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Rio Tinto sells Australian coal mine for a dollar

Jul. 05, 2016 11:59 AM ETRio Tinto Group (RIO) StockRIOBy: Carl Surran, SA News Editor4 Comments
  • Rio Tinto (RIO -3.3%) agrees to sell its interest in the Blair Athol coal mine in Australia's Queensland state for A$1, as big miners dump unprofitable assets after years of low coal prices.
  • Junior miner TerraCom says it will also receive A$80M from Rio to meet rehabilitation costs at the site.
  • The Blair Athol mine, which was closed in late 2012, is one of the oldest in Queensland and the second in the Bowen Basin to be sold for A$1 in the past year.

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