25th Oct 2013 09:58
LONDON (Alliance News) - Rio Tinto PLC is understood to have agreed to sell its stake in the Clermont thermal coal mine in Queensland to fellow mining giant Glencore Xstrata, the Australian reports on its website Friday.
The deal, expected to be announced Friday, comes after reports earlier this month that Adani, Dutch trader Trafigura and New Hope all put in failed bids of around USD850 million for Clermont, which produces about 12 million tonnes of coal a year, the paper says.
Rio Tinto shares were up 0.2% at 3,241.0 pence Friday morning, while Glencore Xstrata was up 0.8% at 343.1p.
http://www.theaustralian.com.au/business/mining-energy/rio-tinto-sells-clermont-thermal-stake-to-glencore-xstrata/story-e6frg9df-1226747019310#sthash.F2Q64TRH.dpuf
By Steve McGrath; [email protected]; @stevemcgrath1
Copyright 2013 Alliance News Limited. All Rights Reserved.
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