Sep 21 2009
Rio Tinto has completed the sale of its Corumbá iron ore mine in Brazil and the associated river logistics operations to Vale S.A. for a cash consideration of US$750 million.
The Corumbá divestment, which was announced on 30 January 2009, was part of a larger transaction that included the Potasio Rio Colorado potash project in Argentina and the Regina exploration assets in Canada. The potash transaction closed on 5 February 2009 for a cash consideration of US$850 million.
Over the last 18 months, Rio Tinto has announced asset sales of US$6.6 billion including the Corumbá and potash transaction. In addition, Rio Tinto has received a binding offer from Amcor for US$2.025 billion for Alcan Packaging global pharmaceuticals, global tobacco, food Europe and food Asia divisions. During 2008, Rio Tinto announced divestments comprising the Greens Creek mine in Alaska for US$750 million, its interest in the Cortez operation in Nevada for US$1.695 billion and the Kintyre uranium project in Western Australia for US$495 million. Announced transactions in 2009 comprise the Group's interest in the Ningxia aluminium smelter in China for US$125 million, its Jacobs Ranch coal mine in the United States for US$761 million, Alcan Packaging Food Americas to Bemis Inc for US$1.2 billion and 56 per cent of the Alcan Engineered Products cable division to Platinum Equity for an undisclosed amount.