UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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BHP Billiton
Limited
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| (Translation of registrant's name into English) | ||||
| 180 Lonsdale Street Melbourne VIC 3000 Australia | ||||
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16 May 2006
Number 16/06
BHP BILLITON SALE OF TINTAYA
BHP Billiton today announced that it has reached agreement to sell its Peruvian Tintaya mine to Xstrata plc ("Xstrata"). The sale also includes the nearby undeveloped deposits of Antapaccay and Corrocohuayco.
Total consideration for the sale is US$750 million; this number comprises US$634 million for the shares plus the assumption of US$116 million of debt. In addition to this upfront payment, the sale includes a deferred payment component which will be determined shortly after completion and based on current price levels is expected to be in the order of US$60 million. The transaction is expected to be completed within two months with an effective date of 1 June 2006. Additional payments will be made by Xstrata to BHP Billiton in specified circumstances if the future LME copper price reaches certain levels between July 2008 and June 2009, or the development of Antapaccay or Corrocohuayco proceeds prior to 2020.
Mike Anglin, Chief Operating Officer Americas, BHP Billiton Base Metals said "In February 2006 we embarked on a process to realise value for Tintaya. We are pleased to announce today an agreement to sell Tintaya to Xstrata. We look forward to transitioning Tintaya, and our relationships at Tintaya, to Xstrata over the next two months."
BHP Billiton will continue to maintain an active presence in Peru through its exploration activities and its 33.8% interest in Antamina.
Further information on BHP Billiton can be found on our Internet site: www.bhpbilliton.com
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Australia |
United Kingdom Mark Lidiard, Investor & Media Relations Tel: +44 20 7802 4156 Mobile: +44 7769 934 942 email: Mark.Lidiard@bhpbilliton.com |
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Jane Belcher, Investor Relations United States Tel: US +1 713 599 6100 or UK +44 20 7802 4031 Mobile: +44 7917 648 093 email: Tracey.Whitehead@bhpbilliton.com |
Illtud Harri, Media Relations South Africa |
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BHP Billiton Limited ABN 49 004 028 077 |
BHP Billiton Plc Registration number 3196209 |
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The BHP Billiton Group is headquartered in Australia
| Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. |
| BHP Billiton Limited | ||
| Date: 16 May 2006 | By: |
Karen Wood |
| Name: | Karen Wood | |
| Title: | Company Secretary |