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 (7655 Posts)


facebooktwittergoogle_plusredditpinterestlinkedinmailby feather
facebooktwitterby feather

Comments are closed.

  • Stories Just Posted

    Superior woman killed in head on collision

    13 hours ago
    by

    On Thursday, April 16, 2015 at about 6:10 p.m. a two vehicle collision occurred on US 60, milepost 228.2 east […]


    Pastor’s Corner: Back in His Loving Arms

    April 13th, 2015
    by

    The prophet Isaiah spoke these words in chapter 59, “Surely the arm of the Lord is not too short to save, nor His ear too dull to hear.  But your


    Little League Opening Day set for April 20th

    April 13th, 2015
    by

    Superior Little League has announced that the annual season opening day parade is set for Monday, April 20, 2015.


    Warrior Hikers visit Superior

    April 13th, 2015
    by

    Over the weekend, the Superior VFW assisted the Warrior Hike organization.


  • Stories Just For You

    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 […]


  • Facebook

  • [Advertisement.]
  • Arizona Headlines & Current Weather