Friday , January 22 2021

BHP and EMR Capital are not reaching an agreement and Cerro Colorado is falling

he fell. BHP reported that afternoon Finish your agreement With EMR Capital selling the copper mining operation in Cerro Colorado, this operation was valued at at least $ 230 million.

The Anglo-Australian office said the decision to terminate the deal was reached between the parties "when it became clear that the financing terms would not be met within the deadline."

Under the terms of this agreement, the transaction was to be closed by the end of 2018, subject to the usual financing and closing conditions. The business involved a total cash payment of $ 230 million, plus about $ 40 million from the sale of copper stock after closing.

To this end, a contingent payment of up to US $ 50 million was paid in the future, depending on the performance of the copper price.

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

Cerro Colorado is located in the Atacama Desert in the north of Chile, and is one of the two mining operations of the Copper Division of Pampa Norte. In fiscal year 2017, Cerro Colorado produced 65,000 tons of copper cathodes.

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