[ BACK TO NEWS RELEASE MAIN MENU ] [ HOME ]FOR IMMEDIATE RELEASESTRATEGIC MINERALS / BHP BILLITON TO DISSOLVE BSI PARTNERSHIPDANBURY, Connecticut, June 28, 2002 -- Strategic Minerals Corporation of Danbury, Connecticut has announced the sale of the assets in the marketing partnership that owns Billiton Stratcor, Inc., based in Pittsburgh. The buyer of the assets is a new corporation called BSI Commodities, Inc. When the sale is completed about July 1, 2002, the current Billiton Stratcor partnership will be dissolved and Billiton Stratcor Inc. will be liquidated. BSI Commodities, which will be based in Pittsburgh, is part of the BHP Group of Melbourne, Australia. It will market ferroalloys, aluminum, and nickel to steel and metals companies in North America. "Over time, our business has changed to the point where today Billiton Stratcor concentrates on selling ferroalloys and metals produced in South Africa, Australia, and South America," said George Karpakis, President of Billiton Stratcor. "This emphasis no longer fits into Strategic Minerals' business plan, which is focused on specialty-vanadium products." Mr. Karpakis noted that BSI Commodities Inc. was formed specifically to market metals and ferroalloy products. "With enormous resources behind it, BSI Commodities is the perfect candidate to take our business forward. I have no doubt that it will allow us a much better focus on meeting our current customers' requirements," he said. Strategic Minerals recently announced a Reinvention Plan in which the company will concentrate on the production and marketing of specialty- and proprietary-vanadium products used by the steel, titanium, chemical, and other industries. June 28, 2002 For more information, contact
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