BHP Billiton Limited
(ASX:BHP) is set to sell its Pinto Valley mining operation and the associated San Manuel Arizona Railroad Company to Capstone Mining Corp.
BHP says it will offload the asset for an aggregate cash consideration of $US650 million.
The deal is subject to regulatory approval, as well as other conditions, and is expected to be completed in the second half of 2013.
Capstone will assume BHP's environmental liabilities under the deal and BHP employees at Pinto Valley will become employees of Capstone.
BHP Billiton president of copper Peter Beaven says the sale of Pinto Valley is an excellent outcome for BHP Billiton shareholders.
BHP Billiton generated a net profit $4.1 billion in the first half of the current financial year.
