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BHP BILLITON PLC - Copper Update - Additional interest in SolGold

Release Date: 16/10/2018 07:05
Code(s): BIL     PDF:  
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Copper Update - Additional interest in SolGold

BHP Billiton Plc
Registration number 3196209
Registered in England and Wales
Share code: BIL
ISIN: GB0000566504



NEWS RELEASE
Release Time       IMMEDIATE
Date               15 October 2018
Release Number     18/18



Copper Update – Additional interest in SolGold

BHP has entered into a share subscription agreement with SolGold Plc (SolGold)
under which SolGold will issue 100 million shares to BHP.

SolGold is the majority owner and operator of the Cascabel porphyry copper-gold
project in Ecuador.

BHP President Minerals Americas, Danny Malchuk said “Ecuador is a highly
prospective region for the next generation of copper supply. This additional
investment in SolGold strengthens our strategic position in the Cascabel copper
exploration project, and is consistent with BHP’s strategy to replenish our copper
resource base and grow the business.”

Following completion of the private placement by SolGold, which is expected to occur
on 19 October 2018, BHP’s interest in SolGold would increase from 6.0 (1) per cent
to 11.2 per cent.

BHP has agreed to pay 45 pence per SolGold share, which represents a 32 per cent
premium to the 20 day volume-weighted average London Stock Exchange price of 34
pence per share as determined on 15 October 2018.

Further Information – Share subscription agreement

Under the share subscription agreement, BHP has the right to nominate one director
to the SolGold board. BHP also has anti-dilution rights for a two year period to allow it
to preserve its shareholding at 10 per cent.

Subject to certain exceptions, BHP has agreed not to acquire further shares in
SolGold for a period of two years without SolGold’s consent.

For a period of two years, BHP has agreed to support proposed change of control
transactions relating to, and capital raising up to a limit by SolGold, provided these
actions have the support of 60 per cent of SolGold’s shareholders. During this period,
BHP will also support proposals by the SolGold board to appoint or remove a
director.

(1) As at 4 September 2018, BHP held a 6.1 per cent interest in SolGold, which has
been diluted to 6.0 per cent as at 12 October 2018 as a result of the exercise of
options by third parties.

Further information on BHP can be found at bhp.com



Sponsor: UBS South Africa (Pty) Limited




Media Relations                                   Investor Relations

Email: media.relations@bhpbilliton.com            Email: investor.relations@bhpbilliton.com


Australia and Asia                                Australia and Asia

Gabrielle Notley                                  Tara Dines
Tel: +61 3 9609 3830 Mobile: +61 4 1107 1715      Tel: +61 3 9609 2222 Mobile: + 61 499 249 005

United Kingdom and South Africa                   United Kingdom and South Africa

Neil Burrows                                      Elisa Morniroli
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North America                                     Americas

Judy Dane                                         James Wear
Tel: +1 713 961 8283 Mobile: +1 713 299 5342      Tel: +1 713 993 3737 Mobile: +1 347 882 3011




BHP Billiton Limited ABN 49 004 028 077           BHP Billiton Plc Registration number 3196209
LEI WZE1WSENV6JSZFK0JC28                          LEI 549300C116EOWV835768
Registered in Australia                           Registered in England and Wales
Registered Office: Level 18, 171 Collins Street   Registered Office: Nova South, 160 Victoria Street
Melbourne Victoria 3000 Australia                 London SW1E 5LB United Kingdom
Tel +61 1300 55 4757 Fax +61 3 9609 3015          Tel +44 20 7802 4000 Fax +44 20 7802 4111




Members of the BHP Group which is
headquartered in Australia
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