Rio Tinto (RIO) says it will sell its 57.7% effective interest in Palabora Mining (PBOAF.PK) for...

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

Rio Tinto (RIO) says it will sell its 57.7% effective interest in Palabora Mining (PBOAF.PK) for $373M to a consortium of South African and Chinese entities. RIO and Anglo American had said Palabora’s main asset, a South African mine that produces copper and magnetite, is "no longer of a sufficient scale" to warrant continued investment.