1st Jun 2018 08:12
LONDON (Alliance News) - Rio Tinto PLC said Friday it has completed the sale of its 75% interest in an Australian coal project to Whitehaven Coal Ltd.
The deal for the disposal of the company's stake in the Winchester South coal development project in Queensland amounted to USD200 million, of which USD150 million was paid in cash on Friday and USD50 million will be received within 12 months.
The FTSE 100-listed mining company also said it expects the sale of the Kestrel and Hail Creek coal mines and of the Valeria coal project to be completed in the second half of 2018. All also are in Queensland.
Rio Tinto is selling its 80% interest in Kestrel for USD2.25 billion to a consortium made up of private equity manager EMR Capital and Indonesian coal company PT Adaro Energy Tbk.
Meanwhile, Rio Tinto is selling its 82% interest in the Hail Creek coal mine and its 71% stake in the Valeria coal resource for USD1.7 billion to FTSE 100 peer Glencore PLC.
Rio Tinto shares were trading 1.2% higher early Friday at 4,288.00 pence each.
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