Diamond Giant Rio Tinto Expected to Receive $741 Million, Sale of CPER Interests
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22.11.09, 15:00
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World
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The Financial Time reports the global mining group Rio Tinto announced that it expects to receive earnings of nearly $741 million U.S. Dollars. These earnings follow the recent sale of part of the diamond groups’ interest within Cloud Peak Energy Resources (CPER) as part of the share offering of Cloud Peak Energy Inc, 3rd largest coal supplier in the U.S.
The diamond company, which started trade on the NYSE during the previous week, comprised a significant part of Rio Tinto’s former U.S. coal business, which was a significant supplier to power plants across the United States. Expecting to retain interest in CPER by at least 48%, Rio Tinto will also receive a monetary distribution by CPER of $307 million U.S. dollars.
This transaction followed up on Rio Tinto’s decision to sell nonessential parts of Alcan, a Canadian manufacturer of aluminum that it acquired back in 2007 for nearly $40 billion U.S. dollars.
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By: Uri Haviv
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