Hahaha "Perennial Bearish? Cu Hawk China looks to buy Rio Tinto Aussie Cu Mine"..they likely need the $$$$ to repair their Binghman Canyon, Utah Mine, 6th largest Cu Mine in the World maybe?... or just need the cash because of projects foolishly located in exotic locations around the world? Who knows ay? or is it eh?
Rio Tinto to sell 80% stake in Aussie Cu Mine ....July 28, 2013 By Robb M. Stewart
MELBOURNE--Rio Tinto PLC RIO-0.27% said Monday it is selling its majority stake in a copper-and-gold mine in Australia for US$820 million to a Chinese resources company, in its latest move to bolster its balance sheet amid a global slowdown in commodities demand.
Rio Tinto said it had reached a binding agreement to sell its 80% stake in the Northparkes mine to China Molybdenum Co. . The deal hinges on units of Japan's Sumitomo Corp. , which together own the remaining 20% interest, waiving their right to match the offer.
"Northparkes is a successful business but is not of sufficient size to be a good fit with our strategy," said Chris Lynch, Rio Tinto's chief financial officer.
Rio Tinto has pledged to slash costs and spending in order to protect a single-A credit rating and lift shareholder returns. Rival mining companies, including BHP Billiton Ltd. BHP-0.30% and Glencore Xstrata PLC , are also selling assets as prices of commodities like copper and coal remain weak due largely to slower growth in China's economy.
Last month, Rio Tinto said it will sell a nickel and copper-mining project in the U.S. to Toronto-based Lundin Mining Corp. for about US$325 million. The U.S. deal represented the company's first disposal of an asset since Sam Walsh took over as chief executive in January.
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