Mining giant Rio Tinto (ASX, LON:RIO) has agreed to sell its 75% stake in a Queensland project to Australia's Whitehaven Coal (ASX: WHC) in a deal worth $200 million.
The sale would be the second one this week, and in line with Rio’s strategic decision to exit coal to focus on iron ore, copper and aluminum.
The company noted it was in the process of offloading its remaining Australian coal asset – a stake in the Kestrel underground mine.
"We believe this agreement for the sale of Winchester South represents the best option for the future development of the project while delivering attractive value for Rio Tinto," chief executive Jean-Sebastien Jacques said in the statement.
More to come…
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