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...
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