https://www.miningweekly.com

Rio Tinto offloads NSW copper/gold mine to Chinese firm

29th July 2013

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

Font size: - +

PERTH (miningweekly.com) – Mining giant Rio Tinto on Monday announced that it would sell its 80% shareholding in the Northparkes copper/gold mine, in New South Wales, for $820-million to China Molybdenum.

CFO Chris Lynch said the sale of its Northparkes interest represented “great value” for the group’s shareholders and was in line with its focus on capital allocation.

“Northparkes is a successful business but is not of sufficient size to be a good fit with our strategy. We believe it will have a strong future under its new ownership,” said Lynch.

The agreed sale of the Northparkes asset follows the recent completed divestment of the Eagle nickel project, in the US, while the Palabora sale, in South Africa, is now unconditional and expected to close at the end of July.

The Northparkes mine has been operational since 2004, and covers some 10 314 ha of land, with the mining lease covering 1 630 ha. The operation consists of underground block cave mines and an ore processing plant producing high-grade copper and gold concentrate, which is railed to Port Kembla and shipped to smelters in Japan and China.

Rio said that the sales agreement was conditional on regulatory approval and shareholder approval, and would likely be completed by the end of 2013.

Edited by Mariaan Webb
Creamer Media Contract Publishing Editor

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Sweet-Orr
Sweet-Orr

Sweet-Orr, established in 1871, is a global leader in superior protective workwear, known for quality, innovation, and performance.

VISIT SHOWROOM 
ESAB showroom image
ESAB South Africa

ESAB South Arica, the leading supplier of high-end welding and cutting products to the Southern African industrial market is based in...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

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?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.042 0.91s - 110pq - 2rq
Subscribe Now