Rio Tinto completes Australian coal exit, updates guidance
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.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
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?
Receive 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)
➕
Recieve 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
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation