Rio Tinto completes sale of remaining coal assets

RNS Number : 4323W

Rio Tinto PLC

01 August 2018

 

Rio Tinto completes sale of remaining coal assets

1 August 2018

Rio Tinto has completed the sale of its remaining coal assets in Queensland, Australia, for $3.95 billion.

The transactions include the sale of Rio Tinto's interests in the Hail Creek coal mine and Valeria coal development project to Glencore for $1.7 billion, and its interest in the Kestrel underground coal mine to a consortium comprising private equity manager EMR Capital and PT Adaro Energy Tbk for $2.25 billion.

Rio Tinto chief executive J-S Jacques said "The sale of our remaining Australian coal assets delivers exceptional value to our shareholders. Once again, I would like to thank the many people across Rio Tinto and the communities in which we operate who have contributed to the coal business. I wish them continued success under new ownership."

2018 guidance and tax

To reflect the sale of these assets, 2018 production guidance is updated to 4.0 million tonnes of hard coking coal and 2.5 million tonnes of thermal coal.

Estimated tax payable on the transactions is in the order of $1 billion.

Contacts

[e-mail] 

riotinto.com  

  Follow @RioTinto on Twitter

Media Relations, United Kingdom Illtud Harri T [phone] M [phone] David Outhwaite T [phone] M [phone]	Media Relations, Australia Jonathan Rose T [phone] M [phone] Media Relations, Canada Matthew Klar T [phone]
Investor Relations, United Kingdom John Smelt T [phone] M [phone] David Ovington T [phone] M [phone] Nick Parkinson T [phone] M [phone]	Investor Relations, Australia Natalie Worley T [phone] M [phone] Rachel Storrs T [phone] M [phone]
Rio Tinto plc 6 St James's Square London SW1Y 4AD United Kingdom T [phone] Registered in England No. 719885	Rio Tinto Limited Level 7, 360 Collins Street Melbourne 3000 Australia T [phone] Registered in Australia ABN 96 004 458 404

 

END

 

 

DISUGUWURUPRUQG