BHP Billiton (ASX:BHP) has arranged to sell its Ravensthorpe nickel mine to First Quantum Minerals Australia for US$340 million ($375.5 million).
Subject to approval from the FIRB and the WA Minister for Mines and Petroleum, the transaction should close in the first quarter of next year, the company announced.
“We are delighted that BHP Billiton and First Quantum have reached this agreement,” acting president of stainless steel materials Gerard Bond said. “We wish First Quantum every success with this new chapter for Ravensthorpe.”
The transaction will help BHP Billiton to reverse its previously anticipated pre-tax impairment charges of US$630 million for the half year ending in December, the company added.