Rio sells Clermont stake to Glencore

Rio Tinto is poised to sell its share of the Clermont mine.

Rio Tinto is understood to have agreed to sell its stake in the Clermont thermal coal mine in Queensland to fellow mining giant Glencore-Xstrata.

The deal, expected to be announced today, comes after reports earlier this month that Adani, Dutch trader Trafigura and New Hope all put in failed bids of around $850 million for Clermont, which produces about 12 million tonnes of coal a year.

The sale of Rio’s 50.1 per cent Clermont was conducted by Deutsche Bank alongside an attempt to sell down Rio’s 89 per cent stake in the Coal & Allied thermal coalmines in NSW to 50 per cent.

- The Australian 

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