- 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.