Rio Tinto not actively trying to shift coal assets

Speculation has mounted that mining giant Rio Tinto is set to sell off its non-core assets, including coal operations in Mozambique, South Africa and Australia, as the company looks to realign itself with industry trends. However, chief executive of Rio Tinto, Sam Walsh, has denied any firm plans to sell these assets, despite adding a caveat that the company was open to “attractive” offers.

"If somebody comes along with a large chequebook and makes an attractive offer, of course we'll consider that, no matter what the commodity is, but we are not out in the market seeking for people to buy our assets," Walsh told reporters.

"We have no need to divest any assets during 2014; we are focusing on the final work to get our balance sheet back in strength," he added.

In December 2013, Rio Tinto announced the sale of its 50.1% stake in the Clermont coal mine joint venture for US$ 1.015 billion. The sale is expected to be completed in October this year. 

Written by Sam Dodson

Read the article online at: https://www.worldcoal.com/coal/19052014/rio_tinto_will_not_look_to_sell_coal_assets_860/