BHP Billiton sells Arizona copper mine for US$650 million

BHP Billiton sells Arizona copper mine for US$650 million News on the morning of April 29, Beijing time, BHP Billiton has agreed to transfer its Pin...

Beijing time on the morning of April 29, BHP Billiton has agreed to sell its Pinto Valley copper mine and railway in Arizona to Capstone Mining Corp (CS.TO) for US$650 million. BHP Billiton has sold off a number of assets due to weak markets.

BHP Billiton and other international mining companies have put billions of dollars worth of mines, projects and aluminum assets on the market to reduce costs, reduce debt and focus on high-return assets amid falling commodity markets.

BHP Billiton sold $5 billion of PintoValley-related assets in the past 12 months.

The Pinto Valley copper mine is expected to produce 130 to 150 million pounds of copper concentrate and 10 million pounds of cathode copper per year, which will more than double Capstone's current production.

Capstone said the cost of the Pinto Valley copper mine is approximately $1.80 per pound.