Coal -
Rio exits coal industry in $4B worth of deals -
Rio Tinto Group has agreed to several deals worth over $4 billion to sell all of its remaining coal assets, with a $1.7 billion cash sale of coal assets to Glencore plc, and a $2.25 billion deal for its final Australian coal asset, the Kestrel Operation, to EMR Capital and PT Adaro Energy. These sales were made despite some analysts projecting a bit of a ‘renaissance’ in the global coal industry, with coal prices enjoying their best run since 2012 out of Australia’s Newcastle Port. The moves leave Rio Tinto increasingly dependent on iron-ore.
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