Rio Tinto PLC Rio Tinto agrees sale of Eagle project (9343G)
June 13 2013 - 1:00AM
UK Regulatory
TIDMRIO
RNS Number : 9343G
Rio Tinto PLC
12 June 2013
Rio Tinto agrees sale of Eagle project
12 June 2013
Rio Tinto has reached a binding agreement to sell its Eagle
project to Lundin Mining Corporation for an estimated US$325
million in cash. This transaction is expected to close in the third
quarter of 2013 and is subject to regulatory approval.
The Eagle project in the Upper Peninsula of Michigan in the
United States includes a high-grade underground nickel-copper mine
and mill. Construction commenced in June 2010 and is approximately
55 per cent complete.
Chris Lynch, chief financial officer of Rio Tinto said "The sale
of Eagle demonstrates our renewed focus and discipline in the way
we allocate capital. We are making good progress on a number of
other potential divestments as part of our goal to achieve
substantial proceeds from divesting non-core assets.
"We believe Eagle will have a sound future under its new
ownership given Lundin's commitment to the development of the
project. Rio Tinto will continue to manage Eagle to the highest
safety and environmental standards during the transition to the new
owner."
About Rio Tinto
Rio Tinto is a leading international mining group headquartered
in the UK, combining Rio Tinto plc, a London and New York Stock
Exchange listed company, and Rio Tinto Limited, which is listed on
the Australian Securities Exchange.
Rio Tinto's business is finding, mining, and processing mineral
resources. Major products are aluminium, copper, diamonds, thermal
and metallurgical coal, uranium, gold, industrial minerals (borax,
titanium dioxide and salt) and iron ore. Activities span the world
and are strongly represented in Australia and North America with
significant businesses in Asia, Europe, Africa and South
America.
About Lundin Mining Corporation
Lundin Mining Corporation is a diversified base metals mining
company with operations in Portugal, Sweden and Spain, producing
copper, zinc, lead and nickel. In addition, Lundin Mining holds a
24% equity stake in the world-class Tenke Fungurume copper/cobalt
mine in the Democratic Republic of Congo and in the Kokkola cobalt
refinery located in Finland.
For further information, please contact:
Media Relations, EMEA / Americas Investor Relations, London
Illtud Harri Mark Shannon
Office: +44 (0) 20 7781 1152 Office: +44 (0) 20 7781
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David Outhwaite Mobile: +44 (0) 7917
Office: +44 (0) 20 7781 1623 576597
Mobile: +44 (0) 7787 597 493 David Ovington
Christina Mills Office: +44 (0) 20 7781
Office: +44 (0) 20 7781 1154 2051
Mobile: +44 (0) 7825 275 605 Mobile: +44 (0) 7920
010 978
Media Relations, Australia / Investor Relations, Australia
Asia Christopher Maitland
David Luff Office: +61 (0) 3 9283
Office: +61 (0) 3 9283 3620 3063
Mobile: +61 (0) 419 850 205 Mobile: +61 (0) 459 800
Bruce Tobin 131
Office: +61 (0) 3 9283 3612 Rachel Storrs
Mobile: +61 (0) 419 103 454 Office: +61 (0) 3 9283
3628
Mobile: +61 (0) 417 401
018
Media Relations, Canada Investor Relations, North
Bryan Tucker America
Office: +1 (0) 514 848 8151 Jason Combes
Mobile: +1 (0) 514 825 8319 Office: +1 (0) 801 204
2919
Mobile: +1 (0) 801 558
2645
Website: www.riotinto.com
Email: media.enquiries@riotinto.com
Twitter: Follow @riotinto on Twitter
High resolution photographs and media pack available at:
www.riotinto.com/media
This information is provided by RNS
The company news service from the London Stock Exchange
END
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