BHP to take £413 million writedowns

SYDNEY (Reuters) - BHP Billiton Ltd (BHP.AX) (BLT.L), the world's biggest miner, has agreed to sell its Yabulu nickel refinery to Australian mining magnate Clive Palmer for an undisclosed amount, BHP said in a statement on Friday.

BHP would write down the value of Yabulu assets by $500 million (306 million pound) and write off a further $175 million in unrecoverable tax benefits. The sale is expected to be finalised by July 31.

The Yabulu refinery is in northern Australia.

(Reporting by Denny Thomas; Editing by Mark Bendeich)