Rio to sell Brazilian iron ore mine

News was prepared under the information support of Online Daily Newspaper on Hellenic and international Shipping "Hellenic Shipping News".

31 Jan 2009

Rio Tinto Ltd has agreed to sell its undeveloped potash assets and Corumba iron ore mine in Brazil for $1.6 billion in cash to Brazilian miner Vale. The global miner says no approvals are require for the sale of the undeveloped potash assets which largely comprise the Potasio Rio Colorado (PRC) potash project in Argentina. The sale of its Corumba iron ore mine in Brazil and associated river logistics operations in Paraguay require regulatory approvals.
Rio Tinto chief financial officer Guy Elliott said the sale demonstrated the depth and quality of the company's asset portfolio and ability to unlock value despite tough credit markets and economic conditions.
"This is a very positive step towards meeting our commitment to reduce debt by $US10 billion ($A15.34 billion) in 2009," he said.

Source: AAP