Leighton Holdings has signed a Heads of Agreement for the sale of HWE Iron Ore to BHP Billiton in Western Australia.
David Stewart, Leighton’s CEO, said BHP’s intention to move to an owner operator model is well known and the sale of HWE and its assets is a positive for both companies.
“The Heads of Agreement relates to the mining equipment, people and related assets that service the Area C, Yandi and Orebody 23/25 operations. The three operations collectively account for around 70% of BHP Billiton’s iron ore mining in WA and currently represent around $1.1 billion in revenue and $1.4 billion worth of work in hand for Leighton,” Stewart said.
The sale is estimated to be around $705 million.
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By Cole Latimer for Miningaustralia
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