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Colombia to renegotiate terms of leading BHP mine

Thursday, September 27, 2012

Colombia will renegotiate out-dated contract terms including royalty payments for BHP Billiton's Cerro Matoso nickel mine in a bid to get a better deal for the Andean nation, government officials and a tribunal said on Wednesday.

Cerro Matoso, which bills itself as the world's second largest producer of ferro nickel, has been in discussions with government officials for months over its agreements as Colombia tries to get better terms from the mining firm.

A Colombian tribunal, which solves disputes between companies and the government and whose decisions are binding, said the country must negotiate more favorable conditions.

Source: Reuters