BHPBBroken Hill Proprietary Billiton Ltd. (natural resource provider)
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With regard to nickel, BHPB is only partially divesting its portfolio in this commodity.
A handful of companies, including BHPB, are attempting to reverse this process on company owned pastoral leases.
The binding agreement provides reassignment, BHPB should pay Otto about $3 million.
Upon the drilling of the first exploration well in SC 55, BHPB will have to pay an additional $24.
BHPB will fund the acquisition and processing of a minimum of 1,000 km2 and up to 2,000 km2 of 3D seismic in SC55.
BHPB brings a wealth of northern diamond exploration and operating experience, including the successful development of Ekati, Canada's first diamond mine.
Under the terms of the Joint Venture Agreement announced last year, BHPB completed a private placement in First Quantum for 222,222 common shares at a price of Cdn.
Far West has been granted the right to earn an interest in BHPB's Great Bear Project (the Project) and more specifically in certain BHPB mineral claims (the Property) located within a previously unexplored area of the Great Bear Magmatic Zone.
The target could be achieved by the BHPB without spending on an additional mining hub or major port combined with rail infrastructure.
This Project is strategically located within close proximity of existing infrastructure, and is bordered by Fortescue Metals Group (FMG), Rio Tinto and BHPB.
Following completion of the BHPB program, the rig will drill one (1) well for ENI (expected to take around forty-five (45) days to complete) at a dayrate of $360,000 and then commence its two (2) year commitment with Woodside Energy Ltd ("Woodside") at a dayrate of $405,000.
Mr Xolani Mkhwanazi regional chairman of BHPB stated that BHP Billiton remains committed for investing in South Africa.