Ravensworth and Narama Coal Interests
LONDON--(BUSINESS WIRE)--Dec. 20, 2001--Rio Tinto (NYSE:RTP).Rio
Tinto's 73 per cent owned Coal & Allied Industries Limited has reached
agreement to sell the Ravensworth/ Narama thermal coal complex to ENEX
Resources Limited, a wholly owned subsidiary of Glencore International
AG, for $US64 million in cash.
The Ravensworth/Narama complex, located in the Hunter Valley in
New South Wales, includes the Ravensworth East operation, Ravensworth
West mining tenements, and Coal & Allied's 50% share of the Narama
operation. ENEX Resources will also purchase land owned by Coal &
Allied overlying the Ravensworth West mining tenements.
The sale is subject to a number of conditions including regulatory
approvals and customer consent to the transfer of coal supply
Coal & Allied acquired these assets in January 2001 as part of its
acquisition of the Peabody Group's Australian coal assets.
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