Rio Tinto completes sale of $3.95bn coal assets

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Rio Tinto completes sale of $3.95bn coal asset
Rio Tinto has completed the sale of its remaining coal assets in Queensland, Australia, for $3.95 billion.

Rio Tinto has completed the sale of its remaining coal assets in Queensland, Australia, for $3.95 billion.

The transactions include the sale of Rio Tinto’s interests in the Hail Creek coal mine and Valeria coal development project to Glencore for $1.7 billion, and its interest in the Kestrel underground coal mine to a consortium comprising private equity manager EMR Capital and PT Adaro Energy Tbk for $2.25 billion.

Rio Tinto chief executive J-S Jacques said “The sale of our remaining Australian coal assets delivers exceptional value to our shareholders. Once again, I would like to thank the many people across Rio Tinto and the communities in which we operate who have contributed to the coal business. I wish them continued success under new ownership.”

Source: Oil&Gas republic

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