Rio sells its share in major Australian coal mine

Rio has said it will receive a total of $1.02 billion from the sale of the mine in Queensland State, Australia, where the coal that is mined is burned to produce electricity. "The sale... will allow us to realise value for our shareholders as we continue optimising our portfolio," a Rio statement said. Rio say made a point of saying that it remained "committed to a long-term future in central Queensland" at its other mines.

Prior to the Clermont announcement, 2013 has so far seen Rio announce or complete divestments of around $2.92 billion. Sell-offs include a controlling stake in Australia's Northparkes gold and copper mine to China Molybdenum, the sale of a majority holding in South African copper producer Palabora to a Chinese consortium and transfer of the Eagle nickel and copper project in the US to Canada-based Lundin Mining.