The sale of a 61.1% interest in Les Mines Selbaie to Billiton Metals Canada is complete, BP Canada Inc. reported.
Financial details of the deal, which makes Billiton the sole owner of Selbaie, were not released. Selbaie, which celebrated its 10th anniversary in 1991, produces copper and zinc concentrates, with accompanying gold and silver credits, from mining operations near Matagami, Que.
BP Canada, an independent Canadian company which is changing its name at year-end to Talisman Energy Inc., is selling its mining assets to concentrate on its oil and gas interests.
BP Canada also says it is selling 3.75 million shares of Royal Oak Mines (TSE) at $1.85 per share. The shares were acquired as part of the deal in the sale of the Hope Brook gold mine in Newfoundland to Royal Oak. BP Canada withdrew an offer in September to sell 5.5 million shares of Royal Oak at $2.10 per share.
Meanwhile, Royal Oak will increase its ownership in Trader Resources (TSE) to 53.7% through the purchase of two million flow-through shares at 6 cents per share. Trader says it received regulatory approval to issue the shares.
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