Rio Tinto sells Australian coal mine for $2.3 billion

Anglo-Australian resources giant Rio Tinto has agreed to sell its majority holding in a coal mine in northeastern Australia for almost $2.3 billion to private equity manager EMR and Indonesian coal group Adaro. The huge divestment, equivalent to 1.8 billion euros, is part of the company's strategy of strengthening its portfolio and focusing on high returns.
"Rio Tinto has entered into a binding agreement with a consortium comprising EMR Capital and Adaro ... for the sale of its entire 80 per cent interest in the Kestrel underground coal mine in Queensland, Australia, for $2.25 billion," it said in a statement. The transaction, subject to regulatory approvals, is expected to complete in the second half of 2018.