Rio Tinto Sells 80% Stake in Kestrel Mine for $2.25 Billion
27 Mars 2018 - 4:10PM
Dow Jones News
By Oliver Griffin
Shares in Rio Tinto PLC (RIO.LN) rose on Tuesday after the
company said that it has sold its entire stake in the Kestrel coal
mine in Queensland, Australia, for $2.25 billion.
The dual-listed mining company said it sold all of its 80% stake
in the Kestrel mine to a consortium comprising of private equity
manager EMR Capital and Indonesian coal company Adaro Energy
(ADRO.JK).
In 2017 the Kestrel mine generated earnings before interest,
taxes, depreciation and amortization of $341 million, and pretax
profit of $258 million, Rio Tinto said.
The sale of the Kestrel mine takes Rio Tinto's total divested
assets in Queensland, Australia, to $4.15 billion. On March 20, the
mining company announced that it sold its Hail Creek mine and
adjacent coal resources to Glencore PLC (GLEN.LN) for $1.7 billion.
It said on March 22 that it sold its Winchester South coal
development to Whitehaven Coal Ltd. (WHC.AU) for $200 million.
Rio Tinto said that the funds generated by the asset sales will
be used for corporate purposes. The company said it forecasts a tax
charge of $500 million in Australia, depending on the final
proceeds, which will take working capital adjustments into
account.
Rio Tinto shares at 1337 GMT were up 3.0%, or 108.00 pence, at
3,644.00 pence.
Write to Oliver Griffin at oliver.griffin@dowjones.com
(END) Dow Jones Newswires
March 27, 2018 09:55 ET (13:55 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
PT Adaro Energy Indonesi... (PK) (USOTC:ADOOY)
Graphique Historique de l'Action
De Juin 2024 à Juil 2024
PT Adaro Energy Indonesi... (PK) (USOTC:ADOOY)
Graphique Historique de l'Action
De Juil 2023 à Juil 2024
Real-Time news about PT Adaro Energy Indonesia TBK (PK) (OTCMarkets): 0 recent articles
Plus d'articles sur Adaro Energy Pt (PC)