A Chinese Billionaire Is Behind Rio's $886 Million Northparkes Copper Mine Sale

Photo: Getty Images

Yesterday Rio Tinto said it was selling its 80% stake in the Northparkes Copper Mine in New South Wales for $886 million to China Molybdenum.

The Australian Financial Review has reported that an illusive, media-shy billionaire with close links to China’s Communist Party is behind the sale.

According to the article, private equity investor Yu Yong and a local government in the central province of Henan are the main share­holders in China Molybdenum.

If it gains approval from Rio’s joint venture partners Sumitomo Metal Mining and Sumitomo Corporation Mineral Resources, the deal will be the first offshore purchase for China Molydenum.

Yu controls a 34% stake in China Molybdenum through his firm Cathay Fortune.

According to the Fin’s report he has close links to China’s government, and has never given an interview to media.

Read more here.

Now read: China Announces Urgent Nationwide Audit To Find Out How Much Debt The Country Really Has

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