Rio Tinto exits Mozambique coal in fire sale

Rio Tinto has agreed to sell its Mozambique coal assets to International Coal Ventures Private Limited (ICVL) at a fire sale price of only US$50 million having acquired Riversdale Mining for US$3.9 billion in 2010. Falling export coal prices lower processing yields resource overestimates and objections to barging infrastructure have all contributed to the large write off. The assets being sold include a 65% interest in the Benga coal mine a 100% interest in the Zambeze project...