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Rio Tinto says Vale iron ore mine sale approved

Rio Tinto says Vale iron ore mine sale approved
AFP
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First Published: Mon, Sep 14 2009. 01 14 PM IST
Updated: Mon, Sep 14 2009. 01 14 PM IST
Sydney: Anglo-Australian miner Rio Tinto on Monday said the $750 million sale of an iron ore mine to Brazilian giant Vale had won official approval and would go ahead shortly.
Rio said Brazil’s National Defence Council had given the go-ahead to the Corumba mine sale, which follows an $850 million deal to sell Vale potash projects in Argentina and Canada.
“The acquisition is expected to close shortly,” Rio said in a statement, referring to the iron ore mine.
Rio, which sank $38 billion into the red after buying Canada’s Alcan aluminium group in 2007, said it had off-loaded $6.6 billion in assets over the past 18 months.
The company lined up a $19.5 billion cash injection with China’s Chinalco before rejecting it in June in favour of a massive $15.2 billion.
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First Published: Mon, Sep 14 2009. 01 14 PM IST
More Topics: Australia | Brazil | Mining | Vale iron | Rio Tinto |