Rio Tinto (LSE:RIO) is selling two small coal assets in South Africa to Canadian firm Forbes & Manahattan Coal (TSX:FMC, JSE:FMC) for $53 million in an effort to shed its smaller operations. Forbes Coal said in a statement that it will acquire a 74 percent interest in the Zululand Anthracite Colliery, which produced anthracite, and another …
Rio Tinto (LSE:RIO) is selling two small coal assets in South Africa to Canadian firm Forbes & Manahattan Coal (TSX:FMC, JSE:FMC) for $53 million in an effort to shed its smaller operations.
Forbes Coal said in a statement that it will acquire a 74 percent interest in the Zululand Anthracite Colliery, which produced anthracite, and another 74 percent stake in the Riversdale Anthracite Colliery, an undeveloped mine. The remaining 26 percent stakes in the properties, located in the Kwa-Zulu Natal province, are owned by black economic empowerment partners.
The acquisition is expected to boost Forbes’ total production by 39 percent to 2.5 million tonnes a year. The company’s stock is up 6.15% today in mid-day trading.
Rio Tinto has also been scaling back its Australian coal operations as it struggles with low coal prices and a high Australian dollar.
The Anglo-Australian miner earlier this month announced job cuts across its coal mines in Queensland, and yesterday said it is reducing the workforce at its Australian Coal & Allied Industries unit.
MARKETS
COMMODITIES
Commodities | |||
---|---|---|---|
Gold | 1827.54 | 0.00 | |
Silver | 21.15 | 0.00 | |
Copper | 3.74 | 0.00 | |
Palladium | 1879.51 | 0.00 | |
Platinum | 911.26 | 0.00 | |
Oil | 107.06 | +2.79 | |
Heating Oil | 4.24 | +0.02 | |
Natural Gas | 6.17 | -0.07 |
DOWNLOAD FREE REPORTS
BROWSE COMPANIES BY SECTOR
- Agriculture Investing
- Phosphate Investing
- Potash Investing
- Base Metals Investing
- Copper Investing
- Iron Investing
- Lead Investing
- Nickel Investing
- Zinc Investing
- Battery Metals Investing
- Cobalt Investing
- Graphite Investing
- Lithium Investing
- Manganese Investing
- Vanadium Investing
- Critical Metals Investing
- Magnesium Investing
- Rare Earth Investing
- Scandium Investing
- Tantalum Investing
- Tellurium Investing
- Tungsten Investing
- Energy Investing
- Oil and Gas Investing
- Uranium Investing
- Gem Investing
- Diamond Investing
- Industrial Metals Investing
- Aluminum Investing
- Chromium Investing
- Coal Investing
- Molybdenum Investing
- Tin Investing
- Precious Metals Investing
- Gold Investing
- Palladium Investing
- Platinum Investing
- Silver Investing
- 3D Printing Investing
- Bitcoin Investing
- Blockchain Investing
- Cleantech Investing
- Cloud Investing
- Cryptocurrencies
- Data Investing
- Emerging Tech Investing
- Artificial Intelligence Investing
- Mobile Investing
- Robotics Investing
- Fintech Investing
- Gaming Investing
- Esports Investing
- Nanoscience Investing
- Graphene Investing
- Nanotech Investing
- Security Investing
Featured stocks
Investing News Network websites or approved third-party tools use cookies. Please refer to the cookie policy for collected data, privacy and GDPR compliance. By continuing to browse the site, you agree to our use of cookies.