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

    Workers Struggle in a Mining town

    March 25th, 2015
    by

    T T T he towns of Clifton and Morenci, Ariz. are located in Greenlee County. The Morenci Mining District in 1903 would become the site of labor unrest that would lead


    Kearny originally declared ‘hostile, uninhabitable’

    March 25th, 2015
    by

    Pinal Nugget Kearny’s roots began in the 1800s as legendary Arizona explorer Father Kino sought to convert the Apache Indian communities in the area to Christianity.


    Visiting Badger Springs and Agua Fria National Monument

    March 25th, 2015
    by

    A A A gua Fria National Monument was established by executive order in 2000 and at 70,900 acres contains over 400 archeological sites and four major prehistoric settlements.


    Getting Lost in the Copper Corridor

    March 25th, 2015
    by

    Can you guess where in the Copper Corridor this photo was taken? If you guessed Oracle, then you would be correct.


  • Stories Just For You

    Miner grapplers prep for sectional tournament

    February 5th, 2014
    by

    By Andrew Luberda San Manuel Miner The San Manuel Wrestling team has been preparing for the postseason by competing against […]


    Miner grapplers prep for sectional tournament

    February 5th, 2014
    by

    By Andrew Luberda San Manuel Miner The San Manuel Wrestling team has been preparing for the postseason by competing against […]


    Sea Lions compete in Yuma’s Polar Bear Plunge Meet

    February 5th, 2014
    by

    Over the weekend of Jan. 24-26, the Sea Lions Swim Team competed at the Polar Bear Plunge Swim Meet at […]


    Postseason is next for Lady Miners after successful regular season

    February 5th, 2014
    by

    By Andrew Luberda San Manuel Miner The San Manuel girls’ basketball team boasts a record of 21 – 5 heading […]


  • Facebook

  • [Advertisement.]
  • Arizona Headlines & Current Weather