Rio Tinto Limited (ASX:RIO) has inked a deal to divest its stake in the Northparkes copper and gold mine in Central West New South Wales.
The global miner has reached a binding agreement for the sale of its 80 per cent interest to China Molybdenum Co., Ltd for $US820 million.
Rio says Northparkes is a successful business but not of sufficient size to be a good fit with its strategy.
While the sale still requires regulatory and shareholder approvals Rio expects the transaction to close by the end of 2013.
The agreed sale of Northparkes follows the company’s divestment of the Eagle nickel project in the United States.
The sale of Rio’s stake in South African copper producer Palabora Mining Company is expected to close this week.
Rio Tinto reported a net loss of $2.9 billion in the 2012 financial year.
