VENTURES AFRICA – According to a mines ministry official on Monday, the world’s largest mining company-BHP Biliton has revealed plans to pull out of its Mount Nimba project in Guinea.
The development confirms a weekend report by the Britain’s Sunday times on the imminent sale. According to a Reuters report, Saadou Nimaga, legal counsel for the mines ministry said they had “known” about the decision to pull out for “sometime”
Although no immediate comment was made available from BHP, it has said that it would consider selling off non-core operations to focus on simple, large scale ones in light of flattening demands for some commodities as has been the trend among other major miners.
No value on a potential deal was given, but the Sunday Times reported that investment bank Nomura had been hired to find a buyer.