Oct. 25, 2013, 5:29 AM
- Rio Tinto (RIO) is reportedly in advanced negotiations to sell its 50.1% holding in a coal mine in Australia to Glencore Xstrata (GLCNF; GLNCY) and Japan's Sumitomo (SSUMY; SSUMF) for around $1B.
- Glencore Xstrata and Sumitomo would each buy half of Rio's stake in the Clermont mine in the state of Queensland. The deal could be signed today.
- The sale is part of Rio's strategy of divesting assets as it looks to cut debt that reached almost $19B last year.
- Update: The sale is confirmed for $1.015B.
Jul. 4, 2011, 5:15 AMPeabody (BTU) and two consortia are the preliminary winners to develop the Tavan Tolgoi coal deposit in Mongolia, a source says. If finalized, Peabody and 11 other firms would get access to the world's biggest untapped coking coal deposit, with the west Tsanki block holding an estimated 1.2B tons of reserves. | 6 Comments
There are no StockTalks on this stock yet.
SSUMF vs. ETF Alternatives
With its global network and based on trust from companies in various industries and from consumers, Sumitomo Corporation engages in multifaceted business activities by making the most of its Integrated Corporate Strength. These business activities include sales of a variety of products and... More
Other News & PR