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Rio Tinto closes $220m Mount Pleasant sale

5th August 2016

By: Mariaan Webb

Creamer Media Senior Deputy Editor Online

  

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JOHANNESBURG (miningweekly.com) – Diversified mining major Rio Tinto has completed the sale of its Mount Pleasant thermal coal assets, in the Hunter Valley of New South Wales, for $220.7-million plus royalties.

The group sold the project, which would produce 10.5-million tonnes of run-of-mine coal when in production, to Mach Energy Australia.

Earlier this year, Rio Tinto wrapped up the sale of its 40% stake in the Bengalla coal joint venture, also in the Hunter Valley, to New Hope for $616.7-million.

The company still owns a 67.6% interest in the other Hunter Valley operations, with 80% and 55.6% respective holdings in the Mount Thorley and Warkworth operations.

Rio Tinto has shed assets worth $4.7-billion since January 2013. The group this week posted its weakest profit in 12 years, owing to weak commodity prices.

Edited by Creamer Media Reporter

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