Green light for Corumbá mine sale
- Publishing Date
- 14 Sep 2009 12:50pm GMT
- Author
- Mining Magazine
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Rio Tinto has received approval from the Brazilian National Defence Council on the pending sale of its Corumbá iron ore mine in Brazil to Vale S.A. The acquisition is expected to close shortly with the transaction valued at US$750 million.
On January 30, 2009 Rio Tinto announced it had reached an agreement with Vale to sell its Corumbá iron ore mine and the associated river logistics operations in Paraguay, and the Potasio Rio Colorado potash project in Argentina and the Regina exploration assets in Canada for US$1.6 billion. The potash transaction closed on February 5, for a cash consideration of US$850 million.
Over the last 18 months, Rio Tinto has announced asset sales of US$6.6 billion. Other transactions announced in 2009 comprise the Group’s interest in the Ningxia aluminium smelter in China for US$125 million and the Jacobs Ranch coal mine in the US for US$761 million.
During 2008, the company also announced divestments comprising the Greens Creek mine in Alaska for US$750 million, its interest in the Cortez operation in Nevada for US$1.695 billion and the Kintyre uranium project in Western Australia for US$495 million.
On January 30, 2009 Rio Tinto announced it had reached an agreement with Vale to sell its Corumbá iron ore mine and the associated river logistics operations in Paraguay, and the Potasio Rio Colorado potash project in Argentina and the Regina exploration assets in Canada for US$1.6 billion. The potash transaction closed on February 5, for a cash consideration of US$850 million.
Over the last 18 months, Rio Tinto has announced asset sales of US$6.6 billion. Other transactions announced in 2009 comprise the Group’s interest in the Ningxia aluminium smelter in China for US$125 million and the Jacobs Ranch coal mine in the US for US$761 million.
During 2008, the company also announced divestments comprising the Greens Creek mine in Alaska for US$750 million, its interest in the Cortez operation in Nevada for US$1.695 billion and the Kintyre uranium project in Western Australia for US$495 million.
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