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Market:LSE ASX JSE NYSE
Sector:General Mining
EPIC:BLT
Latest Price: 2,199.50  (1.15% Ascending)
52-week High:2,631.50
52-week Low:1,667.00
Market Cap:46,455.00M
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BHP Billiton

BHP Billiton (ASX: BHP) is a global leader in the resources industry, with a diversified portfolio of natural resources. The company's operations include: iron ore, coking and thermal coal, copper, zinc, oil & gas and diamonds.

BHP Billiton to sell Yabula refinery to Queensland billionaire Clive Palmer

Friday, July 03, 2009
BHP Billiton to sell Yabula refinery to Queensland billionaire Clive Palmer

BHP Billiton PLC (ASX: BHP; LSE: BLT) it signed an agreement to sell the Yabulu nickel refinery to companies wholly owned by Queensland-based iron ore billionaire professor Clive Palmer.

The financial terms are confidential. Australian News services cited Palmer as saying that the the purchase price was less than the A$2 billion replacement cost of the refinery.

BHP Billiton will write-down the carrying value of Yabulu by an estimated US$500 million and a further estimated US$175 million of unrecoverable tax benefits. These write-downs will be reported as exceptional items in the results for the full-year ended June 30 2009.

The company expects the sale to be finalised by July 31 2009.

BHP Billiton Stainless Steel Materials president, Jimmy Wilson, said: “The Premier of Queensland played a pivotal role in ensuring the change in ownership was feasible for both parties to this transaction, in affirming that the continued operation of the refinery was important to Queensland and that there would be no change in licensing or other arrangements from that currently prevailing.”

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