Rio Tinto completes sale of coal mines in Mozambique

9 October 2014

Anglo-Australian group Rio Tinto has completed the sale of its coal assets in Mozambique to Indian consortium International Coal Ventures Private Limited, the group said in a statement Wednesday.

The group, which in 2011 paid US$3.9 billion to Australian company Riversdale Mining, ended up divesting its coal assets in Mozambique for US$50 million.

In a statement the Rio Tinto Group also said that the group’s remaining assets in Mozambique are not affected by this transaction.

In 2013, the group announced it had taken on an impairment loss of US$3 billion in Mozambique due to the challenges it faced in Mozambique to build the necessary infrastructure to put the coal mines in operation. (macauhub/MZ)