BHP announces divestment of Cerrejón interest
(Posted on 05/07/21)
BHP has announced that it has signed a Sale and Purchase Agreement with Glencore to divest its 33.3 per cent interest in Cerrejón, a non-operated energy coal joint venture in Colombia, for US$294 million cash consideration.
The transaction has an effective economic date of 31 December 2020. The purchase price is subject to adjustments at transaction completion which may include an adjustment for the dividends paid by Cerrejón to BHP during the period from signing to completion.
Alongside BHP and Anglo American, Glencore currently holds a 33.3 per cent interest in the operation. Glencore intends to acquire both BHP and Anglo American’s holdings.
Subject to the satisfaction of customary competition and regulatory requirements, Glencore would assume full ownership and operating control of Cerrejón. Completion is expected to occur in the first half of the 2022 calendar year.
Selling BHP’s financial interest to a current Cerrejón shareholder who understands the operation represents a strong outcome for Cerrejón and the stakeholders it supports.
A further impairment charge of approximately US$80 million post-tax will be recognised as an exceptional item in the financial results for the second half of the 2021 financial year.
Latest News
Cargill surpasses one million enrolled acres in Cargill RegenConnect
(Posted on 20/11/24)Cargill RegenConnect has surpassed one million enrolled acres for the 2025 U.S. planting season, a milestone... Read more
Agreements to accelerate decarbonisation of steelmaking in Europe
(Posted on 20/11/24)Rio Tinto has entered into definitive agreements with GravitHy, an early-stage industrial company, to... Read more
Partnership to trial battery swap technology in mine operations
(Posted on 12/11/24)Rio Tinto will partner with China’s State Power Investment Corporation (SPIC) to demonstrate battery... Read more
Colombian nature-based carbon removals project is expanded
(Posted on 12/11/24)Trafigura Group, a market leader in the global commodities industry, has announced a significant expansion... Read more
Rio Tinto completes acquisition of Sumitomo stake in NZAS
(Posted on 04/11/24)Rio Tinto’s previously announced acquisition of Sumitomo Chemical Company’s (SCC’s... Read more
Vale and Jinnan announce investment in Oman iron ore concentration plant
(Posted on 31/10/24)Vale and Jinnan Iron & Steel Group, a renowned Chinese steelmaker, have announced a joint partnership... Read more
Canadian tariffs on Chinese steel and aluminium products enter into force
(Posted on 26/10/24)Tariffs on Chinese steel and aluminium products have entered into force following rigorous examination... Read more
Increased copper and iron ore production for BHP
(Posted on 19/10/24)BHP have released their operational review for the quarter ended 30 September 2024.BHP Chief Executive... Read more
Safety a priority as Rio Tinto releases Q3 production results
(Posted on 18/10/24)Rio Tinto is continuing to prioritise learning from safety incidents to improve the effectiveness of... Read more
IFA and Proba launch global programme for GHG emissions reduction
(Posted on 14/10/24)The International Fertilizer Association (IFA) is partnering with supply chain decarbonization startup... Read more
