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BHP Billiton Announces Sale of Yabulu Nickel Refinery, Queensland
Friday July 3, 2009, 9:09 am

Original Announcement: Sale of Yabulu Nickel Refinery, Queensland

BHP Billiton announced it has signed an agreement to sell the Yabulu nickel refinery to companies wholly owned by Professor Clive Palmer. It is expected that the sale will be finalised by 31 July 2009. 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. The Company reported it will write-down the carrying value of Yabulu by an estimated US$500m and a further estimated US$175m of unrecoverable tax benefits.

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