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

|About: Rio Tinto plc (RIO)|By:, SA News Editor

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.