Rio sells Clermont stake to Glencore
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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.
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