Rio Tinto Concludes Sale of Brazilian Iron Ore Mine to Vale

21 September 2009 (Last Updated September 21st, 2009 18:30)

Rio Tinto has completed the sale of its Corumbá iron ore mine in Brazil and associated river logistics operations to Vale for $750m. The Corumbá divestment, which was announced on 30 January, was part of bigger sale that included the Canada-based Regina exploration assets and the Potasi

Rio Tinto has completed the sale of its Corumbá iron ore mine in Brazil and associated river logistics operations to Vale for $750m.

The Corumbá divestment, which was announced on 30 January, was part of bigger sale that included the Canada-based Regina exploration assets and the Potasio Rio Colorado potash project in Argentina.

On 5 February 2009, the potash transaction was finalised for an $850m cash consideration.

Including the potash and Corumbá projects, the company has made asset sales of $6.6bn in the last 18 months.

In addition, Rio Tinto has received a $2.025bn binding offer from Amcor for Alcan Packaging’s global tobacco, global pharmaceuticals, food Asia and food Europe divisions.

Sales made in 2008 included its stake in the Cortez project in the US state of Nevada for $1.695bn, the Greens Creek mine in Alaska for $750m and Western Australia-based Kintyre uranium project for $495m.