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Rio Tinto in bid to shed South African coal assets worth $75m
MINING giant Rio Tinto is considering the sale of $75m (£49m) of its Chapudi coal exploration assets in South Africa.
It is thought that Rio Tinto is selling the Chapudi arm because it does not yield coal suitable for the global market.
Rio Tinto’s coal strategy is focused on internationally traded markets and Chapudi is better suited as a domestic project, it is understood.
Rio Tinto, it is thought, has invited bids and has a preferred buyer in place for the assets in the Limpopo province, which could fetch up to $75m.
Along with its partner Kwezi Mining, Rio Tinto discovered the 1.04bn tonne coal resource in 2008.