Friday, May 30, 2008

BHP Billiton files to take over Rio Tinto

BHP Billiton, formally filed with the European Commission for approval to take over Rio Tinto on Friday. A decision is expected by July 4.

The combined firm would control about one-third of the world's ocean trade in the steel-making materials. BHP has indicated it could divest itself of certain commodities, including some copper properties. That has implications for Arizona, in that Rio Tinto operates the Resolution Copper project as a cooperative venture with BHP. Resolution is waiting for a federal land exchange to be approved before moving forward with drilling a 30 foot diameter shaft 7,000' to the copper body near Superior.

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