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BHP announces sale of stake
BHP Billiton announced today (26 Mar 03), that its fully owned subsidiary Rio Algom, has agreed to sell its 25% stake in the Alumbrera copper-gold mine in Argentina to Wheaton River Minerals for a purchase price of US$180m.
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BHPBill goes after more diamonds
BHPBill said that it would expand its search for diamond deposits to take advantage of expected price hikes in gem prices. Diamond demand was growing by 2% to 3% per annum. BHPBill was prospecting for gems in Botswana Canada and India as part of a plan to boost output to the USD8bn market for uncut diamonds. In addition, the group planned to sell shares in Kalahari Diamonds, a company set up to explore for gems in Botswana, on London's Alternative Investment Market. Kalahari had raised USD21m to fund exploration. BHPBill's interest in the company was 20% with an option to acquire 60% of the company if a discovery was made. The group would also exit a North American metals distribution joint venture
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BHPBill funding for Angostura field approved
BHPBill announced the approval of up to USD327m for the first development phase of the greater Angostura oil and gas field located off the northern coast of Trinidad. Gross case mid volumes were 450m barrels of oil equivalent comprising 160m barrels of oil and 1.75 trillion cubic feet of natural gas. The achievement of oil was scheduled for the end of calendar 2004 with the field having an estimated production life for both oil and gas of between 19 and 24 years.
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