Rio Tinto to earn $741m in IPO

The global mining group Rio Tinto expects to receive at least $741m (£449m) from the flotation of its US coal-mining unit, Cloud Peak Energy, on the New York Stock Exchange, Rio said today. Cloud Peak Energy shares fell in their debut on Friday after its shares priced below expectations in the initial public offer.  Rio Tinto retains a 48.3 per cent stake in Cloud Peak.