Who: Aditya Birla Group
What: Announced sale of Australia copper mine for 10.75 million US dollars
When: 21 September 2015
Aditya Birla Minerals Limited (ABML) on 21 September 2015 announced the sale of its closed Birla Mt Gordon (BMG) copper mine in Queensland, Australia to Lighthouse Minerals Holdings Pty Ltd for 10.75 million US dollars.
As per the terms and conditions of the deal, Lighthouse Mineral Holdings will pay 5 million Australian dollars in cash to ABML on completion of the transaction.
Furthermore, a cash payment of 10 million Australian dollars will be made to ABML if the three-month delivery quoted price for copper on the London Metals Exchange averages at least 4.20 Australian dollars per pound over any continuous 6-month period.
About Aditya Birla Minerals
Aditya Birla Minerals, a part of Aditya Birla Group, is an Australian based mining company with a focus on copper production and exploration. ABML is also 51% owned by Hindalco Industries Ltd.