Rio Tinto to Sell Coal & Allied
January 24 2017 - 4:49AM
Dow Jones News
By Ian Walker
LONDON--Rio Tinto PLC (RIO.LN) Tuesday said it has agreed to
sell Coal & Allied Industries Ltd. to Yancoal Australia Ltd.
(YAL.AU) for up to $2.45 billion, as part of the miner's strategy
to reshape its portfolio.
Rio Tinto will get an initial payment of $1.95 billion upon
completion and a further $500 million in equal installments over
the next five years, it said.
The company will also be entitled to potential royalties linked
to coal price, once the sale of Coal & Allied has
completed.
The disposal is subject to a number of conditions being
satisfied, including approvals from the Australian Government,
Chinese regulatory agencies and the NSW Government.
It is expected to complete in the second half of this year.
Write to Ian Walker at ian.walker@wsj.com
(END) Dow Jones Newswires
January 24, 2017 04:34 ET (09:34 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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