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Rio Tinto completes sale of Coal Mozambique

World Coal,

Rio Tinto has announced the completion of the sale of Rio Tinto Coal Mozambique to International Coal Ventures Private Ltd, following the fulfillment of all precedent conditions and receipt of the necessary regulatory approvals.

The sale was first announced on 30 July 2014, and comprises of the Benga Mine and other coal projects in the Teta province. Rio Tinto assets elsewhere in the country remain unaffected by the transaction.

The company made significant losses on its Mozambique assets – selling them for US$ 50 million after initially purchasing them for US$ 3.7 billion in 2011.

Written by Sam Dodson

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