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 This restaurant has misunderstood the concept of 'cheese and biscuits'
- 2 Raif Badawi, the Saudi Arabian blogger sentenced to 1,000 lashes, may now face death penalty
- 3 Delhi bus rapist blames dead victim for attack because 'girls are responsible for rape'
- 4 PornHub turns masturbation into energy in bid to save the planet
- 5 Have sex with your iPad thanks to the new sex toy no-one asked for
Raif Badawi, the Saudi Arabian blogger sentenced to 1,000 lashes, may now face death penalty
Delhi bus rapist blames dead victim for attack because 'girls are responsible for rape'
PornHub turns masturbation into energy in bid to save the planet
Spiritual leader allegedly manipulated 400 men into removing testicles to be 'closer to God'
The 'sex selfie stick' lets you FaceTime the inside of a vagina
New theory could prove how life began and disprove God
This is what it's like to be dead, according to a guy who died for a bit
End of the licence fee: BBC to back radical overhaul of how it is funded
'Jihadi John': CAGE representative storms off Sky News accusing Kay Burley of Islamophobia
Ukip would cut billions from Scottish budget to fund English tax cuts
Nearly 100,000 of Britain's poorest children go hungry after parents' benefits are cut
iJobs Money & Business
£25000 - £30000 per annum + benefits: Ashdown Group: A global leader operating...
£15000 - £16000 per annum: Recruitment Genius: A Customer Service Advisor is r...
£22000 per annum + pension,bonus,career progression: Ashdown Group: An establi...
£40000 - £50000 per annum + pro rata: SThree: SThree Group have been well esta...