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Rio Tinto exits Mozambique coal in fire sale
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Report summary
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...
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