Rio Tinto Sells Winchester South to Whitehaven Coal for $200 Million
March 22 2018 - 4:56AM
Dow Jones News
By Oliver Griffin
Rio Tinto PLC (RIO.LN) said on Thursday that it has sold its
entire 75% stake in the Winchester South coal development in
Queensland, Australia, to Whitehaven Coal Ltd. (WHC.AU) for $200
million.
The dual-listed mining company said Whitehaven Coal will pay
$150 million when the deal is completed and an unconditional
payment of $50 million a year later.
Rio Tinto said the deal represented the best option for the
development of the project while delivering value for the company
as it streamlines its portfolio.
Rio Tinto also said a separate process is taking place for the
sale of its interest in the Kestrel mine, its remaining Australian
coal asset.
Write to Oliver Griffin at oliver.griffin@dowjones.com
(END) Dow Jones Newswires
March 22, 2018 04:41 ET (08:41 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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