|
|
Billiton acquires Valepar SA holding
Billiton has acquired 66.97% of Sweet River Investments Ltd, whose only assets are an 11.56% stake in Valepar SA, the controlling shareholder of Companhia Vale do Rio Doce (CVRD), and a put option on its Valepar shares. Billiton will effectively hold 7.74% of Valepar and 2.1% of CVRD, which is the world's largest producer and exporter of iron ore and the largest miner in the Americas, with a market capitalization of $10bn. The acquisition amounts to an aggregate of $327.3m in cash ($26.73 per share).
|
| |
Billiton a finalist for Venezuelan bauxite mine
Billiton, along with Pechiney of France, has been selected as a finalist for a build, operate and transfer contract at Venezuela's state-run Bauxilium bauxite mine and processing plant. The contract is estimated to be worth $260m and a decision on the winner is expected by early Aug 00. The project will increase capacity at the plant from 1.47 million tons to 2.0 million tons per annum. Once the first phase has been completed, a second phase will be initiated to bring capacity up to 3 million tons per annum.
|
| |
Billiton restructures joint venture with Equinox
Billiton has restructured its joint venture agreement with Equinox Resources for the joint exploration for iron oxide copper-gold deposits in Sweden. Billiton will now subscribe for 10m Equinox shares at A$0.15 per share and Equinox has committed A$1.5m towards exploration of its Norrbotten project in Sweden before 30 Jun 01. Billiton also has the option to form a joint venture on the project by the same date. Billiton may earn a 50% interest in the joint venture by spending A$2m on exploration of the project within 2 years of the option date, and may earn a further 20% interest by completing a feasibility study on the project or spending an additional A$10m on the project within an additional 3 years. The two companies are negotiating an extension to their alliance agreement for the exploration of Billiton's Mumbwa project in Zambia.
|
| |
Billiton to acquire Gove Aluminium Ltd
Billiton has signed an agreement to acquire CSR Investments (Pty) Ltd's 70% stake in Gove Aluminium Ltd for $275m. Gove owns 30% of the Gove Bauxite-Alumina project, with Swiss Aluminium Australia Ltd holding the other 70%. Gove will buy back the 30% minority stake that AMP Life holds in the company for $118m which will result in Billiton holding 100% of Gove. Gove's 30% interest in the Gove Bauxite-Alumina project is valued at $393m. The Gove project comprises a bauxite mine and Alumina refinery in Australia.
|
| |
| |
|
| Closing price data source: JSE Ltd. All other statistics calculated by ProfileData. |
| |
|
|
