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Billiton secures $240m debt facility
Billiton has secured a 6.5 year $240m senior debt facility to finance the development and construction of the Cerro Matoso project, a ferronickel mine and smelter in Colombia. The mine has been running for 15 years and the expansion project will lift production to 55 000 tonnes per annum (currently 29 000 tonnes).
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Billiton in copper exploration deal
Billiton has signed a memorandum of association with Stuart Petroleum NL (Australia) to explore the Mount Gunson copper project in South Australia. The joint venture will be listed by mid 2000. Billiton will invest A$500 000 in the new venture, a third party will invest A$300 000, which will be used to drill test three anomalies. Billiton has the option to fully fund the joint venture in return for a 70% holding in the vehicle.
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Billiton's China agreement
Billiton's wholly owned subsidiary, Billiton China B.V., and the Yunnan Lanping Non-Ferrous Metals Company have signed an exclusive co-operation agreement to initiate pre-feasibility studies and negotiate the formation of a joint venture company to progress the Lanping zinc project through pre-feasibility, bankable feasibility, development and mining.
The agreement envisages that a successful feasibility study would be followed by restructuring of the corporate vehicle to allow the development of an integrated zinc mining complex in Yunnan Province, Southwest China. Billiton's studies suggest that the Lanping resource may support a project producing up to 250 000 tonnes of zinc per annum with an initial capital cost of approximately US$ 500m, Billiton would earn majority ownership in the eventual venture.
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Billiton sells its Zinc interests in Burkina Faso
Billiton has sold 100% of Billiton Burkina Faso, a subsidiary intended to develop the Perkoa Zinc deposit in Burkina Faso, to Metorex for an undisclosed sum based on the viability and advancement of the project over three years.
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