Rio Tinto Sends $1B Aussie Mine Stake To Glencore, Sumitomo

Law360, New York (October 25, 2013, 11:23 AM EDT) -- Debt-laden Rio Tinto PLC finally found a buyer for its stake in an Australian coal mine, saying Friday that it would pass the asset to a joint venture between Glencore Xstrata PLC and Sumitomo Corp. in exchange for a payment of more than $1 billion.

The transaction comes more than three months after Rio Tinto put its 50.1 percent stake in the Clermont thermal coal mine up for sale. Sluggish demand for the commodity and price drops brought on by Chinese producers had threatened the company's...
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