Mining giant Rio Tinto (ASX, LON:RIO) has agreed to sell its Kestrel coal mine in Australia to private equity manager EMR Capital and Indonesian coal company Adaro Energy , in a deal worth $2.5 billion.
The transaction makes of Rio Tinto the first major miner to exit the coal industry, and comes only a week after it announced the $1.7 billion-sale of its Hail Creek Mine, also in Australia, to Glencore, as well as an undeveloped project in Queensland to Whitehaven Coal for $200m.
The company said it expected the deal to be completed in the second half of 2018.
More to come…
The post Rio Tinto fully out of coal sector with $2.5bn Kestrel mine sale appeared first on MINING.com.
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