JOHANNESBURG (miningweekly.com) – The Brazilian National Defence Council has approved the pending sale of diversified miner Rio Tinto’s Corumbá mine to iron-ore giant Vale. 

In January, Rio Tinto entered into an agreement with Vale to sell its Corumbá iron-ore mine and the associated river logistics operations in Paraguay; the Potasio Rio Colorado potash project in Argentina, and the Regina exploration assets in Canada, for $1,6-billion.

The potash transaction closed in February for a cash consideration of $850-million, while the Corumbá portion of the transaction was valued at $750-million.

These transactions form part Rio Tinto’s divestment programme, aimed at easing its debt level.

Over the last 18 months, the miner has announced asset sales of $6,6-billion including the Corumbá and potash transaction.

Last month, Rio Tinto received a binding offer from Amcor to buy the majority of its Alcan packaging business for $2,03-billion. The offer includes Alcan Packaging's global pharmaceuticals, global tobacco, food Europe and food Asia divisions.

In July, Rio Tinto announced it would sell its Food America’s division to Bemis Company for $1,2-billion.

Other transactions which were announced in 2009, included the group’s interest in the Ningxia aluminium smelter in China, for $125-million and its Jacobs Ranch coal mine in the US.

Last year, Rio Tinto sold the Greens Creek mine in Alaska, for $750-million, its interest in the Cortez operation in Nevada, for $1,695-billion, and the Kintyre uranium project in Western Australia, for $495-million.

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