Original article by Eli Greenblat
The Australian – Page: 17 & 26 : 29-Mar-18
Rio Tinto has completed its exit from the coal sector with the sale of its 80 per cent stake in the Kestrel coking coal mine in Queensland for $US2.5bn ($A3.2bn). The stake was sold to a consortium of EMR Capital and Indonesia-based Adaro Energy, and follows the recent sale of Rio Tinto’s Hail Creek and Valeria coal projects. EMR Capital CEO Jason Cheng is upbeat about the outlook for coking coal, arguing that demand will remain strong as there is no alternative to it for the steel industry.
RIO TINTO LIMITED – ASX RIO, EMR CAPITAL PTY LTD, PT ADARO INDONESIA, SOUTH32 LIMITED – ASX S32, GLENCORE PLC