real-time news and commentary for investors
Thursday, Oct 3
Rio Tinto confirms sale of shuttered Australian mine, eyes selling another
- Rio Tinto (RIO) confirms it is selling the Blair Athol coal mine in Australia's Queensland state to Linc Energy (LNCGY.PK, LNCYF.PK) as it reduces its exposure to smaller assets amid a slump in commodity prices (earlier).
- Linc says it won't make an upfront payment to acquire the mine; Rio, which owned 71.2% of the mine, and minority partners will pay Linc an undisclosed sum to help it cover costs of rehabilitating the mine, which has been idled since November.
- Media reports in Australia say three companies have expressed interest in acquiring Rio's Clermont thermal coal mine in Queensland.