Posted in | News | Non-Ferrous Alloys and Metals | Precious Metal

Rio Tinto to Sell Their Share in Brazillian Gold Min to Kinross for $260m

Nov 10 2004

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Rio Tinto and Kinross Gold Corporation (Kinross) have signed a letter of intent for the sale of Rio Tinto’s 51 per cent interest in Rio Paracatu Mineração (RPM), the owner of the Morro do Ouro mine in Brazil.

The proposed consideration for Rio Tinto’s interest in RPM and its immediate holding companies is US$260 million, payable in cash on completion. The consideration is subject to a working capital adjustment based on the working capital position of RPM and its immediate holding companies at the date of completion.

The sale is subject to Kinross and Rio Tinto reaching agreement on all terms and entering into a definitive agreement. The transaction is expected to be completed by the end of the year.

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