Deals
Rio Tinto Nears Exit From Coal With $2.45 Billion China Deal
- Chinese-controlled firm to be top pure-play Australian miner
- Deal leaves Rio Tinto with two metallurgical coal mines
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Rio Tinto Group moved closer to an exit from thermal coal after the world’s second-biggest miner agreed to sell most of its mines to a company controlled by China’s Yanzhou Coal Mining Co. for $2.45 billion. Shares in both companies rose Wednesday.
The sale, which includes Rio’s biggest Australian coal operation in the Hunter Valley region, leaves the company with only two producing coal mines in the country that was once the cornerstone of its energy business.