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4-Traders Homepage  >  Equities  >  AUSTRALIAN SECURITIES EXCHANGE LIMITED  >  Minotaur Exploration Ltd    MEP   AU000000MEP8

MINOTAUR EXPLORATION LTD (MEP)
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Minotaur Sells Exploration Plots Near Olympic Dam To BHP

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04/23/2012 | 03:11am CEST

Australian mineral prospector Minotaur Exploration Ltd. (>> Minotaur Exploration Limited) said Monday that it has reached an agreement to sell five exploration tenements near BHP Billiton Ltd.'s (BHP) Olympic Dam operation to the mining giant for A$10 million and BHP's interest in another exploration asset.

BHP will buy the five plots in the Gawler Craton geological zone, where copper-gold-uranium deposits including Olympic Dam have been discovered, for cash plus its 41% interest in the Bonython Hill joint venture with Minotaur, Adelaide-based Minotaur said in a statement.

BHP is expected to make a decision this year on whether to proceed with an expansion at Olympic Dam, a project analysts have estimated could cost close to US$30 billion. The company has been working on plans to develop an open-pit mine alongside existing underground operations to sharply increase production of copper over the next 30 years, as well as the output of uranium, gold and silver.

-By Robb M. Stewart, Dow Jones Newswires; +61 3 9292 2094; [email protected]

Stocks mentioned in the article : Minotaur Exploration Limited
Stocks mentioned in the article
ChangeLast1st jan.
BHP BILLITON LIMITED 0.49% 32.76 End-of-day quote.10.25%
BHP BILLITON PLC -0.27% 1634.2 Delayed Quote.7.63%
MINOTAUR EXPLORATION LTD 0.00% 0.064 End-of-day quote.-24.71%
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Managers
NameTitle
Andrew Alexander Woskett Managing Director & Director
Roger John Higgins Chairman
Antonio Peter Belperio Executive Director & Director-Business Development
George McKenzie Non-Executive Director
Varis Lidums Secretary & Commercial Manager
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MINOTAUR EXPLORATION LTD-24.71%0
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