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Rio Tinto recently announced it has reached a binding agreement for the sale of its 80% interest in Northparkes to China Molybdenum Co. Ltd. (CMOC) for $820 million. The transaction is expected to close by the end of 2013.
“The sale of Northparkes represents great value for our shareholders and demonstrates our continued focus and discipline in the way we allocate capital across the group,” said Chris Lynch, chief financial officer. “Northparkes is a successful business but is not of sufficient size to be a good fit with our strategy. We believe it will have a strong future under its new ownership. Rio Tinto will continue to manage Northparkes to the highest safety and environmental standards during the transition to the new owner.”
The sale is subject to Rio Tinto’s joint venture partners, Sumitomo Metal Mining and Sumitomo Corp. Mineral Resources, waiving or failing to exercise their pre-emption rights under the terms of the Northparkes Joint Venture Agreement.
For additional information, visit www.riotinto.com.