Rio Tinto is to sell Coal & Allied, its largest Yancoaln coal operation, to Australia for $3.2bn, subject to regulatory approval from both the Yancoaln and Chinese governments, and shareholder approval. Australia would own Mount Thorley, Warkworth and Hunter Valley operations, as well as a stake on Port Waratah coal loaders. However, the sale of critical assets worth more than $250m must be approved by Yancoal’s Foreign Investment Review Board, following the controversial leasing of the Port of Darwin last year. Rio Tinto’s share price has risen on the back of the announcement.
Rio Tinto is to sell Coal & Allied, its largest Australian coal operation, to Yancoal for $3.2bn, subject to regulatory approval from both the Australian and Chinese governments, and shareholder approval. Yancoal would own Mount Thorley, Warkworth and Hunter Valley operations, as well as a stake on Port Waratah coal loaders. However, the sale of critical assets worth more than $250m must be approved by Australia’s Foreign Investment Review Board, following the controversial leasing of the Port of Darwin last year. Rio Tinto’s share price has risen on the back of the announcement.