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BHP Group Limited — Capital/Financing Update 2012
Jun 12, 2012
14787_rns_2012-06-12_3f06060f-4c4f-4ee0-ab61-b82eafda5737.pdf
Capital/Financing Update
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----- Start of picture text ----- ACN 009 253 187----- End of picture text -----
AUSTRALIAN SECURITIES EXCHANGE ANNOUNCEMENT 13 June 2012
TASMAN AGREES TO SELL SIX STUART SHELF AREA TENEMENTS
Summary
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Tasman Resources Ltd (“Tasman”) has agreed to sell five Exploration Licences (ELs) and one Exploration Licence Application (ELA) to BHP Billiton. All six tenements are located on the Stuart Shelf in South Australia (see Figure 1).
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Total consideration is $3.0 million, payable as $2.925million upon transfer of the ELs and $75,000 upon transfer of the ELA to BHP Billiton.
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The sales are each subject to several conditions precedent, including satisfactory completion of due diligence by BHP Billiton, Ministerial Consent and completion of EL and ELA transfers within 6 and 9 months, respectively.
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Following satisfaction of these conditions precedent, BHP Billiton will acquire from Tasman ELs 4206, 4300, 4405, 4770 and 4857, and ELA 2011/299. The ELs and ELA cover a total area of 1,176km[2] and are located West, North and North East of Olympic Dam, and South East of Woomera.
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The Agreements do not include Tasman’s EL 4322, which relates to the Vulcan IOCGU* discovery located approximately 30km north of Olympic Dam, which is the subject of a Farm-in/Joint Venture Agreement with Rio Tinto Exploration Pty Limited.
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The sale will enable Tasman to focus on its priority Vulcan joint venture project, details of which are contained in the Australian Securities Exchange announcement of 1[st] May 2012.
*iron-oxide copper gold uranium
Background
Tasman has been exploring a substantial package of tenements within a very prospective part of the Stuart Shelf/Gawler Craton in South Australia. This province hosts the Olympic Dam, Prominent Hill and Carrapateena IOCGU deposits.
Following detailed reassessment of these areas, Tasman concluded that although these outlying tenements contain several targets, they are believed to be deep, relatively high risk and as such, more suited to companies with far larger exploration budgets. Tasman also concluded that the $3.0 million from the sale of the tenements fairly represents their current value.
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Greg Solomon, Executive Chairman
Level 40, Exchange Plaza 2 The Esplanade, Perth, Western Australia 6000 Telephone: (08) 9282 5889 Facsimile: (08) 9282 5866 Email: [email protected]
ASX Announcement 13 June 2012
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Figure 1: Location Plan showing Tasman’s ELs and ELA to be transferred to BHP Billiton
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