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.
Latest News
IFA and Proba launch global programme for GHG emissions reduction
(Posted on 14/10/24)The International Fertilizer Association (IFA) is partnering with supply chain decarbonization startup... Read more
Export Exchange 2024 wraps up as trade teams head across the USA
(Posted on 14/10/24)Export Exchange 2024, sponsored by the U.S. Grains Council (USGC), Growth Energy and the Renewable Fuels... Read more
MPA welcomes UK Government’s commitment to fund CCUS
(Posted on 08/10/24)The Mineral Products Association (MPA) has welcomed the Government’s pledge to fund the launch... Read more
Glencore’s Stephen Rowland elected Chair of ICA’s Board
(Posted on 08/10/24)The Board of Directors of the International Copper Association (ICA) has elected Stephen Rowland, Glencore... Read more
NGFA highlights ‘trifecta of transportation trouble’ for US agriculture
(Posted on 01/10/24)Potential disruptions to the nation’s shipping infrastructure could have a devastating effect... Read more
ADM adds non-GM capabilities in Hungary
(Posted on 01/10/24)ADM has announced that it has reached an agreement to acquire Vandamme Hungaria Kft and its related... Read more
Richard Holtum to become Trafigura CEO from 1 January 2025
(Posted on 25/09/24)Trafigura Group Pte Ltd has announced that Richard Holtum will become Chief Executive Officer (CEO)... Read more
Financial community visit Rio Tinto North American operations
(Posted on 25/09/24)Rio Tinto is hosting a site visit for the financial community this week to its Aluminium and Iron &... Read more
NGFA testifies on opportunities for growth in freight rail
(Posted on 19/09/24)The President and CEO of the National Grain and Feed Association (NGFA), Mike Seyfert, has testified... Read more
Jiri Zrust appointed Trafigura Global Head of Operational Assets
(Posted on 19/09/24)Trafigura has announced the appointment of Jiri Zrust to the newly-created role of Global Head of Operational... Read more
