Rio Tinto to sell Northparkes stake for £533m

Suzie Neuwirth

FTSE 100-listed Rio Tinto today said it has agreed to sell its 80 per cent stake in Northparkes copper and gold mine in Australia to metals producer China Molybdenum for $820m (£533m).

“Northparkes is a successful business but is not of sufficient size to be a good fit with our strategy,” said Rio Tinto chief financial officer Chris Lynch.

The deal is expected to close by the end of the year.