Rio Tinto sells off remaining coal assets
(Posted on 02/08/18)
Rio Tinto has completed the sale of its remaining coal assets in Queensland, Australia, for $3.95 billion.
The transactions include the sale of Rio Tinto’s interests in the Hail Creek coal mine and Valeria coal development project to Glencore for $1.7 billion, and its interest in the Kestrel underground coal mine to a consortium comprising private equity manager EMR Capital and PT Adaro Energy Tbk for $2.25 billion.
Rio Tinto chief executive J-S Jacques said “The sale of our remaining Australian coal assets delivers exceptional value to our shareholders. Once again, I would like to thank the many people across Rio Tinto and the communities in which we operate who have contributed to the coal business. I wish them continued success under new ownership.”
To reflect the sale of these assets, 2018 production guidance is updated to 4.0 million tonnes of hard coking coal and 2.5 million tonnes of thermal coal.
Estimated tax payable on the transactions is in the order of $1 billion.
Cargill’s 2017/2018 Cargill Cocoa & Chocolate Sustainability Report highlights the work being... Read more
The Coalition of American Metal Manufacturers and Users (CAMMU), issued the following statement on the... Read more
RUSAL, one of the largest aluminium producers in the world, will plant 500 thousand trees in the Irkutsk... Read more
Zircon sand is not corrosive to metals when tested in accordance with the International Maritime Organization... Read more
Vale has reaffirmed that all preventive measures have been taken for any possible scenario in Barã... Read more
The World Coal Association (WCA) has reaffirmed its commitment to the UN Global Compact (UNGC) through... Read more
The following statement can be attributed to the CEO of Adani Mining, Lucas Dow:“We welcome the... Read more
TSSA General Secretary, Manuel Cortes, has written to the UK Government calling on Ministers to &ldquo... Read more
Rusal, a leading global aluminium producer, has obtained a license to develop the Goryachegorsk nepheline... Read more
The United States National Grain and Feed Association (NGFA) has commended the Trump administration... Read more