BHP Billiton has signed an agreement to sell the Ravensthorpe Nickel Operation to First Quantum Minerals Australia Pty Ltd, a wholly owned subsidiary of Canadian-based First Quantum Minerals Ltd, for USD 340 million. It is expected the sale will be finalised during the first quarter of 2010 calendar year. The sale is subject to relevant approvals from the Australian Foreign Investment Review Board and the West Australian Minister for Mines and Petroleum. First Quantum intends to undertake further review work with a view to recommencing operations at Ravensthorpe.