Rio Tinto Limited
(ASX:RIO) has sold its 57.7 per cent stake in South African copper producer Palabora Mining Company Limited for $US373 million.
The global miner says the business is no longer a natural fit within its portfolio and the sale reflects the company’s policy of reviewing its portfolio to generate value.
A consortium of South African and Chinese entities has purchased the stake. The sale is still subject to regulatory approvals in both countries which Rio Tinto expects will take between four to six months.
Separately Anglo American Plc (LON:AAL) has also announced it will sell its 16.8 per cent interest in Palabora for about $103 million.
Rio Tinto reported a net profit of almost $6 billion in the first half of the 2012 financial year.
