Rio Tinto has reached an agreement to sell Rio Tinto Coal Mozambique, which comprises the Benga coal mine and other projects in the Tete province of Mozambique, to International Coal Ventures Private Limited (ICVL) for $50 million.
Sale subject to conditions
The assets were acquired by Rio Tinto as part of its acquisition of Riversdale Mining Limited in 2011.
The sale is subject to certain conditions precedent and regulatory approvals. The transaction is expected to close in the third quarter of 2014.
During the transition to the new owner, Rio Tinto will continue to manage the mine to the highest safety and environmental standards. Rio Tinto’s other assets in the country are unaffected by this transaction, it said in a statement.