Rio Tinto Rakes In $820M For Majority Stake In Aussie Mine

Law360, New York (July 29, 2013, 1:19 PM EDT) -- Rio Tinto PLC will unload a majority interest in an Australian copper project to China Molybdenum Co. Ltd. in an $820 million deal amid a major cost-cutting push, the mining giant said Monday.

The sale wraps up long-running speculation that Rio Tinto was fielding bids for its 80 percent stake in the Northparkes mine. Insiders had expected bidders to put up about $800 million for the asset, put on the market as Rio Tinto sought to divest smaller-scale, noncore holdings in order to shore up its...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.