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.