Sunday , November 29 2020

BHP and EMR Capital do not reach agreement and Cerro Colorado's sales fall

He fell. BHP reported this afternoon ended your agreement with EMR Capital to sell the operation of Cerro Colorado copper mining, an operation valued at least US $ 230 million.

The Anglo-Australian company said the decision to grant the agreement between the parties was agreed "when it became clear that the funding conditions would not be met within the deadline."

Under the terms of this agreement, the transaction was closed by the end of 2018, subject to funding and "normal closure conditions." The business included a total cash payment of US $ 230 million, together with around $ 40 million from the sale of a copper after closing.

In addition, a provisional payment of up to US $ 50 million was added in future, depending on the performance of the copper price.

"BHP and EMR are committed to working together to facilitate a smooth transfer of ownership," said the Australian-Australian mining company, in its statement on November 19.

Cerro Colorado is located in the Atacama desert in northern Chile and is one of two copper mining operations in the Pampa Norte department. In the financial year 2017, Cerro Colorado produced 65,000 tonnes of copper chapters.

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