Rio Tinto sells its last coal mine complex in Australia27/03/2018
One of the world's largest metals and mining corporations, Rio Tinto announced on Tuesday it reached a binding agreement with a consortium comprising private equity manager EMR Capital (EMR) and Indonesian listed coal company PT Adaro Energy Tbk (Adaro), in order to sell its entire 80% interest in the Kestrel underground coal mine in Queensland, Australia. The deal to sell Rio Tinto's last remaining coal complex in Australia is expected to go through in the second half of 2018, bringing the total amount of company's recent coal assets divestments in Australia's Queensland to $4.15 billion.
"The sale of Kestrel, together with the announced divestments of Hail Creek and our undeveloped coal projects, delivers exceptional value to our shareholders and will leave our portfolio stronger and more focused on delivering the highest returns through targeted allocation of capital," Rio Tinto chief executive Jean-Sebastien Jacques said.
Last week, the company announced it sold two coal mine complexes in Queensland to rival Glencore, in a deal worth $1.7 billion.
Source: (Teletrader, 2018)