Mining giant Rio Tinto has sold out of its 80% interest in the Northparkes copper mine in New South Wales, in a deal with China Molybdenum worth $US820 million ($892.37 million).
It’s not final yet though. Rio Tinto’s joint venture partner Sumitomo Metal Mining and Sumitomo Corporation Mineral Resources have the right to veto the sale under the terms of their agreement.
In a statement, Rio CFO Chris Lynch said the deal was part of the miner’s focus on cost control. “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.”
The transaction is expected to close by the end of 2013.
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