By Oliver Griffin

Rio Tinto PLC (RIO.LN) said on Thursday that it has sold its entire 75% stake in the Winchester South coal development in Queensland, Australia, to Whitehaven Coal Ltd. (WHC.AU) for $200 million.

The dual-listed mining company said Whitehaven Coal will pay $150 million when the deal is completed and an unconditional payment of $50 million a year later.

Rio Tinto said the deal represented the best option for the development of the project while delivering value for the company as it streamlines its portfolio.

Rio Tinto also said a separate process is taking place for the sale of its interest in the Kestrel mine, its remaining Australian coal asset.

Write to Oliver Griffin at oliver.griffin@dowjones.com

(END) Dow Jones Newswires

March 22, 2018 04:41 ET (08:41 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.
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