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Rio Tinto to sell out most of its U.S. coal mining unit

12-19-2010 18:00 BJT

Rio Tinto is to rake in at least 2 billion U.S. dollars by divesting most of its U.S. coal mining unit, Rio Tinto Energy America, a Rio Tinto official said in the weekend.

Rio will sell out potentially Cloud Peak Energy and Jacobs Ranch coal mine in Wyoming, both are parts of Rio Tinto Energy America, Rio Tinto chief financial officer Guy Elliott said.

"With the proceeds from the Cloud Peak Energy transactions and the sale of Jacobs Ranch, the total gross proceeds for the divestment of the majority of Rio Tinto Energy America will be at least 2 billion U.S. dollars," Elliott said.

In addition to associated deals, Rio Tinto said the underwriters of the offering had an over-allotment option to purchase up to 3.8 million additional shares in Cloud Peak Energy, which would added a 74.1 million U.S. dollars of gross proceeds. If the option is not exercised fully, Rio Tinto will retain an interest of about 6.2 percent in the project.

Editor:Du Xiaodan |Source: Xinhua

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