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BHP Billiton PLC Announces Extension Of Long Term Joint Venture Relationship With ITOCHU Corp And Mitsui & Co. Ltd.

Thursday, 20 Jun 2013 06:31pm EDT 

BHP Billiton PLC announced an extension of its long term joint venture relationship with ITOCHU Corp and Mitsui & Co. Ltd. Under the terms of the agreement, ITOCHU and Mitsui will invest approximately USD0.8 billion and USD0.7 billion respectively in shares and loans of BHP Iron Ore (Jimblebar) Pty Ltd, representing an 8% and 7% interest in the Jimblebar mining hub and resource. The consideration includes a share of capital costs associated with the Jimblebar Mine Expansion project incurred to date. The transaction is subject to Australian Foreign Investment Review Board approval and other customary conditions and is expected to be completed in the September 2013 quarter. ITOCHU and Mitsui collectively hold a 15% interest in BHP Billiton’s Western Australia Iron Ore current mine, rail and port infrastructure. This investment will align interests across the Western Australia Iron Ore supply chain and drive simplicity and flexibility. 

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2.5 +0.19%
18 Dec 2014