In agreement reportedly worth US$650 million, BHP Billiton sells two major assets to Capstone Mining Corp. The two assets are the Pinto Valley copper mine and an Arizona railroad. 

This is the latest asset sales undertaken by the world's top mining firm as it undertakes austerity measures amidst a slowdown in the market. 

Many mining companies, including BHP have placed billions of dollars of mines and attendant project assets up for sale in order to lower costs, lessen debt and focus business assets in light of the current slump in commodity prices. 

With the sale of the Pinto Valley mine, BHP's total assets sold in the past year amounts to US$5 billion. The sale isn't over yet as the mining company is planning to sell ten more assets in its portfolio without naming them.

Capstone on the other hand obtains its third productive mine. The forecast production for the Pinto Valley mine is between 130 and 150 million pounds of copper concentrate and 10 million pounds of copper cathode per year.