BP TO SELL INTERESTS IN OLYMPIC DAM
BP TO SELL INTERESTS IN OLYMPIC DAM LONDON, Nov. 4 /PRNewswire/ -- The British Petroleum Company p.l.c.
announced today that it has reached conditional agreement with Minorco for the sale of its entire interests in the Olympic Dam mine, South Australia, for a cash consideration of US$456 million which is subject to certain adjustments.
The mine is 49 percent owned by a BP subsidiary and 51 percent owned by a Western Mining Corporation subsidiary. Western Mining is also the operator. Under the agreement Minorco will purchase BP's 49 percent working interest in the mine, which includes an obligation to fund Western Mining's share of future project capital expenditures, and project loans previously made by BP to Western Mining's subsidiary. The agreement is subject to Western Mining Corporation's rights to acquire the working interest, the project loans or both; and approvals of the Australian Foreign Investment Review Board, The Minister of Mines and Energy of the State of South Australia and other approvals and consents. Completion is expected to take place early in 1993. -0- 11/4/92 /NOTE TO EDITORS: Olympic Dam was discovered by Western Mining Corporation in 1975. The Joint Venture with BP was formed in 1979 to evaluate and develop the copper, uranium, gold and silver deposits. The mine, one of the biggest in the world, has a total resource in excess of two billion tonnes. It currently produces 2.2 million tonnes of ore a year, including 67,000 tonnes of copper and 1,400 tonnes of uranium./ /CONTACT: BP Press Office, London, 071-496 4358/4627, Minorco Press
Office, 081-741 1414, or BP Australia Press Office, 010 61 3 268 3534/ CO: BP ST: Ohio IN: OIL SU:
BM -- CL001 -- 2306 11/04/92 08:31 EST
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|Date:||Nov 4, 1992|
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