BHP Billiton Inches Closer to WMC Resources Purchase

International mining power BHP Billiton announced earlier today that it now owns more than 72 percent of the outstanding shares of Australia's WMC Resources, as it inched closer to taking formal control of the company. From Reuters:

WMC also gives BHP Billiton exposure to uranium via the giant Olympic Dam mine in South Australia, which geologists believe holds more than a third of the world's known reserves.

Rising costs for oil have pushed prices for uranium up three-fold to meet renewed demand for nuclear generated energy.

BHP Billiton intends to move quickly to integrate WMC's outback mining and refining operations into its global commodities base.

For more information on the Olympic Dam mine, click here.

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