Rio Tinto completes sale of Bengalla Joint Venture for $616.7 million
Rio Tinto has completed the sale of its 40 percent interest in the Bengalla coal Joint Venture in Australia to New Hope Corporation Limited for $616.7 million.
According to the mining company, a change to the ownership structure of Coal & Allied completed on February 3, 2016 helped enable this transaction. Rio Tinto has now announced or completed $4.7 billion of divestments since January 2013.
• Related: Rio Tinto delivers underlying earnings of $4.5 billion, maintains 2015 full year dividend
As a 100 percent owner of Coal & Allied, Rio Tinto: receives all consideration associated with the sale of Rio Tinto’s interest in the Bengalla Joint Venture; holds a 67.6 percent interest with management rights in the Hunter Valley Operations mine; holds interests of 80 percent and 55.6 percent respectively, with management rights, in the integrated Mount Thorley and Warkworth operations; and currently holds 100 percent interest in the Mount Pleasant project.
On January 27 2016, Rio Tinto announced it had reached a binding agreement for the sale of Mount Pleasant to MACH Energy Australia for $224 million plus royalties. The sale is expected to close in the second half of 2016.
Mitsubishi Development has moved from holding a 20 percent stake in Coal & Allied to holding a direct 32.4 percent stake in the Hunter Valley Operations mine.
Stay connected! Follow us on Twitter and like us on Facebook
Featured Articles
A fleet of Huaneng Ruichi autonomous electric mining trucks have been deployed in China, supported by Huawei's Cloud Services and 5G-Advanced network
Rio Tinto completed its US$6.7bn acquisition of Arcadium Lithium, making it a key company in raw materials mining for batteries in the energy transition
Intel first began to work towards responsibly sourced conflict minerals from the Democratic Republic of Congo and adjoining countries about 12 years