https://www.engineeringnews.co.za

Rio Tinto wraps up $617m coal sale to New Hope

1st March 2016

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

Font size: - +

PERTH (miningweekly.com) – Mining major Rio Tinto on Tuesday completed the divestment of its 40% interest in the Bengalla coal joint venture, in New South Wales, to ASX-listed New Hope Corporation.

With the $616.7-million transaction completed, Rio’s divestment since the start of 2013 had reached $4.7-billion.

Bengalla was the smallest of three coal mines in the Hunter Valley in which Rio held an interest. The mine produced about 8.6-million tonnes in 2014, of which Rio’s share equalled 3.4-million tonnes.

The mine’s development consent allowed for production to increase to about 12-million tonnes a year.

Rio reported that a change in the ownership structure of subsidiary Coal & Allied, completed in February this year, had assisted in the completion of the Bengalla sale.

Following the sale of the Bengalla operation, Rio maintained a 67.6% interest in the other Hunter Valley operations, with 80% and 55.6% respective holdings in the Mount Thorley and Warkworth operations.

Rio also fully owned the Mount Pleasant project, which it would sell to Mach Energy Australia for $224-million plus royalties. The sale of the Mount Pleasant asset was expected to close in the second half of 2016.

Edited by Mariaan Webb
Creamer Media Contract Publishing Editor

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Axiom Hydraulics
Axiom Hydraulics

Axiom Hydraulics is a trusted leader in South Africa’s hydraulic industry, delivering world-class components, systems, and engineering expertise...

VISIT SHOWROOM 
MBE Minerals SA (Pty) Ltd
MBE Minerals SA (Pty) Ltd

Your global lifecycle technology & service partner for materials & minerals processing equipment for coal, iron ore, copper, manganese & other...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







301

sq:0.049 1.206s - 140pq - 2rq
Subscribe Now