The recent termination of agreements means RTZ has no obligation to acquire a stake in one of the world’s most famous orebodies with reserves estimated at aro und 450 million tons grading 2.5% copper as well as uranium, gold, and silver va lues.
This development does not affect the transactions between RTZ and BP regarding BP’s other worldwide minerals interests which were completed in June at a price of $3.6 billion(US).
In other news, RTZ reports net profit of $479 million in the first half of 1989, an increase of 32% over 1988 first-half profit of $362 million.
Commenting on the first half results, an RTZ spokesman said: “The main feature was a $101- million contribution to profit from the recently acquired assets of BP.”
While those assets are being integrated and assimilated, a number of peripheral assets not meeting the company’s strategic aims are being divested.
RTZ is one of Britain’s largest companies with a market capitalization of about $6.8 billion. About 54% of its assets are in North America.
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