Rio Tinto Limited (ASX:RIO) has abandoned its Mozambique coal assets which it acquired as part of its $4 billion acquisition of Riversdale Mining in 2011.
Three years later the global mining giant has sold the coal assets for just $US50 million to International Coal Ventures Private Limited (ICVL).
The assets include Rio Tinto Coal Mozambique, which comprises the Benga coal mine and other projects in the Tete province of Mozambique.
While the sale is conditional on approvals Rio Tinto expects to tie up the deal in the third quarter of this year.
Rio Tinto has advised its other assets in the country are unaffected by this transaction.
Rio Tinto swung from an annual loss to a profit of $1.2 billion in the 2013 calendar year.
