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Billiton makes bid for Worsley Alumina refinery
Billiton has made a bid, worth about $1bn, for Reynold's Metals' 56% stake in the worlds biggest alumina refinery Worsley, located in Western Australia. Billiton currently owns 30% of Worsley.
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Billiton in exploration agreement in Ecuador
Billiton has signed an agreement with Corriente Resources Inc (Vancouver) for an option to explore an area of 880 km2 in SE Ecuador. Billiton has already discovered a multi-centred district of porphyry copper mineralisation in the last four years. Corriente may earn a 70% interest in an exploration joint venture by conducting work leading to the completion of a feasibility study. Corriente will invest a minimum of $1.5m in the first year of the agreement. Corriente will also issue Billiton up to 1 850 000 units, consisting of one share and a full purchase warrant, over a period of four years, of which 350 000 units will be issued on commencement. On completion of the feasibility study Billiton may:
- re-acquire an additional 40% interest in the JV, bringing the total to 70%, by supplying financing to production.
- maintain its 30% interest or
- dilute its interest to a 15% net profits interest
David Lowell will manage the initial exploration activities.
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Billiton invests in Malachite (Australia)
Billiton has invested A$150 000 in Australian resources company Malachite Resources. It will invest a further A$100 000 at a future date. This will result in Billiton holding 3% of the issued capital in Malachite. The funds will be used to drill test the Dalimur and Ruby Hills properties in New South Wales and to acquire further prospecting areas for copper, zinc and precious metal deposits.
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