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Additional Information
Market: LSE, ASX, JSE, NYSE
Sector: General Mining
Epic: BLT
News: Latest news
Web Site: BHP Billiton
Other Articles: 02-03-201011-02-201002-02-2010

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The presentations will start at 6:00pm and finish at approx 7:30pm. After the presentations are complete the directors will also be available to take questions during a free canapé and wine reception.

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Monday March 15, 08:01China's growth boosting commodity prices

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BHP Billiton

BHP Billiton

BHP Billiton (ASX:BHP) is a global leader in the resources industry.

Formed from a merger between BHP and Billiton, the company is a leader in the extraction and sales of most natural resources, and is particularily strong in Iron Ore, Coking and Thermal Coal, Copper, Zinc, Oil & Gas, Diamonds and most materials key to the production of steel.

Thursday, January 28, 2010

BHP Billiton to acquire Athabasca Potash Inc for C$341 mln

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BHP Billiton (LSE: BLT, ASX: BHP) is set to further expand its potash operations in Saskatchewan, Canada. The international resource giant has entered into a definitive agreement to acquire Athabasca Potash Inc (TSX: API) in a cash deal worth C$8.35 per share, or C$341 million.

Last week BHP green-lighted the US$240 million initial construction phase of its Jansen potash project, which is adjacent to API’s principle asset, the 6,900 square kilometre Burr project.

The API acquisition will give BHP access to a combined 14,000 square kilometres of prospective exploration ground in the world-class Saskatchewan potash basin. “This acquisition fits well with our existing projects and land positions in the  Saskatchewan potash basin", BHP President of Diamonds & Specialty Products, Graham Kerr said, "[the acquisition is] consistent with BHP Billiton's strategy of building a strong potash resource position. We continue to pursue opportunities that fit within our portfolio and are aligned with our strategy of developing Tier 1, long life, low-cost, expandable assets.”

In July, API expanded the scope of its strategic review, initiated last year, to include potential mergers or acquisition opportunities. The BHP deal reflects a premium of 105% over API's share price on 15 July 2009, the day preceding that announcement. The price also represents a 25% premium over API’s closing price on 27 January 2010 and a 37% premium based on the volume weighted average price over the 60 trading days prior to 28 January 2010.

"API's board of directors has reviewed and explored a number of possible strategic options and it has concluded that BHP Billiton's offer is in the best interests of API's shareholders”, API chairman Dawn Zhou commented.

BHP has entered into lock-up agreements representing approximately 40% of API's fully diluted share capital in support of the takeover. The agreements are with API chairman Zhou, all company directors and certain major API shareholders.

Furthermore API has agreed not to solicit or initiate any discussion regarding any other business combination or sale of material assets. The international mining group has the right to match any superior proposal and API will be obliged to pay a termination fee of C$12 million should API recommend or approve an alternative / superior proposal.

BHP’s Jansen potash mine aims produce 8 million tonnes of agricultural grade potash per year, which would establish the mining giant as a significant potash producer. BHP began its evaluation of potential potash plays in Saskatchewan through a joint venture with Anglo Potash in 2006, and in July 2008 it bought out the Canadian company. The international mining group is also carrying out exploration and evaluation of the Boulder and Young properties, which is also located in Saskatchewan in the world's largest potash producing region.

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