Sep. 30, 2015, 3:52 AM
- Rio Tinto (NYSE:RIO) has agreed to sell its 40% stake in the the Bengalla coal mine in eastern Australia to New Hope (OTCPK:NHPEF) for $606M in a deal that could signal Rio's eventual exit from coal.
- Rio has also taken full control of its Coal & Allied subsidiary, which manages mines in the Hunter Valley region of Australia's New South Wales state, from Japan's Mitsubishi (OTCPK:MSBHF). The latter will swap its 20% holding in Coal & Allied for a 32.4% stake in the Hunter Valley operations.
- The transactions come amid soft demand for coal, oversupply and low prices. (PR)
- Rio's shares are +1.9% in London.
Aug. 27, 2015, 1:36 PM
May 1, 2012, 3:47 AM
Aussie oil producer Woodside Petroleum (WOPEY.PK) plans to sell a stake in its giant Browse natural gas project to Mitsui and Mitsubishi for $2B. The two Japanese firms will also work with Woodside to market LNG to the Asian market and to help Woodside raise money to finance the project. (PR)| May 1, 2012, 3:47 AM
Nov. 10, 2011, 2:14 PM
Chilean state copper producer Codelco says it has an option for 49% of Anglo American's (AAUKY.PK) Sur mining property, not just over the portion Anglo still holds after selling a 24.5% stake to Mitsubishi (MSBHY.PK), and will take legal measures to defend it. "We're not interested in how the other 51% is held... but Anglo can't sell our 49% to anyone," Codelco's Gerardo Jofre says.| Nov. 10, 2011, 2:14 PM
Nov. 10, 2011, 4:30 AM
Mitsubishi (MSBHY.PK) pays $5.39B for a 24.5% stake in Anglo American's (AAUKY.PK) Chilean copper unit. The deal is Japan's largest ever mining acquisition and will almost double Mitsubishi's copper output at time when global demand is expected to increase over 40% by 2020. (PR)| Nov. 10, 2011, 4:30 AM