Melbourne — BHP Billiton has agreed to sell its smallest copper mine in Chile to EMR Capital Advisors for as much as $320m as the world’s biggest mining firm focuses only on major operations. The Melbourne-based private equity firm’s acquisition of the Cerro Colorado mine ends a protracted attempt by BHP to offload the asset. While Deutsche Bank said in a report in 2017 it could fetch $800m, BHP agreed to $230m in cash, plus $40m in proceeds from copper stocks and about $50m depending on where copper prices go. The deal is expected to close in the fourth quarter, BHP said in a statement on Tuesday. The mine produced about 65,000 tonnes in the year through June 2017 and the site has options that could expand its lifespan for decades, according to BHP filings. "We see this mine as having a very long-term future, so we will work very closely with the workforce, the community and the government in ensuring this mine is successful. We want to improve the mine, including increasing produc...
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