30th Jul 2014 06:50
LONDON (Alliance News) - Rio Tinto PLC Wednesday said it has reached an agreement to sell its subsidiary Rio Tinto Coal Mozambique, which holds the Benga coal mine and other projects in the Tete province of Mozambique, for USD50 million.
The FTSE 100 listed mining company said the subsidiary, which was acquired when the company bought over Riversdale Mining Ltd in 2011, would be sold to International Coal Ventures Private Ltd.
The company said the sale is subject to certain conditions and approvals, but it expects the deal to complete in the third quarter this year.
Rio Tinto said its other assets in Mozambique would not be affected by the decision.
International Coal Ventures is an Indian company set up to acquire coal mines and coal assets in overseas territories.
By Tom McIvor; [email protected]; @TomMcIvor1
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