1st Mar 2016 07:00
Rio Tinto completes sale of interest in Bengalla Joint Venture for US$616.7 million
1 March 2016
Rio Tinto has completed the sale of its 40 per cent interest in the Bengalla coal Joint Venture in Australia to New Hope Corporation Limited for US$616.7 million1.
Rio Tinto has now announced or completed US$4.7 billion2 of divestments since January 2013.
A change to the ownership structure of Coal & Allied completed on 3 February 2016 helped enable this transaction. Rio Tinto as a 100 per cent owner of Coal & Allied:
· receives all consideration associated with the sale of Rio Tinto's interest in the Bengalla Joint Venture;
· holds a 67.6 per cent interest with management rights in the Hunter Valley Operations mine;
· holds interests of 80 per cent and 55.6 per cent respectively, with management rights, in the integrated Mount Thorley and Warkworth operations; and
· currently holds 100 per cent interest in the Mount Pleasant project. On 27 January Rio Tinto announced it had reached a binding agreement for the sale of Mount Pleasant to MACH Energy Australia for US$224 million plus royalties. The sale is expected to close in the second half of 2016.
Mitsubishi Development has moved from holding a 20 per cent stake in Coal & Allied to holding a direct 32.4 per cent stake in the Hunter Valley Operations mine.
1Sale consideration is AU$865 million converted into US$616.7 million at the spot rate of 0.713.
2Amount is before finalisation of net debt and working capital adjustments.
Contacts
www.riotinto.com
Follow @RioTinto on Twitter
Media Relations, EMEA/AmericasIlltud Harri T +44 20 7781 1152 M +44 7920 503 600
David Outhwaite T +44 20 7781 1623 M +44 7787 597 493
David Luff T + 44 20 7781 1177M + 44 7780 226 422
Investor Relations, EMEA/AmericasJohn Smelt T +44 20 7781 1654 M +44 7879 642 675
David Ovington T +44 20 7781 2051 M +44 7920 010 978
Grant Donald T +44 20 7781 1262 M +44 7920 587 805 | Media Relations, Australia/AsiaBen Mitchell T +61 3 9283 3620 M +61 419 850 212
Bruce Tobin T +61 3 9283 3612 M +61 419 103 454
Matthew Klar T +61 7 3625 4244 M +61 457 525 578
Investor Relations, Australia/AsiaNatalie Worley T +61 3 9283 3063 M +61 409 210 462
Rachel Storrs T +61 3 9283 3628 M +61 417 401 018
|
|
|
Rio Tinto plc6 St James's Square London SW1Y 4AD United Kingdom
T +44 20 7781 2000Registered in England No. 719885 | Rio Tinto Limited120 Collins Street Melbourne 3000 Australia
T +61 3 9283 3333 Registered in Australia ABN 96 004 458 404 |
Related Shares:
Rio Tinto