The sale of BHP Group Ltd.'s Cerro Colorado copper mine in Chile to private equity manager EMR Capital Group fell through due to financing issues, Reuters reported Dec. 12.
In June, BHP agreed to sell the asset in a deal worth about US$320 million, depending on copper price performance.
Both parties agreed to call off the transaction "after it became clear that financing conditions would not be met within the agreed upon timeline," a BHP spokesperson told Reuters, without providing additional details.
BHP confirmed in May 2017 that it had started the sale process for Cerro Colorado. The mine has an environmental operating license until 2023, which could be extended.
Cerro Colorado, one of the three mines BHP operates in Chile, produced 65,000 tonnes of copper in fiscal 2017.