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.
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