Rio Tinto says no comment on Hunter Valley asset sale speculation
PERTH (miningweekly.com) – Mining giant Rio Tinto has declined to comment on speculation that it is looking to divest of its New South Wales coal assets.
Wire service Bloomberg earlier this week reported that Rio was in discussions with private mining venture X2 Resources, led by former Xstrata CEO Mick Davis, over the possible sale of its Hunter Valley assets in a deal estimated to be worth some A$3-billion.
The report followed shortly after Rio in September sold its 40% interest in the Bengalla thermal coal mine to Australian coal miner New Hope Corporation for A$865-million.
Bengalla was the smallest of three coal mines in the Hunter Valley in which Rio holds an interest and produced some 8.6-million tonnes of coal in 2014, 3.4-million tonnes of which was attributable to Rio.
Rio’s remaining operations, including the Mount Thorley Warkworth and Hunter Valley operations, were held by subsidiary Coal & Allied.
Rio and Mitsubishi Development recently agreed a simplification of the ownership structure of Coal & Allied, which assisted in the divestment of Bengalla.
Under the agreement, Rio would assume full ownership of Coal & Allied, while Mitsubishi would move from holding a 20% stake in Coal & Allied to holding a direct 32.4% stake in the Hunter Valley Operations mine.
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