https://www.miningweekly.com

Rio Tinto completes Australian coal exit, updates guidance

1st August 2018

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

Font size: - +

PERTH (miningweekly.com) – Diversified giant Rio Tinto has updated its coal production guidance for 2018, following the completion of the sale of its remaining coal assets in Queensland, for $3.95-billion.

The company on Wednesday announced that it had completed the sale of its interest in the Hail Creek coal mine, and the Valeria coal development, to fellow major Glencore, for $1.7-billion.

Rio’s interest in the Kestrel underground mine was sold to a consortium comprising private equity manager EMR Capital and PT Adora Energy for $2.25-billion.

“The sale of our remaining Australian coal assets delivers exceptional value to our shareholders,” said CEO Jean-Sebastian Jacques.

Rio earlier this year struck a deal with Australian coal miner Whitehaven Coal to divest of its 75% interest in the Winchester South coal project, in Queensland, for A$200-million, after selling its Coal & Allied subsidiary to ASX-listed Yancoal Australia, for $2.69-billion.

Rio said on Wednesday that to reflect the sale of the company’s coal assets the 2018 production guidance for coal has now been updated to four-million tonnes of hard coking coal, and 2.5-million tonnes of thermal coal.

Edited by Mariaan Webb
Creamer Media Senior Deputy Editor Online

Comments

Showroom

Universal Storage Systems (SA)
Universal Storage Systems (SA)

South African leader in Steel -Racking, -Shelving, and -Mezzanine flooring. Universal has innovated an approach which encompasses conceptualising,...

VISIT SHOWROOM 
Hanna Instruments Image
Hanna Instruments (Pty) Ltd

We supply customers with practical affordable solutions for their testing needs. Our products include benchtop, portable, in-line process control...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.176 0.21s - 90pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: