BHP to sell US assets

Mining giant BHP Billiton is selling its American copper mine and rail assets in the US state of Arizona, as it continues to divest.

The Pinto Valley mine and associated railroad company San Manuel Arizona is being sold to Capstone Mining for an aggregate cash consideration of $650 million, subject to regulatory approval.

Staff at the mine and rail company will continue as employees of Capstone, the company announced today.

The sale of the Pinto Valley mine and rail asset is part of the mining company’s attempt to free up cash, but selling off non-core assets.

Packer’s Sri Lankan casino plans to go ahead

James Packer has reportedly reached a deal with the Sri Lankan government to go ahead with the construction of the country’s biggest casino and resort.

Sri Lanka’s Business Times reported an anonymous government official had informed the news publication of the plan’s approval.

Sources told the Business Times the 36-storey casino and resort complex will be named “Crown Colombo”, built on prime real estate in the Sri Lankan capital of Colombo, and will be coupled with a mega hotel.

Should the plans go ahead, the complex would be scheduled to open in 2016.

Tabcorp profits rise in third quarter

Betting and gaming company Tabcorp’s profits have risen by 2.6% in the third quarter, with the firm making $480.3 million in revenue, it announced this morning.

Tabcorp’s chief executive David Attenborough said all of Tabcorp’s wagering, media, international, gaming and Keno businesses continued to do well.

“Tabcorp has continued to deliver a steady trading performance,” he said in a statement.

“Our businesses are benefiting from the investments we have made in markets and products that can generate growth.”

Shares rise on market open

Australian shares have opened higher this morning following gains from the big four banks.

The S&P/ASX200 benchmark was up 28.1 points to 5125.6 just after midday.

Commonwealth Bank shares were up $0.60 to $71.44 and NAB’s stocks were up $0.42 to $33.05.