Rio sells Kestrel coal mine for $2.25B to EMR Capital and Adaro Energy

Company News

by Anna Napoli

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

Anna Napoli

Finance News Network
Anna joined FNN February 2018 and also works with Channel 7 as a freelance producer. Anna has also worked as a lawyer and lecturer. She has also presented news updates for interstate news with Southern Cross Austereo.