Rio Tinto sells Mozambique coal assets
Published by Jonathan Rowland,
Editor
World Coal,
Rio Tinto Coal Mozambique. Copyright © 2014 Rio Tinto.
Rio Tinto is to cut its losses and sell its Mozambique coal assets to a consortium of Indian buyers for US$50 million, the company said in a statement today. The world’s second largest miner originally bought the assets with the purchase of Riversdale Mining for US$3.7 billion in 2011.
Since then, the development of the Benga coal mine in Mozambique’s Tete Province has been hit by infrastructure constraints and a cut to recoverable reserves, resulting in a US$3 billion write down on the investment last year.
The assets will be bought by Indian Coal Ventures (ICVL), a joint-venture of state-owned Indian companies set up to buy coal mines and assets abroad to help meet India’s growing coal demand.
Written by Jonathan Rowland
Read the article online at: https://www.worldcoal.com/coal/30072014/world-coal-rio-tinto-sells-mozambique-coal-assets-coal1146/
You might also like
Innovating sanitation: New technologies transforming mining camp health
Mining sites are full of health and cleanliness hazards, which require camps to take more advanced precautions to preserve their workforce. From constructed wetlands to AI, plenty of disruptive technologies are changing the landscape.
