BHP Billiton has dissolved a partnership with Blackthorn Resources to develop a mine in Zambia, according to a report in The Post Online:
World’s largest mining company BHP Billiton has finally withdrawn from the Mumbwa Iron Oxide Copper Gold project, aborting expectations that Zambia was to herald a new era of top tier miners.
Its joint venture partner, Blackthorn Resources, announced that BHP Billiton had pulled out of a copper venture but would retain the right to a two per cent production royalty on any metal mined from the area.
BHP will allow Blackhhtorn to retain 100% interest in the project. BHP owned 40% of the project and had a right to earn up to an 80% stake by funding feasibility studies, according to the article.