BHP finds new Guinea exit strategy
BHP Billiton plans to sell its one-third stake of the alumina bauxite project in Guinea to Dubai Aluminum and Abu Dhabi state-owned Mubadala, reported Barry Fitzgerald Thursday for the Australian.
The original plan was for BHP to sell its stake to Canada’s Global Alumina Corporation.
BHP’s exit from the project – once estimated at $5.2 billion – fits neatly into CEO Andrew Mackenzie’s plan to reduce operations in ‘riskier’ locations:
“Our decision to focus on the OECD was deliberate and, I would argue, increasingly looks like the right call.”