Rio sells Australian coal mine stake for $1.02 bn | Bangkok Post: news

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Rio sells Australian coal mine stake for $1.02 bn

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Resources giant Rio Tinto announced the US$1.02 billion sale of its stake in Australia's Clermont thermal coal mine Monday as it seeks to shore up its ailing bottom line. 

Rio Tinto has announced the US$1.02 billion sale of its stake in Australia's Clermont thermal coal mine Monday

Anglo-Australian company Rio said it had reached a binding agreement to sell its 50.1 percent share of the project in Queensland to Swiss commodities giant Glencore Xstrata and Japan's Sumitomo as part of its drive to streamline operations.

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