China Molybdenum to Pay $820 Million for Rio Copper Mine

China Molybdenum Co., the nation’s second-biggest producer of the steelmaking material, agreed to pay $820 million for Rio Tinto Group’s Northparkes mine to gain its first overseas copper asset.

The sale should be completed by the end of the year, Rio said today in a statement. London-based Rio owns 80 percent of the mine with the balance held by Sumitomo Metal Mining Co. and Sumitomo Corp., which have the right to match the offer.