Cleveland Cascades LtdTMS Tanker Conference 2018Port of StocktonTelestackOvetSailors Society
  • TMS Awards 2016 winners
  • TMS Tanker Conference 2018
  • Stemm
  • Cimbria Bulk Equipment A/S
  • TBA - Software Solutions & Services for ports, terminals & warehouses
  • Port of Stockton

Rio sells its Kestrel coal mine

(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.

Latest News

WCA welcomes Chinese partner

(Posted on 16/04/18)

The World Cement Association announced that China United Cement Corporation (CUCC) has joined as a Corporate... Read more


US Coal exports up

(Posted on 16/04/18)

US coal exports totalled 8.18 million mt in February, up 2.9% from January and up 30.6% from the year... Read more


Industry Association Review

(Posted on 16/04/18)

Following the Industry Association Review, published on 19 December 2017, BHP has announced its determination... Read more


Alex Stewart International Spain expands

(Posted on 30/03/18)

Alex Stewart International Spain is to extend and develop its laboratory. Eduardo Hurtado, Managing... Read more


Cargill to sell grain and crop inputs assets in Ontario

(Posted on 30/03/18)

Cargill has announced it has reached an agreement on the sale of Cargill’s grain and crop inputs... Read more


Tata’s Noamundi iron mine accorded Five Star rating

(Posted on 30/03/18)

The Noamundi Iron Mine (NIM) of Tata Steel has been accorded the ‘Five Star rating’ for... Read more


TBA - Software Solutions & Services for ports, terminals & warehousesVigan Engineering S.ABühler GmbHTMS Awards 2016 winnersCimbria Bulk Equipment A/SMultimodal 2018
  • Cleveland Cascades Ltd
  • Docksolid
  • TOC Events
  • The Maritime Standards Awards 2018