Seeking Alpha

Rio close to selling stake in Aussie coal mine for $1B

  • Rio Tinto (RIO) is reportedly in advanced negotiations to sell its 50.1% holding in a coal mine in Australia to Glencore Xstrata (GLCNF; GLNCY) and Japan's Sumitomo (SSUMY; SSUMF) for around $1B.
  • Glencore Xstrata and Sumitomo would each buy half of Rio's stake in the Clermont mine in the state of Queensland. The deal could be signed today.
  • The sale is part of Rio's strategy of divesting assets as it looks to cut debt that reached almost $19B last year.
  • Update: The sale is confirmed for $1.015B.
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