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Bloomberg: Rio Tinto seeking bank pitches on $1.5B coal sale

Feb. 16, 2017 8:20 AM ETRio Tinto Group (RIO) StockRIOBy: Carl Surran, SA News Editor
  • Rio Tinto (NYSE:RIO) is asking banks to pitch for a role advising on the sale of its last remaining coal operations in Australia, which could fetch as much A$2B (US$1.5B), Bloomberg reports.
  • Rio has decided to pursue a sale of its Hail Creek and Kestrel mines, which mainly produce coking coal used in steelmaking, after receiving unsolicited approaches from potential buyers, according to the report.
  • Rio likes coking coal as a commodity but no longer has a meaningful position in the material, CFO was cited by UBS as telling analysts earlier this week.

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