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Rio Exits Coal Business With $4 Billion of Deals in a Week

  • Miner agrees to sell Kestrel mine to EMR, PT Adaro Energy
  • Sale leaves Rio ‘leaner and greener,’ UBS Group analyst says
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Bloomberg’s Paul Allen reports on Rio Tinto Group’s decision to exit from coal.(Source: Bloomberg)
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Rio Tinto Group completed its exit from coal with a bang, agreeing to sell more than $4 billion of Australian mines in just a week.

The world’s second-biggest miner on Tuesday agreed to sell its last coal mine, the Kestrel operation in Australia’s Queensland state, for $2.25 billion to private equity firm EMR Capital and Indonesia’s PT Adaro Energy. That follows announcements last week that Rio will offload coal assets to Glencore Plc for $1.7 billion in cash and sell an undeveloped project.