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Global mining giant Rio Tinto said on Wednesday it had completed the sale of its remaining Australian coal assets for a total value of $3.
95 billion
.
In March, Rio Tinto agreed to sell its 82 percent stake in the Hail Creek coal mine and 71 percent stake in the Valeria coal project to FTSE 100 peer Glencore PLC for $1.
7 billion
.
Then in late March, it sold its 80% stake in the Kestrel coal mine to private equity firm EMR Capital and Indonesian coal company PT Adaro Energy Tbk
for $2.
25 billion.
All coal mines are in Queensland
.
"The sale of our remaining Australian coal assets brings exceptional value to our shareholders," said Jean-Sebastian Jacques, Rio Tinto's Chief Executive Officer, "and I would like once again to thank our colleagues at Rio Tinto and the communities
in which we operate that contribute to the coal business.
" I wish them continued success
under their new ownership.
”
Rio Tinto expects to pay about $1 billion in taxes
on the transaction.
The company also reduced its 2018 production guidance to 4 million mt of hard coking coal and 2.
5 million mt of thermal coal
.
Global mining giant Rio Tinto said on Wednesday it had completed the sale of its remaining Australian coal assets for a total value of $3.
95 billion
.
In March, Rio Tinto agreed to sell its 82 percent stake in the Hail Creek coal mine and 71 percent stake in the Valeria coal project to FTSE 100 peer Glencore PLC for $1.
7 billion
.
Then in late March, it sold its 80% stake in the Kestrel coal mine to private equity firm EMR Capital and Indonesian coal company PT Adaro Energy Tbk
for $2.
25 billion.
All coal mines are in Queensland
.
"The sale of our remaining Australian coal assets brings exceptional value to our shareholders," said Jean-Sebastian Jacques, Rio Tinto's Chief Executive Officer, "and I would like once again to thank our colleagues at Rio Tinto and the communities
in which we operate that contribute to the coal business.
" I wish them continued success
under their new ownership.
”
Rio Tinto expects to pay about $1 billion in taxes
on the transaction.
The company also reduced its 2018 production guidance to 4 million mt of hard coking coal and 2.
5 million mt of thermal coal
.
