NEWS ROUNDUP — Billiton clinches Selbaie zinc mine

Toronto-based Billiton Metals Canada will acquire full ownership of the Selbaie copper-zinc mine and mill complex 200 km north of Rouyn-Noranda, Que., after signing a formal agreement with BP Canada (TSE).

Billiton, the Canadian arm of the RoyalDutch/Shell Group’s metals sector, currently holds a 38.9% interest in the operation.

Under the agreement, expected to close Oct. 21, Billiton will buy BP’s 61.1% stake in Selbaie. Although the purchase price was not disclosed, unconfirmed reports suggest Billiton paid about $50 million for the asset. The Selbaie sale, part of BP’s strategy to shed all of its mining assets, leaves the oil and gas producer with a portfolio of mineral exploration properties in Newfoundland and British Columbia.

BP has sold its Hope Brook gold mine in Newfoundland to Royal Oak Mines (TSE) and its Texada Lime operation in B.C. to Chemical Lime of Fort Worth, Tex. Les Mines Selbaie consists of an open pit mine and two underground mines serviced by a 7,700-tonne-per-day mill. The complex has been in operation since 1981.