Rio Tinto (ASX:RIO) has agreed to sell its 80 per cent stake in the Kestrel coal mine in Queensland to EMR Capital and Adaro Energy.
The sale is expected to be completed in the second half of 2018 and requires the approval of the Foreign Investment Review board and the Queensland government.
The deal comes hot on the heels of Rio’s sale of its Hail Creek and Valeria coal assets to Glencore for $1.7 billion last week.
The company says the two sales deliver excellent value to shareholders and will leave its portfolio stronger.
Shares in Rio Tinto (ASX:RIO) are trading 0.64 per cent lower at $71.69