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Palmer agrees to buy BHP's Yabulu nickel-cobalt plant

July 03, 2009 - 04:43 GMT Location: Singapore

KEYWORDS: Clive Palmer , BHP Billiton , Yabulu , nickel , cobalt , Australia

Mining magnate and billionaire Clive Palmer has agreed to buy BHP Billiton's Yabulu nickel and cobalt processing plant in Queensland, Australia.

"The terms of the sale are confidential, however both BHP Billiton and Professor Palmer have sought to provide that, at sale completion, working capital and access to funds are sufficient to enable the business to commence as a going concern under Professor Palmer's ownership," said BHP. The sale of Yabulu to "companies wholly owned by" Palmer, is expected to be finalised by July 31, BHP added. The...

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