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Rio Tinto completes sale of Mozambique coal assets

8th October 2014

By: Natasha Odendaal

Creamer Media Senior Deputy Editor

  

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JOHANNESBURG (miningweekly.com) – The sale of mining giant Rio Tinto’s Mozambique coal assets to India-based International Coal Ventures Private Limited has been finalised.

This followed the fulfilment of all conditions precedent and receipt of the necessary regulatory approvals for the $50-million sale of Rio Tinto Coal Mozambique, which comprised the Benga mine and other coal projects in the Tete province.

The deal did not have an impact on the group’s other assets in the country, Rio Tinto stated.

Rio Tinto, which acquired the Mozambique coal assets in 2011 when it bought Riversdale Mining for $4.1-billion, had written down $3.47-billion on the assets.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

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