Rio Tinto Limited
(ASX:RIO) will sell its Eagle project to Lundin Mining Corporation, subject to regulatory approval.
Rio Tinto says the deal is expected to close in the third quarter of this year and will net the group an estimated $US325 million.
The Eagle project is a high-grade underground nickel-copper mine and mill in the Upper Peninsula of Michigan in the US. Construction began on the project in June 2010 and is about 55 per cent complete.
Rio Tinto's chief financial officer Chris Lynch says the sale shows the group's renewed focus and discipline in capital allocation.
Mr Lynch says Rio is also making good progress on a number of other potential divestments as it seeks to raise substantial proceeds by selling non-core assets.
Rio Tinto posted a net loss of $2.9 billion in its 2012 financial year.
