Rio to sell South Africa project
Sunday 11 July 2010
Rio Tinto is selling its Chapudi coal exploration assets in South Africa for up to $75m (£50m).
The FTSE 100 mining giant has invited bids for the project with a preferred buyer in place, though a source close to Rio insisted that a sale was "one of the opportunities being pursued".
Rio is looking to sell as this is a small asset relative to the company's size and it is likely to be used in the domestic market rather than globally.
Tom Albanese, Rio's chief executive, recently visited South Africa to demonstrate the company's commitment to developing projects in the region. As well as existing joint ventures, the company is looking to develop more mining deposits in the country.
The Chapudi deposit was discovered as part of Rio's exploration of the Limpopo coal basin, which has been undertaken with domestic partner Kwezi Mining.
Rio shares closed at 3172.5p on Friday, up 3.22 per cent on the start of the day's trading. This values the company at nearly £50bn.
- 1 'Women should not laugh in public,' says Turkey's Deputy Prime Minister in morality speech
- 2 The secret report that helps Israel hide facts
- 3 Is Ebola coming to Britain? UK health officials issue warning to doctors as outbreak fears grow
- 4 Richard Dawkins says 'date rape is bad, stranger rape is worse' on Twitter
- 5 Danish TV reporter is all business up top, all party down below
The secret report that helps Israel hide facts
A day in the life of Vladimir Putin: The dictator in his labyrinth
Woman and two children killed by mob in riots over 'blasphemous' Facebook post in Pakistan
Putin is 'thuggish, dishonest and reckless', says British ambassador to US
Boozy, ignorant, intolerant, but very polite – Britain as others see us
A new Russian revolution: The cracks are starting to appear in Putin’s Kremlin power bloc
- < Previous
- Next >
iJobs Money & Business
£350 - £400 per annum + competitive: Orgtel: Project Manager (specializing in ...
£25000 per annum + OTE £40,000: SThree: Orgtel are seeking Graduate Trainee Re...
£45000 per annum + Benefits: Ashdown Group: ** HR Business Partner - Senior H...
£28000 - £32000 per annum + Benefits: Ashdown Group: PA / Team Secretary - Mat...