Rio Tinto To Sell Hail Creek And Valeria Interests To Glencore For $1.7 Bln

(RTTNews) - Rio Tinto (RIO) announced that it has entered into a binding agreement with Glencore plc (GLEN.L) for the sale of its entire interests in the Hail Creek coal mine and the Valeria coal development project in Queensland, Australia, for $1.7 billion.

This sale includes Rio Tinto's 82.0% interest in the Hail Creek operating mine and its 71.2% interest in the Valeria project.

Rio Tinto expects to complete this deal in the second half of 2018 and to use the funds for general corporate purposes.

In addition, Rio Tinto stated that there is a separate process underway to sell its remaining Australian coal assets.