Rio Tinto sells Hail Creek to Glencore

Original article by Peter Ker
The Australian Financial Review – Page: 17 : 21-Mar-18

Glencore will acquire Rio Tinto’s 82 per cent stake in the Hail Creek coking coal mine and its stake in the Valeria coal project in Queensland. The $US1.7bn ($A2.2bn) deal follows Rio Tinto’s sale of its Hunter Valley coal assets in New South Wales to Yancoal Australia for $US2.69bn in 2017. The sale of the Queensland assets has prompted speculation that Rio Tinto could use the proceeds to return capital to shareholders, as it did after the Yancoal deal.

CORPORATES
RIO TINTO LIMITED – ASX RIO, GLENCORE PLC, YANCOAL AUSTRALIA LIMITED – ASX YAL, AUSTRALIAN FOUNDATION INVESTMENT COMPANY LIMITED – ASX AFI, NEW HOPE CORPORATION LIMITED – ASX NHC, COMMITTEE FOR ECONOMIC DEVELOPMENT OF AUSTRALIA, WHITEHAVEN COAL LIMITED – ASX WHC, EMR CAPITAL PTY LTD, ADARO ENERGY

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