Sale of Mines
December 03 2003 - 11:00AM
UK Regulatory
RNS Number:8205S
BHP Billiton PLC
03 December 2003
NEWS RELEASE
Release Time IMMEDIATE
Date 3 December 2003
Number 37/03
BHP BILLITON ANNOUNCES SALE OF HIGHLAND VALLEY COPPER AND ROBINSON MINES
BHP Billiton announced today that it had entered into agreements to sell its
33.6% interest in Highland Valley Copper ('HVC') mine and 100% interest in
Robinson mine to Quadra Mining Ltd. ('Quadra') for an aggregate cash
consideration of US$91 million. The consideration is split US$73 million for HVC
and US$18 million for Robinson, payable in full upon completion, which is
targeted for February 2004.
Both transactions are subject to various conditions, including the settlement of
definitive documentations and the raising of the required funds by Quadra. The
HVC transaction is also subject to the existing majority partner, Teck Cominco
Limited and its affiliate, Highmont Mining Company, not exercising their right
of first refusal and in the event that they do, Quadra will be paid a fee.
The interest in HVC, located in British Columbia, Canada, was acquired by BHP
Billiton in October 2000 when the then Billiton Plc acquired Rio Algom. Teck
Cominco Limited and its affiliates own the remaining 66.4% interest. Robinson, a
copper/gold mine located in Nevada, USA, has been on care and maintenance since
mid-1999.
Further information on BHP Billiton can be found on our Internet site: http://
www.bhpbilliton.com
Australia United Kingdom
Andrew Nairn, Investor Relations Mark Lidiard, Investor & Media Relations
Tel: +61 3 9609 3952 Mobile: +61 408 313 259 Tel: +44 20 7802 4156
email: Andrew.W.Nairn@bhpbilliton.com email: Mark.Lidiard@bhpbilliton.com
Tania Price, Media Relations Ariane Gentil, Media Relations
Tel: +61 3 9609 3815 Mobile: +61 419 152 780 Tel: +44 20 7802 4177
email: Tania.Price@bhpbilliton.com email: Ariane.Gentil@bhpbilliton.com
United States South Africa
Michael Campbell, Investor & Media Relations
Francis McAllister, Investor Relations
Tel: +27 11 376 3360 Mobile: +27 82 458 2587
Tel: +1 713 961 8625 Mobile: +1 713 480 3699
email: Michael.J.Campbell@bhpbilliton.com
email: Francis.R.McAllister@bhpbilliton.com
BHP Billiton Limited ABN 49 004 028 077
BHP Billiton Plc Registration number 3196209
Registered in Australia
Registered in England and Wales
Registered Office: 180 Lonsdale Street Melbourne Victoria 3000
Registered Office: Neathouse Place, London SW1V 1BH United Kingdom
Telephone +61 1300 55 4757 Facsimile +61 3 9609 3015
Telephone +44 20 7802 4000 Facsimile +44 20 7802 4111
The BHP Billiton Group is headquartered in Australia
This information is provided by RNS
The company news service from the London Stock Exchange
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