BHP to sell S. African mine

Mining giant BHP Billiton Limited will sell its South African Koornfontein Mine assets for $75 million (A$100.5 million) to an entity controlled by a black economic empowerment consortium. The black economic empowerment consortium, which will hold 50 percent plus one share in the new entity, is led by Siyanda Resources Pty Ltd and Aka Resources Holdings Pty Ltd, and includes various groups. Coronation Capital Ltd, a wholly owned subsidiary of Coronation Fund Managers, and Investec Bank Ltd will hold the other 50 percent less one share in the new entity. Under the deal, BHP will receive a cash consideration and further compensation for potential future coal sales to South African power utility Eskom.