Almost one week after an announcement regarding calling of the Olympic Dam Project, BHP Billiton has informed that it is selling one of Australian largest undeveloped uranium deposits. BHP Billiton tries to adjust to the new economic situation, where commodity prices are falling and the whole mining industry seeks to survive worse days. As a result of the current economic situation BHP Billiton decided to sell its Yeelirrie uranium deposit in Western Australia to Canada’s Cameco Corp, one of the world’s biggest listed uranium producers, for $430 million; the deal will have to obtain regulatory and state government approval.
BHP Billiton, the top global miner, informed that its Olympic Dam cooper expansion project was delayed. BHP officials added that no major projects would be approved in a year to June 2013. BHP called off one of its “mega projects” called Olympic Dam, which had aimed to expand the company’s copper-uranium development is South Australia as it has to face increasing capital costs.