BHP Finds Buyer for Chile Copper Mine After Yearlong Search

BHP Billiton Ltd. agreed to sell its smallest copper mine in Chile to EMR Capital Advisors Pty for as much as $320 million as the world’s biggest mining company focuses only on major operations. The Melbourne-based private equity firm’s acquisition of the Cerro Colorado mine ends a protracted attempt by BHP to offload the asset. While Deutsche Bank AG said in a report last year it could fetch $800 million, BHP agreed to $230 million in cash, plus $40 million in proceeds from copper stocks and about $50 million depending on where copper prices go.