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 (7685 Posts)


Facebooktwittergoogle_plusredditpinterestlinkedinmailby feather
Facebooktwitterby feather

Leave a Reply

Your email address will not be published.

  • Additional Stories

    No state highway construction closures over Thanksgiving weekend

    November 22nd, 2016
    by

    No state highway construction closures over Thanksgiving weekend State, local agencies emphasize safe driving, planning ahead PHOENIX – Over Thanksgiving […]


    Norm Wisner is Guest Speaker at the Annual Oracle Historical Society’s Meeting

    October 26th, 2016
    by

    Reports to the membership on accomplishments and outlines of future plans, an election of Directors to the Board, and Norm […]


    One Week Left of the Arizona State Fair – Get On Down Here!

    October 26th, 2016
    by

    One Week Left of the Arizona State Fair Veteran’s Memorial Coliseum Concert Series: October 26 – 29 Phoenix, Ariz.- What […]


    46 FOSTER CHILDREN TO JOIN FOREVER FAMILIES ON NATIONAL ADOPTION DAY

    October 26th, 2016
    by

    46 FOSTER CHILDREN TO JOIN FOREVER FAMILIES ON NATIONAL ADOPTION DAY Pinal County Finalizes Adoptions to Give Children in Foster […]


  • Additional Stories

    Night Viewing of Objects in the Sky at Catalina State Park’s Star Party on September 24

    September 13th, 2016
    by

    Night Viewing of Objects in the Sky at  Catalina State Park’s Star Party on September 24 PHOENIX – If you […]


    Off the Beaten Path Labor Day Weekend Adventures at Arizona State Parks

    August 31st, 2016
    by

    Off the Beaten Path Labor Day Weekend Adventures at Arizona State Parks PHOENIX – The Colorado River, Arizona’s many lakes and Sedona […]


    New ADOT policy allows approved memorials along highways

    August 29th, 2016
    by

    New ADOT policy allows approved memorials along highways Plan promotes safety for families, motorists and ADOT personnel   PHOENIX ‒ […]


    Friday Night Lights are Here

    August 26th, 2016
    by

    GLOBE Aug. 19           Casteel                         7 p.m. Aug .26 […]


  • Copperarea

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

  • Arizona Headlines & Current Weather