BHP Billiton (BHP) The world's largest miner has announced an agreement to sell its Yabulu nickel refinery to mining entrepreneur Clive Palmer, the majority owner of Gladstone Pacific Nickel. The terms of the sale are confidential, but both parties have sought to provide that, at completion of the sale, working capital and access to funds will be sufficient to enable the operations to begin as a going concern under Professor Palmer's ownership. BHP will write down the carrying value of the Queensland-based Yabulu by about $US500 million ($624 million) and a further $US175 million of unrecoverable tax benefits. Its Ravensthorpe nickel assets are also up for sale. BHP shares fell 87¢ to $33.43 on Friday. Emergent Resources (EMG) Emergent Resources has sealed a $200 million deal with China Metallurgical Investment Co (CMIC) to facilitate the development of its Beyondie iron ore project in the mid-west region of Western Australia. Emergent has signed a memorandum of understanding with CMIC, a Chinese state-owned enterprise, that provides for the establishment of a development joint venture, subject to satisfactory due diligence and completion contracts. Under the MOU, 8.5 million shares will be placed with CMIC at a price of 45¢, along with 4.28 million options at a price of 27¢. The options are exercisable at 20¢ on or before September 30, 2010. Emergent will also undertake a placement of 6.3 million shares to professional and sophisticated investors at a price of 40¢ to raise $2.52 million. The proceeds will provide additional working capital for the company and assist with ongoing exploration programs at the Beyondie project. Emergent Resources shares jumped 7¢, or 13.2 per cent, to 60¢ on Friday. CBH Resources (CBH) CBH Resources has said that its Endeavour mine continued to perform strongly in the June quarter. 14,982 tonnes of zinc concentrates and 8978 tonnes of lead concentrates were produced. The mine is operating at a reduced production rate of 420,000 tonnes per annum as part of a revised plan, implemented in November 2008, to drive down production costs to a sustainable level in response to weak metal prices. Improved mining grades have been an important factor in exceeding budgeted metal production. At current metal prices, the mine is operating cash flow positive. The mine is likely to operate at a rate of 420,000 tonnes per annum during the current financial year, although planning is underway to increase this to 850,000 tonnes per annum if there is a sustainable recovery in metal prices. CBH shares gained 0.5¢ to 13.5¢ on Friday.