BHP sells Pinto Valley and SMARRCO

Facebooktwittergoogle_plusredditpinterestlinkedinmailby feather

100_1557.jpg

By Mila Besich Lira

BHP has announced that is has sold its Pinto Valley open pit mine and the San Manuel Arizona Rail Road Company to Capstone Mining Corporation for the sum of $650 million dollars cash. The sale is pending regulatory approval and is expected to be official later this year.

Capstone Mining Corporation is a Vancouver, Canada based mining company. They own mines in Mexico and in the Yukon. They also have development projects in Chile and British Columbia.

“Pinto Valley represents a unique opportunity to acquire a mid-sized producing copper mine in a well-established and low-risk mining jurisdiction with a significant mineral resource,” said Capstone president and CEO Darren Pylot.

In the purchase Capstone will acquire the employees of Pinto Valley and SMARRCO along with the environmental liabilities regarding those properties. BHP will remain the owner of the 2,500 plus acres of land in San Manuel.

Peter Beaven, the BHP Billiton President said the sale of Pinto Valley is an excellent outcome for BHP Billiton shareholders. “It is consistent with our strategy and it takes the transaction value of divestments announced over the last 12 months to US$5.0 billion,” Beaven said. “We are pleased to have reached agreement with Capstone, particularly given their commitment to maintain our environmental and safety standards.”

admin (7660 Posts)


Facebooktwittergoogle_plusredditpinterestlinkedinmailby feather
Facebooktwitterby feather

Leave a Reply

Your email address will not be published.

  • Additional Stories

    Local Scout receives leadership award

    May 4th, 2016
    by

    Local Boy Scout Michael Garcia was awarded the Venturing Leadership Award for Council Level March 11, 2016. The Venturing Leadership […]


    Annual Oracle bicycle race set for Jan. 31

    February 4th, 2016
    by

    The UA Cycling Oracle Road Race, presented by Sabino Cycles, took place over a nearly 20-mile course bounded the Catalina Mountains to the north, the Black Mountains to the south, and the Galiuro Mountains to the east. The finish line was near the Ore House in Oracle.


    POLARFEST 2015: New location, same fun

    September 22nd, 2015
    by

    Polarfest, the annual San Tan Valley-exclusive winter-carnival-type event, will take place on Saturday, Dec. 5 from 11 a.m. to 5 […]


    Tips to Make History Come Alive for Your Family

    August 21st, 2015
    by

    (StatePoint) It may have been many years since you picked up a history textbook. And if so, who can blame […]


  • Additional Stories

    Resolution Copper Mining begins worker trainee program

    February 6th, 2014
    by

    SUPERIOR, Ariz., Jan. 28, 2014 – Resolution Copper Mining is beginning a Worker Trainee Program as part of its commitment […]


    Oracle Schools to consider moving kindergarten to the Mountain Vista Campus

    February 5th, 2014
    by

    By Dennis Blauser Superintendent, Oracle Schools On Feb. 18 the Oracle School District Governing Board will discuss the idea of […]


    Enjoy a day of outdoor recreation and history at the Third Annual Legends of Superior Trails Eco-Tourism Festival

    February 5th, 2014
    by

    The Legends of Superior Trails invites you to enjoy a day of history, and adventure at the Third Annual Legends […]


    Couple who held daughters captive in Pima County now facing Pinal County charges

    February 5th, 2014
    by

    A couple accused of keeping the wife’s three daughters captive in Pima County are now facing added charges in Pinal […]


  • Copperarea

  • [Advertisement.]
  • [Advertisement.]
  • Southeast Valley Ledger

  • Arizona Headlines & Current Weather