Rio Sells Majority Stake in Northparkes Copper Mine to China Molybdenum in $820 Million Deal

Reuters reported that Rio Tinto (NYSE:RIO) has sold a majority stake in their Australian Northparkes copper mine to China Molybdenum Co Ltd for $820 million.

As quoted in the Reuters report:

The purchase marks the biggest Chinese mining deal since China Guangdong Nuclear Power Corp won control of the Husab uranium project in Namibia for about $2.3 billion last year, as Beijing turned cautious on approving overseas acquisitions after splashing billions of dollars on iron ore projects in Australia that have yet to generate returns.

To view the whole Reuters report, click here.