 30 June 2009 of around US$630 million, or US$441 million post tax, for the half year ended 31 December 2009.
This will be reported as an exceptional item the company said.
BHP said the sale was expected to be confirmed during the first quarter of 2010 calendar year.
BHP Acting President of Stainless Steel Materials, Gerard Bond, said the sale, which is still subject to normal regulatory approvals, was a good result for the company and the local communities.
"We will work with the new owners of Ravensthorpe to ensure an effective handover of the operation in the coming months. We wish First Quantum every success with this new chapter for Ravensthorpe,” Mr Bond said. At 1013 AEDT, BHP shares were down 72c to $40.33.
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