Rio Tinto set to sell Northparkes

Rio Tinto has hired investment bank Macquarie to sell its majority stake in the Northparkes copper mine in Australia, a source familiar with the matter said yesterday. Northparkes, in New South Wales, is the latest of the global miner’s assets to be earmarked for sale, as Rio’s new chief executive Sam Walsh pushes ahead with aggressive cost cuts and the company battles to meet its promise of reaping “significant” cash proceeds from divestments this year.