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Billiton, Anglo and Glencore sign memorandum
Billiton, Anglo and Glencore have signed a memorandum of understanding regarding Carbones del Cerrejon, a Colombian coal miner, with the rights to mine three world class, high grade coal reserves with estimated total reserves of 2 billion tonnes. Billiton will acquire a one third share in Carbones from its existing equal shareholders Anglo and Glencore. Anglo and Glencore will then sign a definitive sale/purchase agreement.
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Billiton in Swedish alliance
Billiton subsidiary Billiton UK Resources BV has signed a letter of intent with Canadian listed Redmond Ventures Corp for Billiton to purchase 1 500 000 units consisting of 1 Redmond common share and 1 non-transferable share purchase warrant entitling Billiton to acquire an additional Redmond share at CDN$0.50c per share within two years. Billiton will pay CDN$0.40c per unit and a total consideration of CDN$600 000. Billiton will earn the right to 50% of Redmond's Copper Lake iron-oxide/copper/cobalt property in Northern Sweden by spending CDN$ 1 million on work on the property over 4 years. Billiton may earn a further 20% by providing project finance for further expenditure on the property by Redmond to start commercial production.
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Merger of Alcoa and Reynolds may benefit Billiton
The $4.5bn global merger of Alcoa and Reynolds may benefit Billiton as approval by the US justice department is conditional on the merged companies disposing of their alumina operations, which include 56% of the Worsley refinery in Australia, 50% of the Stade refinery in Germany and 100% of the Sherwin plant in Texas. It is expected that these plants will be sold off individually due to their geographical spread and the various partners involved. Billiton already owns 30% of Worsley, the worlds lowest cost Alumina producer. The 56% is valued at approximately $1.8bn. Billiton is also exploring Alumina opportunities in South America.
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