BHP Sells Pilbara Power Stake to BlackRock Unit for $2 Billion
BHP Chief Executive Officer Mike Henry
Photographer: Carla Gottgens/BloombergBHP Group is selling a $2 billion stake in the power network that supplies its vast iron ore operations in the Pilbara region of Western Australia, as it seeks to channel funds into priority areas such as copper.
The mining giant will sell almost half of its 85% interest in the power network to BlackRock Inc.’s Global Infrastructure Partners LP and pay a tariff linked to its stake over a 25-year period, BHP said in a statement Tuesday.