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
American Feed Industry commends vital supply chain legislation
(Posted on 23/04/24)The American Feed Industry Association (AFIA) has commended Representatives Ashley Hinson, R-Iowa-02... Read more
NGFA says NASS reports are critical to agribusiness operations
(Posted on 23/04/24)In a letter to U.S. Agriculture Secretary Tom Vilsack, the National Grain and Feed Association (NGFA... Read more
Bauxite and aluminium businesses deliver stable Rio Tinto results
(Posted on 18/04/24)Bauxite production of 13.4 million tonnes was 11% higher than the first quarter of 2023 for Rio Tinto... Read more
Rio Tinto spends more than A$16.1 billion with Australian suppliers
(Posted on 15/04/24)Rio Tinto increased its spend with suppliers and local businesses in Australia to more than A$16.1 billion... Read more
Cargill increases its renewable energy capacity by more than 40%
(Posted on 15/04/24)Cargill has reported increasing its contracted renewable energy capacity by 42% after signing five new... Read more
Agreement to set up KEZAD steel recycling and production facility
(Posted on 29/03/24)The UAE’s largest operator of integrated and purpose-built economic zones, Khalifa Economic Zones... Read more
Senate legislation includes phosphate and potash as critical minerals
(Posted on 25/03/24)The Fertilizer Institute (TFI) has praised the U.S. Senate for introducing bipartisan legislation to... Read more
Agribusiness expert’s legacy and optimism for GrainCorp’s future
(Posted on 18/03/24)Farmer, Company Director and long-standing member of the GrainCorp Board of Directors, Dan Mangelsdorf... Read more
Research offers Rotterdam guidelines for raw material transition
(Posted on 15/03/24)Different product processes, non-fossil raw materials and rare materials are crucial for a CO2-neutral... Read more
Bunge Chevron Ag Renewables to build Louisiana processing plant
(Posted on 10/03/24)Bunge and Chevron have announced approval of a final investment decision for their joint venture Bunge... Read more
