Ownership of the Selbaie zinc-copper mine in northwestern Quebec may soon be in the hands of Billiton Metals Canada, hinted President Andrew Flett at a recent luncheon gathering hosted by the Toronto Branch of the Canadian Institute of Mining, Metallurgy and Petroleum (CIM).
Today, Billiton Canada holds a 39% stake in Selbaie, while the remaining interest, held by BP Canada (TSE), is up for sale. “Our interest will get a little bigger in the next couple of months, we hope,” Flett told a CIM luncheon gathering.
In September, BP announced plans to sell its mining division, but added that it would rather sell the group as a package than divvy up the various holdings. Selbaie, which contributed $2.9 million to BP’s net income during the first six months of the year, is by far the division’s most lucrative asset.
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