No quick return from coal sale

Original article by Richard Gluyas, Matt Chambers
The Australian – Page: 20 : 22-Mar-18

Citigroup expects Rio Tinto to return the bulk of the proceeds from the sale of the Hail Creek coal to shareholders, after paying about $A300m in taxes on the $US1.7bn ($A2.2bn) deal. However, Rio Tinto CEO Jean-Sebastien Jacques says the resources group is unlikely to return capital to investors before the release of its full-year report in February 2019. He stresses that Rio Tinto is divesting its coal assets because commodities such as iron ore and aluminium offer better growth options.

CORPORATES
RIO TINTO LIMITED – ASX RIO, CITIGROUP PTY LTD, UBS HOLDINGS PTY LTD, PACIFIC ALUMINIUM PTY LTD

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