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Australia Investing
Rio Tinto Sells Remaining Coal Assets
Aug. 01, 2018 12:10PM PST
Rio Tinto is an international company that specializes in exploring and producing aluminum, copper, diamonds and iron.
Rio Tinto (LSE:RIO) has completed the sale of its remaining coal assets in Queensland, Australia, for AU$3.95 billion.
Rio Tinto is an international company that specializes in exploring and producing aluminum, copper, diamonds and iron.
As quoted from the press release:
The transactions include the sale of Rio Tinto’s interests in the Hail Creek coal mine and Valeria coal development project to Glencore (ASX:GLEN) for AU$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 AU$2.25 billion.
“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,” said J-S Jacques Rio Tinto’s chief executive.
2018 guidance and tax
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 AU$1 billion.
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