TORONTO (miningweekly.com) – Diversified miner Rio Tinto has taken its borates business off the market, after the sale process “did not achieve values acceptable to the company in the prevailing market conditions”.

The group said on Friday that it believes the borates business is a “good fit” with the rest of its portfolio, based on its asset base, share of global supply and presence in Asian markets.

The sales process will continue for other business marked for divestment, including talc, but Rio said that it has also decided not to sell its Jadar lithium-borate deposit in Serbia, which will now be transferred from its exploration group to be managed within the borate business.

The asset sales are part of a plan by the company to pay down its heavy debt loan.

So far this year, the company has announced agreed sales totalling $2,5-billion, including $850-million for undeveloped potash assets in Argentina and Canada, $750-million for the Corumbá iron ore operation in Brazil, $761-million for the Jacobs Ranch coal mine in the US and $125-million for the Ningxia aluminium smelter in China.

The firm has also said it will cut 14 000 jobs around the world, and arranged a $19,5-billion investment by Chinese State-owned metals firm Chinalco.

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