Rio exits coal business with USD 4 billion of deals in a week

This Tuesday, miner Rio Tinto signed a deal to sell its 80 percent ownership stake in a coal mine to a consortium of equity funds for more than USD 2.2 billion.

Photo: PR-foto

Rio Tinto Group completed its exit from coal with a bang, agreeing to sell more than USD 4 billion of Australian mines in just a week.

The world's second-biggest miner on Tuesday agreed to sell its last coal mine, the Kestrel operation in Australia's Queensland state, for USD 2.25 billion to private equity firm EMR Capital and Indonesia's PT Adaro Energy. That follows announcements last week that Rio will offload coal assets to Glencore Plc for USD 1.7 billion in cash and sell an undeveloped project.

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