BHP Sells Copper Mine in Arizona to Capstone, Australian Stocks in 3-Day Rally

Marcus Jacob
29 Apr, 2013
New York City

Australian stocks extended rally for the third day in a row and resource stocks led the advance. BHP Billiton agreed to sell its Arizona based copper mine and railroad operations for $650 million.

[R]6:30 PM Sydney – Australian stocks extended rally for the third day in a row and resource stocks led the advance. BHP Billiton agreed to sell its Arizona based copper mine and railroad operations for $650 million.[/R]

Australian stocks rallied for the third day in a row and resource sector stocks led the rally.

The ASX 200 index gained 23.10 or 0.4% to 5,120.60 and the broader All Ordinaries increased 25.60 to 5,108.30.

Australian dollar closed down to $1.032 and in stock trading, turnover decreased to 501 million shares valued at $2.9 billion.

BHP Billiton agreed to sell its Pinto Valley mining operations and San Miguel Arizona Railroad Company to Capstone Mining for $650 million in cash.

Stock Movers

Rio Tinto and BHP Billiton confirmed that they have paid the Mineral Resources Rent Tax in the March quarter to the government during an inquiry in the Senate. Both companies cited market disclosure rules and did not report the amount paid.

Rio Tinto dropped 44 cents to $55.36 and BHP down 4 cents to $32.54. Fortescue Metals Group slipped 7 cents to $3.50.

BC Iron Limited increased 1.5% to $3.35 after the company said it is on track to produce six million ton annual rate of iron ore production in the current quarter. The company’s joint venture Nullagine produced 1.1 million tons in the March quarter.

Woodside Petroleum gained 10 cents to $38.55 after the board approved 63 cents a share dividend payable on May 29.

Santos fell 3 cents to $12.24 Kingsgate tumbled 41 cent or 15.3% $2.27 and Whitehaven Coal added 1 cent to $1.96.

David Jones Limited rose 3 cents to $3.01 and Breville Group up 3 cents to $6.95. Billabong closed unchanged at 48 cents.

Woolworths increased 11 cents to $36.51. Kathmandu slid 6 cents to $1.88.

Harvey Norman jumped 6 cents to $2.97 after the furniture retailer said third quarter sales increased 0.6% to $1.28 billion.

Toll Holdings added 1 cent to $5.69, Leighton rose 5 cents to $20.06 and Mirvac Group up 2 cents to $1.73. Lend Lease gained 8 cents to $10.59.

Westpac rose 55 cents to $33.12, Commonwealth increased 1.1% to $71.60 and National Australia Bank gained 1.4% to $33.08 and ANZ added 22 cents to $30.10.

Macquarie Group fell 11 cents to $37.87 and Wesfarmers rose 27 cents to $43.21.

Nufarm gained 10 cent to $4.20 and Linc Energy closed unchanged at $1.92.