BHP Billiton has agreed to sell its Pinto Valley copper mine and a railroad in Arizona to Capstone Mining Corp for $650 million, reaping far more than expected as the top global miner tightens its belt in a weaker market.BHP and its global mining peers have put billions of dollars worth of mines, projects and aluminium operations up for sale as they look to slash costs, cut debt and focus on their highest returning assets as commodity prices slump.Pinto Valley takes BHP's total asset sales over the past 12 months to $5 billion.The Australian company flagged earlier this year that it was looking to sell around 10 more assets, without naming them. Analysts had said Pinto Valley was a likely target, along with aluminium, manganese and some petroleum operations.
Capstone Mining Corp. is a Canadian mining company engaged in the production and development of and the exploration for base and precious metals in Canada, Mexico, Chile and Australia. Shares of CS fell by 2.82% or $-0.06/share to $2.07. In the past year, the shares have traded as low as $1.84 and as high as $3.00. On average, 1509970 shares of CS.TO exchange hands on a given day and today's volume is recorded at 892120.
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