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Billiton involved in Australian and Canadian deals
Billiton has acquired 7% of Australia's Giant's Reef Mining for an investment of A$1m. The funds will be used to drill test Giant Reef's Bluebush, Barkly, Alexander and Rosella project areas for base metals. A joint venture agreement has also been signed to exclusively fund further exploration and possibly acquire a 70% interest. It has also signed a letter of intent with Redhawk Resources (Canada) to explore the Redbird and Reeves properties in Southeastern British Columbia for zinc oxide. Billiton will subscribe for a C$1.395m convertible debenture, to allow Redhawk to purchase the Reeves property, as well as shares to the value of C$500 000 for an option on the Remac project. Following initial drilling, Billiton may earn a 50% interest in the project by investing C$6m over 4 years, after which Billiton and Redhawk will establish a joint venture, spending an additional C$4m. Billiton can also elect to earn a further 20% in the project (bringing its total to 70%) by supplying Redhawk with project financing. Exploration will commence during 2000.
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Billiton subsidiary in JV with Comet
Billiton subsidiary QNI has entered into a joint venture with Comet Resources of Australia to develop the Ravensthorpe Nickel Project in Northern Australia and to expand the Yabulu refinery in Queensland. The project should support 35 000 tonnes of Nickel and 1 500 tonnes of Cobalt a year for 20 years. QNI will invest A$10m and through this acquire 12% of Comet. QNI will be able to acquire 40% of interest in the joint venture for A$36m and will fund in full the expansion of the Yabulu refinery.
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