Rio Ups Sales to $7bn with Jacobs Sale

1 October 2009 (Last Updated October 1st, 2009 18:30)

Rio Tinto has sold its US-based Jacobs Ranch coal mine for $764m cash to Arch Coal. It takes Rio’s asset sales to $7bn since February 2008. In August this year, Rio Tinto received a $2.025bn binding offer from Amcor for Alcan Packaging global tobacco, global pharmaceuticals, f

Rio Tinto has sold its US-based Jacobs Ranch coal mine for $764m cash to Arch Coal.

It takes Rio’s asset sales to $7bn since February 2008.

In August this year, Rio Tinto received a $2.025bn binding offer from Amcor for Alcan Packaging global tobacco, global pharmaceuticals, food Asia and food Europe divisions.

In 2008, the company's total divestments amounted to $2.9bn.

Agreed sales in 2009 include the company's stake in the China-based Ningxia aluminium smelter for $125m, the Argentina-based Potasio Rio Colorado potash project and the Regina exploration assets in Canada for $850m to Vale and Alcan Packaging Food Americas for $1.2bn to Bemis.

Sales also cover a 56% stake in the Alcan Engineered Products cable division for an undisclosed amount to Platinum Equity, the Brazil-based Corumbá iron ore mine and related river logistics for $750m to Vale and Alcan Engineered Products Composites division for $349m to Schweiter Technologies.