Aditya Birla Minerals Ltd To Sell Closed Copper Mine In Queensland
Aditya Birla Minerals Ltd (ABML), a subsidiary of Hindalco Industries, will sell its closed copper mine in Queensland, Australia, to Lighthouse Minerals Holdings Pty for A$15 million (Rs 70.5 crore) in cash and another A$41.7 million (Rs 196 crore) in rehabilitation bond costs. Birla Mt Gordon (BMG) was under care and operations from April 2013 and up for sale since then due to falling copper prices and high cost of operations. Hindalco owns 51 per cent stake in Australia-listed Aditya Birla Minerals. The buyer will reimburse Aditya Birla Minerals for Mt Gordon’s care and maintenance expenses incurred for the period starting from the execution date of the agreement and ending on the completion up to a maximum amount of 5,00,000 Australian dollar per month.