

(Posted on 16/04/18)
Rio Tinto has entered into a binding agreement with a consortium comprising private equity manager EMR Capital (EMR) and PT Adaro Energy Tbk (Adaro), an Indonesian listed coal company, for the sale of its entire 80 per cent interest in the Kestrel underground coal mine in Queensland, Australia, for $2.25 billion. Rio Tinto chief executive J-S Jacques said “The sale of Kestrel, together with the announced divestments of Hail Creek and our undeveloped coal projects, delivers exceptional value to our shareholders and will leave our portfolio stronger and more focused on delivering the highest returns through targeted allocation of capital.
“I would like to thank the many people at Rio Tinto and the communities where we operate, whose hard work and commitment has contributed to the success of the coal business over many years. I wish them continued success under new ownership.”
The transaction is subject to customary conditions precedent being satisfied, including the receipt of regulatory approvals from Australia’s Foreign Investment Review Board and the Queensland Government.
Subject to all regulatory approvals and other conditions precedent being satisfied, completion is expected to occur in the second half of 2018. It will bring the total amount achieved from the recent divestments of Rio Tinto’s Queensland coal assets to $4.15 billion, with the funds to be used for general corporate purposes.
A strategic collaboration between Icon Gulf Trading DMCC (part of the Dynamic Group) and GeoServe Energy... Read more
SSAB and Metal Solutions have entered a long-term partnership for the supply of decarbonized steel with... Read more
The National Grain and Feed Association (NGFA) in the USA has applauded Congress for including a slate... Read more
Fertilizers Europe’s have released their reaction to the European Commission announcement on the... Read more
Bunge Global SA has confirmed that it has completed the previously announced sale of its North America... Read more
Following the successful debt raising at the end of April 2025, SSAB has secured an additional EUR 430... Read more
Despite China’s dominant position in securing commodities across Africa, there are still many... Read more
Rio Tinto and Hancock Prospecting will invest $1.61 billion (Rio Tinto share $0.8 billion) to develop... Read more
SSAB has commenced preparatory work to build a new, state-of-the-art steel mill in Luleå, Sweden... Read more
Anglo American plc has streamlined its executive leadership team to reflect substantial progress with... Read more